Garel, Alexandre; Tourani Rad, Alireza; Xu, Shengze - In: Journal of risk and financial management : JRFM 15 (2022) 3, pp. 1-18
performance. We specifically investigate the firm’s capital allocation efficiency as a moderating channel affecting their …-year observations for the period 2004-2017. We do not find that the firm’s capital allocation efficiency is negatively affected by the … firm’s investment efficiency. Hence, firms need to follow a balancing act when contemplating CSR plans and investing in …