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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

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

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

Growth, Colonization, and Institutional Development: In and Out of Africa

Bertocchi, Graziella - C.E.P.R. Discussion Papers - 2011

This essay investigates the determinants of the growth performance of Africa. I start by illustrating a broader … institutional development. After reporting results from standard growth regressions, I analyze the role of Africa’s peculiar history … influence, in and out of Africa, of the slave trades. The essay ends with critical conclusions and suggestions for further …

Persistent link: https://www.econbiz.de/10009225960

Human Development in Africa: A Long-run Perspective

Prados de la Escosura, Leandro - C.E.P.R. Discussion Papers - 2011

Long-run trends in Africa’s well-being are provided on the basis of a new index of human development, alternative to … experienced in other developing regions. Within Africa, Sub-Saharan Africa has fallen steadily behind the North since mid-20th …

Persistent link: https://www.econbiz.de/10009322973

Evidence on the impact of minimum wage laws in an informal sector: Domestic workers in South Africa

Dinkelman, Taryn; Ranchhod, Vimal - C.E.P.R. Discussion Papers - 2011

South Africa and variation in the intensity of this law to identify increases in wages for domestic workers and find no …

Persistent link: https://www.econbiz.de/10009365006

Land deals in Africa: pioneers and speculators

Collier, Paul; Venables, Anthony J - C.E.P.R. Discussion Papers - 2011

Much African land currently has low productivity and has attracted investors purchasing (or leasing) land as a speculative option on higher future prices or productivity. If land deals are to be beneficial they need to induce productivity enhancing investments. Some of these will be publicly...

Persistent link: https://www.econbiz.de/10009367429

Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment

Bertocchi, Graziella; Canova, Fabio - C.E.P.R. Discussion Papers - 1996

for sub-Saharan Africa becomes less significant in a cross section of 98 countries after controlling for colonial …

Persistent link: https://www.econbiz.de/10005791768