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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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Innovation, Trade, and Finance
Egger, Peter; Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2011
This paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds for necessary tangible continuation investments than non-innovating firms. As a result, they are...
Persistent link: https://www.econbiz.de/10009150949
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The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation
Hsu, Po-Hsuan; Huang, Sterling; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015
impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist … institutions that promote innovation. Using a comprehensive sample of U.S. family-owned public firms and patents for the period … from 1998 to 2010, we show that family ownership plays multiple roles in promoting innovation and its influence can be …
Persistent link: https://www.econbiz.de/10011186622
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Financial Dependence and Innovation: The Case of Public versus Private Firms
Acharya, Viral V; Xu, Zhaoxia - C.E.P.R. Discussion Papers - 2014
This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the … innovation activities of privately-held and publicly-traded firms We find that public firms in external finance dependent … in internal finance dependent industries do not have a significantly better innovation profile than matched private firms …
Persistent link: https://www.econbiz.de/10011084508
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Financial Signalling by Innovative Nascent Entrepreneurs
Audretsch, David B; Bönte, Werner; Mahagaonkar, Prashanth - C.E.P.R. Discussion Papers - 2009
innovation to the financiers through patenting and prototyping activities, right in the early stages of the venture. We build a …
Persistent link: https://www.econbiz.de/10005656288
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Innovation and Institutional Ownership
Aghion, Philippe; Van Reenen, John; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …
Persistent link: https://www.econbiz.de/10005661518
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The Choice of Honesty: An Experiment Regarding Heterogeneous Responses to Situational Social Norms
Gibson, Rajna; Tanner, Carmen; Wagner, Alexander F - C.E.P.R. Discussion Papers - 2014
We conduct a laboratory experiment in which we expose participants to situational social norms of approval or disapproval of lying. While participants on average conform to the situational pressure, the results highlight important differences in individual reactions. Situational norms crowd out...
Persistent link: https://www.econbiz.de/10011145452
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Corporate Efficiency in Europe
Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015
Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less...
Persistent link: https://www.econbiz.de/10011213309
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Access to Public Capital Markets and Employment Growth
Borisov, Alexander; Ellul, Andrew; Sevilir, Merih - C.E.P.R. Discussion Papers - 2015
This paper investigates the importance of accessing public capital markets through an initial public offering (IPO), and the consequent relaxation of firms’ financial constraints, for firm-level long term employment decisions. We find that firms significantly increase post-IPO investment in...
Persistent link: https://www.econbiz.de/10011249379
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Firm Leverage and Unemployment during the Great Recession
Giroud, Xavier; Mueller, Holger M - C.E.P.R. Discussion Papers - 2015
We argue that firms’ balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity in the run-up (“high-leverage firms”) exhibit a significantly larger decline in employment in...
Persistent link: https://www.econbiz.de/10011252614