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Motivated by the public debate regarding corporate responsibility, we construct a memory-based model of decision-making to illustrate how corporate and political communication can impact policy preferences. We test the predictions of our model in a new large-scale survey of U.S. citizens on...
Persistent link: https://www.econbiz.de/10013435138
We examine how executives' behavior outside the workplace, as measured by their ownership of luxury goods (low "frugality") and prior legal infractions, is related to financial reporting risk. We predict and find that CEOs and CFOs with a legal record are more likely to perpetrate fraud. In...
Persistent link: https://www.econbiz.de/10012460658
across organizations. A remaining question, however, is whether it is managers themselves or firm-wide management practices … this setting, managers move between stores but management practices are set by firm policy and largely fixed, allowing us … to hone in on managers' personal roles in determining store performance. We find: (i) managers affect and explain a large …
Persistent link: https://www.econbiz.de/10014250209
In one of the first studies of service sector robotics using establishment-level data, we study the impact of robots on staffing in Japanese nursing homes, using geographic variation in robot subsidies as an instrumental variable. We find that robot adoption increases employment by augmenting...
Persistent link: https://www.econbiz.de/10012482540
We study how environmental, social and governance (ESG) investing reshapes information aggregation by prices. We develop a rational expectations equilibrium model in which traditional and green investors are informed about financial and ESG risks but have different preferences over them. Because...
Persistent link: https://www.econbiz.de/10013191008
This study provides an economic analysis of the determinants and consequences of corporate social responsibility (CSR …) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR reporting … effects of CSR activities and policies themselves. It draws on an extensive review of the relevant academic (CSR and non-CSR …
Persistent link: https://www.econbiz.de/10012480115
responsibility (CSR). Our natural field experiment, in which we created our own firm and hired actual workers, generates a rich data … set on worker behavior and responses to both pecuniary and CSR incentives. Making use of a novel identification framework … treatment and selection effects of both CSR and financial incentives. Using data from more than 1100 job seekers, we find strong …
Persistent link: https://www.econbiz.de/10012480166
This paper examines the effect of stringent environmental regulations on firms' environmental practices, economic performance, and environmental innovation. Reducing COD levels by 10% relative to 2005 levels is an aim of the Chinese 11th Five-Year Plan. Using a difference-in-differences...
Persistent link: https://www.econbiz.de/10012480484
We document that investors derive nonpecuniary utility from investing in dual-objective VC funds, thus sacrificing returns. Impact funds earn 4.7 percentage points (ppts) lower IRRs ex post than traditional VC funds. In random utility/willingness-to-pay (WTP) models investors accept 2.5-3.7 ppts...
Persistent link: https://www.econbiz.de/10012480526
responsibility (CSR). Using firm-level data on CSR from 2002 through 2015 and panel data on competition laws in 48 countries, we … discover that intensifying competition induces firms to increase CSR activities. Analyses indicate that (a) intensifying … competition spurs firms to invest more in CSR as a strategy for strengthening relationships with workers, suppliers, and customers …
Persistent link: https://www.econbiz.de/10012481348