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Colonnelli, Emanuele; Gormsen, Niels; McQuade, Timothy - National Bureau of Economic Research - 2022

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

The Politicization of Social Responsibility

Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024

Institutional investors are less likely to support shareholder proposals involving environmental and social issues for firms headquartered in Republican-led states. The lower support concentrates in recent years, when politicians became more vocal about firms' social responsibility activities,...

Persistent link: https://www.econbiz.de/10015056196

Corporate Social Responsibility

Hong, Harrison G.; Shore, Edward P. - National Bureau of Economic Research - 2022

Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or non-pecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we categorize the literature into seven tests: (1) costs of...

Persistent link: https://www.econbiz.de/10013477263

Corporate Social Responsibility and Voting over Public Goods

Samwick, Andrew; Wang, Sophie - National Bureau of Economic Research - 2023

This paper analyzes the impact of corporate social responsibility (CSR) on the total provision of public goods in a framework in which consumers who may make such voluntary contributions to public goods via CSR are also voters who decide on the level of taxes to finance publicly provided public...

Persistent link: https://www.econbiz.de/10014337865

What Do Impact Investors Do Differently?

Cole, Shawn; Jeng, Leslie A.; Lerner, Joshua; Rigol, Natalia - National Bureau of Economic Research - 2023

In recent years, impact investors - private investors who seek to generate simultaneously financial and social returns - have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess how the non-financial characteristics...

Persistent link: https://www.econbiz.de/10014437029

An Economic View of Corporate Social Impact

Allcott, Hunt; Montanari, Giovanni; Ozaltun, Bora; Tan, … - National Bureau of Economic Research - 2023

The growing discussions of impact investing and stakeholder capitalism have increased interest in measuring companies' social impact. We conceptualize corporate social impact as the welfare loss that would be caused by a firm's exit. To illustrate, we quantify the social impacts of 74 firms in...

Persistent link: https://www.econbiz.de/10014421228

Voting Choice

Malenko, Andrey; Malenko, Nadya - National Bureau of Economic Research - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has … come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over … environmental and social issues. Major fund managers now offer their investors a choice: delegate their votes to the fund or cast …

Persistent link: https://www.econbiz.de/10014337868

CEO Compensation and Cash-Flow Shocks : Evidence from Changes in Environmental Regulations

Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024

This paper investigates how shocks to expected cash flows influence CEO incentive compensation. Exploiting changes in compliance with environmental regulations as shocks to expected future cash flows, we find that adverse shocks typically prompt corporate boards to recalibrate CEO compensation...

Persistent link: https://www.econbiz.de/10014486193

The Big Three and Board Gender Diversity : The Effectiveness of Shareholder Voice

Gormley, Todd A.; Gupta, Vishal K.; Matsa, David A.; … - National Bureau of Economic Research - 2022

they had in 2016. Firms increased diversity by identifying candidates beyond managers' existing networks and by placing …

Persistent link: https://www.econbiz.de/10013462705

On ESG Investing : Heterogeneous Preferences, Information, and Asset Prices

Goldstein, Itay; Kopytov, Alexandr; Shen, Lin; Xiang, … - National Bureau of Economic Research - 2022

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

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