Exploiting an exogenous shock that diminishes the shareholder litigation risk for certain firms, we examine the effect of litigation risk on corporate social responsibility. In particular, we take advantage of an unexpected ruling by the Ninth Circuit Court that raised the difficulty of...

Purpose: This paper aims to explore the effect of corporate social responsibility (CSR) on shareholder value using the stock market reactions to a terrorist attack. This paper exploits the September 11 terrorist attack as an unanticipated exogenous shock that reduced shareholder wealth suddenly...

Prior research shows that board size has a significant effect on firm performance. Therefore, board size is a crucial aspect of the board of directors. We investigate how firms adjust board size in response to economic policy uncertainty (EPU). We find that firms reduce board size in the...