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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 …
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control. Moreover, we examine the implications of greater shareholder voice for another key stakeholder group, firm …
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