Harjoto, Maretno Agus; Hoepner, Andreas G. F.; Nilsson, … - 2020 - This draft: July 23, 2020
Using Barney's (2018) stakeholder perspective of resource-based theory (SRBT), we arguethat bondholders represent the … ultimate fixed claimants who value corporate socialresponsibility (CSR) in relation to the firms' risk. Bondholders' returns … and the stakeholders'interests are aligned when firms have concerns or controversies (risk) but they are not alignedfor …