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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
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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 …
Persistent link: https://www.econbiz.de/10005504332
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Managerial Power and Rent Extraction in the Design of Executive Compensation
Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002
constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …
Persistent link: https://www.econbiz.de/10005114260
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Executive Compensation as an Agency Problem
Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003
instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …
Persistent link: https://www.econbiz.de/10005662270
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Optimal Defaults for Corporate Law Evolution
Bebchuk, Lucian Arye; Hamdani, Assaf - C.E.P.R. Discussion Papers - 2002
should err in favour of the arrangement that is less favourable to managers. Such an approach, we show, would make it most …
Persistent link: https://www.econbiz.de/10005656367
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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
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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
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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
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Effects of Ownership and Financial Status on Corporate Environmental Performance
Earnhart, Dietrich; Lizal, Lubomir - C.E.P.R. Discussion Papers - 2002
This Paper analyses the effects of ownership structure on corporate environmental performance and examines the link from financial performance to environmental performance in a transition economy. In particular, it analyses these ownership effects and this performance link using an unbalanced...
Persistent link: https://www.econbiz.de/10005123506
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The Geography of Equity Listing: Why Do Companies List Abroad?
Pagano, Marco; Röell, Ailsa A; Zechner, Josef - C.E.P.R. Discussion Papers - 2001
This Paper documents the aggregate trends in the foreign listings of companies and analyses both their distinctive pre-listing characteristics and their post-listing performance relative to other companies. In the 1986-97 interval, many European companies listed abroad, but did so mainly on US...
Persistent link: https://www.econbiz.de/10005067637