Purpose: The study investigates the effect of political risk on shareholder value, using an event study and a novel measure of firm-level political risk recently developed by Hassan et al. (2017). In addition, the authors explore how corporate social responsibility (CSR) influences the effect...

Motivated by the on-going debate on the costs and benefits of CSR, we explore how talented managers view CSR investments. Based on nearly 20,000 observations across 17 years, our evidence reveals a non-monotonic effect of managerial talent on CSR. Exploiting a novel measure of managerial ability...