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...

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...

If Corporate Social Responsibility (CSR) activities are beyond a firm's legal obligations and potentially require a sacrifice in short-term profits, why do firms promote CSR? This question motivates this investigation of the impact of CSR on a firm's Corporate Financial Performance (CFP). This...

This paper assesses whether shareholders drive the environmental and social (E&S) performance of firms worldwide. Across 41 countries, we find that institutional ownership is positively associated with E&S performance with additional tests suggesting this relation is causal. Our evidence shows...

We explore the notion that corporate citizenship, as obtained through Corporate Social Responsibility (CSR), is used by managers to protect firm value, helping their firm better withstand negative business shocks. We formally explore two parallel mechanisms for such protection .one of building...

This study analyzes the links between listed family businesses and social responsibility. On the theoretical level, it establishes a relationship between socioemotional wealth, proactive stakeholder engagement, and the social responsibility of family businesses. On a practical level, our results...

The paper applies a two-state switching regression to examine the behavior of a hypothetical portfolio of ten socially responsible equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using...

This study assesses the relationship between corporate social performance (CSP) and earnings management. Based on a sample of 109 Canadian companies drawn from the Michael Jantzi Research Associates – Canadian Social Investment Database for the years 2004 and 2005, our findings corroborate the...

We investigate the effect of environmental, social and governance factors on the financial performance of a sample UK firms. We examine the three factors separately in order to disentangle the relation of each with financial performance. We find that, overall, there is no difference in the...