We study the effect of corporate social responsibility (CSR) on shareholder value. We argue that long-term investors can ensure that managers choose the amount of CSR that maximizes shareholder value. We find that long-term investors do increase the value to shareholders of CSR activities, not...

Using a sample of 21,030 US firm-year observations that represents more than 3,000 individual firms over the period 1998-2012, we investigate the relationship between Corporate Social Responsibility (CSR) and investment efficiency. In consistency with our expectations that high CSR firms enjoy...

In this article we extend the streams of research on the capital structure of socially responsible firms by studying the impact of Corporate Social Responsibility (CSR) on firm debt maturity. Using a large sample of US firms, we find robust evidence that high CSR firms significantly reduce their...

This paper studies the relationship between corporate social responsibility (CSR) and profit shifting. Using a profit-shifting measure derived from worldwide data for parent firms and their foreign subsidiaries, we find that corporate social responsibility is positively and significantly...

Due to historically weaker institutions and less favourable macroeconomic conditions in the African context, we argue that corporate social irresponsibility (CSI) activities might be penalized less while corporate social responsibility (CSR) activities may be of less benefit for firms. Using a...

Following stakeholder resource-based theory (SRBT), we conceptualize the value relevance of corporate social irresponsibility (CSI) based on the bargaining power that stakeholders possess regarding firms' inputs and revenue generations. Accordingly, we classify the stakeholders into residual...

We examine whether corporate social responsibility (CSR) is used to signal product quality and whether CSR affects firm value through its positive effect on product market perception. Using a proprietary database, we find that visible CSR, such as environmental and community involvement,...

This paper investigates the role of stakeholder preference on corporate social responsibility (CSR). We find that Indian firms increase CSR expenses when trade restrictions (Antidumping) are initiated against competing Chinese exports from countries with a high stakeholder preference for CSR....

We examine whether engagement on environmental, social and governance (ESG) issues can benefit shareholders by reducing firms' downside risk, measured using the lower partial moment and value at risk. Using a proprietary database, we provide evidence supporting this hypothesis. We further find...