Motivated by the public debate regarding corporate responsibility, we construct a memory-based cognitive model of decision making to illustrate how corporate and political communication can impact policy preferences. We test the predictions of our model in a new large-scale experimental survey...

Perception regarding a focal firm's corporate social responsibility (CSR) depends not only on itself but also on its known suppliers. This paper provides the first empirical evidence linking CSR and supply chain information disclosure together. Specifically, it uncovers robust evidence that...

We examine whether and how creditor monitoring affects corporate social responsibility (CSR) activities through the observable event of debt covenant violations. Covenant violations shift the control rights to creditors, allowing creditors to strengthen monitoring on firm policies. Employing a...

Whenever there is a crisis in the corporate world or the economy more generally, the same questions continue to surface: What is the purpose of a corporation? Is the purpose of a corporation simply to make money? Or do they have a broader role in society? Do corporations also have a social...

We propose a strategic theory of Corporate Social Responsibility (CSR). Shareholder maximizers commit to a mission statement that extends beyond firm value maximization. This commitment leads firms (either product market competitors or complementors along the value chain) to change their actions...

We examine the relation between corporate social responsibility (CSR) and firm value using the takeover market as an experimental setting. Firms with extreme CSR policies experience a greater likelihood of takeover and lower wealth gains in takeovers relative to firms with moderate policies. Our...

This is an empirical study of the relationship between Corporate Social Responsibility (CSR), financial performance and risk at U.S. banks from 1998-2010. The results are striking. First, there is a positive relationship between CSR and both operating performance and firm value. This result is...

Firms often broadcast commitments to environmental, social, and governance (ESG) practices, but do these commitments reflect their internal practices? To find out, I introduce an inside measure of ESG practices from 10 million employee reviews via a word-embedding model. The measure predicts a...

This study examines the effects of oil demand and supply shocks on the corporate social responsibility (CSR) behavior of US listed companies. We find robust evidence that oil demand shocks have significant positive influences on CSR behavior, whereas oil supply shocks have significant negative...

Corporate social responsibility is growing steadfast in emerging countries. Studies analyzing the factors that typically determine CSR practices of firms have often led to conflicting results. In this study, we examine corporate governance determinants that are specifically relevant to CSR in...