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Social Capital, Trust, and Firm Performance during the Financial Crisis

Lins, Karl; Servaes, Henri; Tamayo, Ane - C.E.P.R. Discussion Papers - 2015

We study the extent to which a firm’s social capital, as measured by the intensity of a firm’s corporate social responsibility (CSR) activities, affects firm performance during the 2008-2009 financial crisis. We find that high-CSR firms have crisis-period stock returns that are four to five...

Persistent link: https://www.econbiz.de/10011165644

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

Edmans, Alex; Li, Lucius; Zhang, Chendi - C.E.P.R. Discussion Papers - 2014

We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the “Best Companies to Work For” in 14 countries. We show that employee satisfaction is associated with positive abnormal returns in countries with high labor market...

Persistent link: https://www.econbiz.de/10011083605

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence

Albuquerque, Rui; Durnev, Artyom; Koskinen, Yrjö - C.E.P.R. Discussion Papers - 2013

This paper presents an industry equilibrium model where firms can choose to engage in corporate social responsibility (CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk and increases firm value. These effects are stronger...

Persistent link: https://www.econbiz.de/10011083749

Corporate Social Responsibility and Managerial Entrenchment

Cespa, Giovanni; Cestone, Giacinta - C.E.P.R. Discussion Papers - 2004

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment strategy for inefficient CEOs. We thus argue that managerial turnover and firm value are increased by the institutionalization of stakeholder...

Persistent link: https://www.econbiz.de/10005504332

Voluntary Corporate Environmental Initiatives and Shareholder Wealth

Fisher-Vanden, Karen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2008

Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two...

Persistent link: https://www.econbiz.de/10005662265

Unequal Bequests

Francesconi, Marco; Pollak, Robert A.; Tabasso, Domenico - C.E.P.R. Discussion Papers - 2015

Using data from the Health and Retirement Study (HRS), we make two contributions to the literature on end-of-life transfers. First, we show that unequal bequests are much more common than generally recognized, with one-third of parents with wills planning to divide their estates unequally among...

Persistent link: https://www.econbiz.de/10011165653

When warm glow burns: Motivational (mis)allocation in the non-profit sector

Aldashev, Gani; Jaimovich, Esteban; Verdier, Thierry - C.E.P.R. Discussion Papers - 2014

We build an occupational-choice general-equilibrium model of an economy with the non-profit sector financed through private warm-glow donations. Lack of monitoring on the use of funds implies that an increase of funds of the non-profit sector (because of a higher income in the for-profit sector,...

Persistent link: https://www.econbiz.de/10011084421

Exploitation, Altruism, and Social Welfare: An Economic Exploration

Doepke, Matthias - C.E.P.R. Discussion Papers - 2013

minimum altruism, in which child labor in a given family is judged relative to a specific social standard. Under this … criterion, child labor is exploitative only in families where the parent (or guardian) displays insufficient altruism towards …

Persistent link: https://www.econbiz.de/10011084615

Asymmetry of Information within Family Networks

De Weerdt, Joachim; Genicot, Garance; Mesnard, Alice - C.E.P.R. Discussion Papers - 2014

migrants regarding non-migrants. We develop a static model of asymmetric information that contrasts altruism, pressure and …

Persistent link: https://www.econbiz.de/10011084616

Verified Trust: Reciprocity, Altruism and Noise in Trust Games

Brülhart, Marius; Usunier, Jean-Claude - C.E.P.R. Discussion Papers - 2004

distinct and economically relevant component of individual preferences alongside selfishness and altruism. This recognition is … power of trust as a determinant of those decisions, suggesting that altruism may explain much of what ‘looks like’ trust … protocols and framing. Therefore, we propose discriminatory tests for altruism and trust that can be based on within …

Persistent link: https://www.econbiz.de/10005788946