Family firms are playing an important role in the world economy. In some countries, especially in Asia and continental Europe, the family firm is the main form of corporation.Although corporate governance is usually addressed to corporations with high dispersion, corporate governance and...

We examine the effect of corporate social responsibility (CSR) on the cost of equity capital for a large sample of U.S. firms. Using several approaches to estimate firms' ex ante cost of equity, we find that firms with better CSR rankings exhibit cheaper equity financing. In particular, our...

How do creditors view the existence of the corporate social responsibility (CSR) strategy? Our investigation extend the effect of CSR on information asymmetric between firms and creditors. We use Chinese listed firms as samples, our paper adopts propensity score matching (PSM) to reconstruct the...

We investigate the effect of political risk on shareholder value, using an event study and a novel measure of firm-level political risk recently developed by Hassan et al. (2019). We exploit the guilty plea of Jack Abramoff, a well-known lobbyist, on January 3, 2006, as an exogenous shock that...

We investigate the impact CSR on the shareholder wealth effects of FDI announcements during 2003-2014 using a sample of 2,488 firms from 48 home countries investing into 121 host countries. We find that firms with superior CSR performance do not experience a significant stock market reaction to...

We study institutional investors' voice in the Netherlands, focusing on shareholder voting in particular. The Dutch Stewardship Code, developed by institutional investor platform Eumedion, came into force in January 2019, emphasises engagement and responsibilities of institutional investors in...

We find that firms invest more to build up corporate social capital, as measured by corporate social responsibility (CSR) intensity, when facing high economic policy uncertainty (EPU). The results are robust to endogeneity concerns. The effects are more pronounced for firms in consumer-oriented...

Environmental, Social, and Governance (ESG) signals are an important part of factor-based investing strategies as they can stem from the same economic rationales as general factor premiums. Because factors are broad and diversified, building portfolios by jointly optimizing factor exposures with...

This paper identifies a select few indicators from a large set of environmental, social and governance (ESG) factors; and introduces a corporate sustainability measure. Sustainable part of corporate social performance completely explains its well-documented relation with firm values even after...