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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 … increased by the institutionalization of stakeholder protection depriving incumbent CEOs of activists’ support. This finding … to stakeholder protection even in case of managerial replacement. Our theory also explains a recent trend whereby social …

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

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

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

Shareholders and Stakeholders: Human Capital and Industry Equilibrium

Ippolito, Roberto; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 1997

-specific skills. But the threat of poaching means that it is the individual ‘stakeholder’, not the firm, who must bear the cost. We …

Persistent link: https://www.econbiz.de/10005504300

Procurement with specialized firms

Boone, Jan; Schottmüller, Christoph - C.E.P.R. Discussion Papers - 2011

This paper analyzes optimal procurement mechanisms in a setting where the procurement agency has incomplete information concerning the firms' cost functions and cares about quality as well as price. Low type firms are cheaper than high type firms in providing low quality but more expensive when...

Persistent link: https://www.econbiz.de/10009385768

Factor Adjustments after Deregulation: Panel Evidence from Colombian Plants

Eslava, Marcela; Haltiwanger Jr, John C; Kugler, Adriana D. - C.E.P.R. Discussion Papers - 2005

In this paper, we analyse employment and capital adjustments using a panel of plants from Colombia. We allow for nonlinear adjustment of employment to reflect not only adjustment costs of labour but also adjustment costs of capital, and vice-versa. Using data from the Annual Manufacturing...

Persistent link: https://www.econbiz.de/10005124008

Economics and Politics of Alternative Institutional Reforms

Caselli, Francesco; Gennaioli, Nicola - C.E.P.R. Discussion Papers - 2007

(deregulation) and improving contractual enforcement (legal reform). Deregulation fosters entry, thereby increasing the number of … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control …

Persistent link: https://www.econbiz.de/10005124360

Macroeconomic Effects of Regulation and Deregulation in Goods and Labour Markets

Blanchard, Olivier J; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2001

Product and labour market deregulation are fundamentally about reducing and redistributing rents, leading economic … players to adjust in turn to this new distribution. Thus, even if deregulation eventually proves beneficial, it comes with … market deregulation, we then use our results to study two specific issues. First, to shed light on macroeconomic evolutions …

Persistent link: https://www.econbiz.de/10005136620