Based on a formal model of how investments in corporate social responsibility act upon firm value through goodwill, we derive the hypothesis that under uncertainty bad news are detrimental to goodwill, and subsequently have a negative impact on value. We examine by event study methodology...

The cooperative sector in Belgium has always been very much linked to other social movements. In the 1990s the backbone of the sector, namely the cooperative banks, have undergone major transformations. In this article, the two most important cooperative financial holdings that were created to...

Mining companies operating in Latin America are giving Corporate Social Responsibility (CSR) more attention than before, in part because of the rise in mining-related conflicts and criticism about the industry's social and environmental impacts. Companies propose that CSR could play an important...

The goal of this research is to provide a basis for understanding under what circumstances there is a match (congruence) between stakeholder and investor reactions to a stakeholder-positive corporate social event (pCSE) and a stakeholder-negative corporate social event (nCSE). Analysis of a...

Corporate social responsibility (CSR) has become one of the core components of corporate strategy and a crucial instrument to minimize conflicts with stakeholders. While corporations are busy adopting and enhancing CSR practices, the academic literature on understanding the impact of CSR is...

Using the melamine contamination incident in China as an exogenous shock, this paper studies how the investors respond to corporate social responsibilities (CSRs) of listed firms in food industry. We find that investors’ or consumers’ concerns for CSR in the food industry could be...