Certain types of corporate social responsibility (CSR) activities can generate an ‘insurance-like’ benefit for firms (Godfrey, 2005). Thus far, this risk management hypothesis has been verified for the effects of firm-specific negative events. We argue that this insurance-like benefit of...

Management scholars have sought to answer the question: is there a financial payoff for ad-dressing ecological and social issues? We move beyond this question and include a time com-ponent for corporate financial performance (CFP) and a firm’s innovativeness in order to ask: when does it pay?...

The aim of an enterprise is to increase its value. This growth can be achieved if initiated socially responsible activities improve the value drivers. The company's specificity, type of its environment and their mutual reactions create conditions conducive to improvement of the driving forces of...

Theoretically, corporate social responsibility (CSR) can have both positive and negative effects on stock price crash risk, and the empirical evidence is mixed. CSR can be a useful signal of better informational quality and acts as an effective corporate governance mechanism, both of which serve...

The relationship between Earnings Management (EM) and Corporate Social Responsibilities (CSR) has raised a considerable number of attentions, especially, in financial and accounting field since they determine firms' performance as well as market positioning. On the contrary, in an emerging...

The paper investigates investor sentiment's role in boosting Japanese companies to enhance their environmental, social, and corporate governance (ESG) performance. Using ESG scores of 367 firms between 2005 and 2019 from the ASSET4 database, we find that negative sentiment in the previous year,...

This paper analyzed how the country's institutional and political environment affect ESG performance of the companies in the country. An empirical analysis of this study results are as follows. First, the clear difference in financial variables such as the growth rate of foreign direct...

We examine nonpecuniary preferences across a broad set of corporate actions using a representative sample of the U.S. population. Our core findings, based on largescale online surveys, are that (i) self-reported nonpecuniary concerns are large both for stock market investors and non-investors;...