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Corporate Social Responsibility and Market Efficiency : Evidence from ESG and Misvaluation Measures

Bofinger, Yannik - 2020

We study the impact of corporate sustainability on market efficiency in the US. Our results indicate that a firm … sustainability leads to a higher ratio of actual to true firm value. Analyzing the relation between ESG and misvaluation separately … moderating role of market sentiment towards sustainability in the ESG-misvaluation relationship …

Persistent link: https://www.econbiz.de/10012837550

Corporate Social Responsibility and Firm Financial Risk Reduction : On the Moderating Role of the Legal Environment

Benlemlih, Mohammed - 2017

Approaching the institutional environment through its regulative component, we distinguish between shareholder-oriented and stakeholder-oriented countries. Identifying first this classification with the distinction between common law versus civil law countries and using a large sample of 5,716...

Persistent link: https://www.econbiz.de/10012962247

The Bond Market Benefits of Corporate Social Capital

Amiraslani, Hami - 2019

We investigate whether a firm's social capital, and the trust that it engenders, are viewed favorably by bondholders. Using firms' corporate social responsibility (CSR) activities to proxy for social capital, we find no relation between CSR and bond spreads over the period 2005-2013. However,...

Persistent link: https://www.econbiz.de/10012901792

Does Corporate Social Responsibility Reduce the Costs of High Leverage? Evidence from Capital Structure and Product Market Interactions

Bae, Kee-Hong - 2019

Research on capital structure and product market interactions shows that high leverage is associated with substantial losses in market share due to unfavorable actions by customers and competitors. We examine whether corporate social responsibility (CSR) affects firms' interactions with...

Persistent link: https://www.econbiz.de/10012901975

How Performance of Risk-Based Strategies is Modified by Socially Responsible Investment Universe?

Bertrand, Philippe - 2019

Risk-based allocation strategies, also known as Smart Beta allocation, define the weights of assets in portfolios as functions of the individual and common asset risk. In this paper we focus on the Minimum Variance (MV), Maximum Diversification (MD), Equal Risk Contribution (ERC) and...

Persistent link: https://www.econbiz.de/10012905309

Raising Companies’ Profile with Corporate Social Performance : Variations in Investor Recognition and Liquidity Linked to VIGEO CSP Rating Disclosures

Bertrand, Philippe - 2019

This paper examines whether the initiation of Vigeo Corporate Social Performance (CSP) rating impacts company profiles. Using a sample of European listed firms, we confirm that there is a positive and significant relationship between CSP rating and a firm's liquidity and investor base....

Persistent link: https://www.econbiz.de/10012905480

Corporate Social Responsibility and Stock Split

Harjoto, Maretno A. - 2018

This study examines whether socially responsible companies are likely to conduct a stock split. We argue that these companies, compared to their counterparts, could use their strong corporate social responsibility (CSR) performance to reduce information asymmetry with shareholders, and...

Persistent link: https://www.econbiz.de/10012911983

Deciphering the Motives Behind Corporate Social Responsibility (CSR) Using Managerial Ownership : Evidence from Heteroskedastic Identification

Withisuphakorn, Pradit - 2018

Motivated by agency theory, we investigate the effect of managerial ownership on CSR engagement. Exploiting Lewbel's (2012) heteroskedastic identification and using a large U.S. sample of over 14,000 observations across 18 years, we find that higher managerial ownership diminishes CSR engagement...

Persistent link: https://www.econbiz.de/10012912021

Corporate Social Responsibility and Firm Risk : Theory and Empirical Evidence

Albuquerque, Rui A. - 2019

This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR...

Persistent link: https://www.econbiz.de/10012897379

Does Corporate Social Responsibility Impact Equity Risk? International Evidence

Monti, Alice - 2019

We investigate the relationship between corporate social responsibility (CSR) and risk, using measures that capture systematic, idiosyncratic, downside and extreme risks. We analyze the aggregate CSR score as well as its subdimensions. We base our analysis on a large panel of listed firms from...

Persistent link: https://www.econbiz.de/10012899479