Corporate social responsibility intensity: Shareholders’ value adding or destroying?

Cost Stickiness: Value Creating or Value Destroying (The Iranian Experience)

This research reviews and tests two contradicting notions in cost stickiness literature by empirical recognition of the consequences of cost stickiness. Cost stickiness is consistent with both rational resource planning and opportunistic incentives of manager to increase personal benefits arising from status and power. Although both mechanisms involve asymmetric retention of slack, some of the ...

Corporate Social Responsibility and Stock Prices: The Environmental Awareness of Shareholders

This study examines whether shareholders are sensitive to corporations’environmental footprint. Specifically, we conduct an event study around the announcement of corporate news related to environment for all U.S. publicly-traded companies from 1980 to 2009. Consistent with the view that environmental corporate social responsibility (CSR) generates new and competitive resources for firms, we fi...

The Missing Link; How Corporate Social Responsibility Increases Market Value

Corporate Social Responsibility, Customer Satisfaction, and Market Value

Although prior research has addressed the influence of corporate social responsibility (CSR) on perceived customer responses, it is not clear whether CSR affects market value of the firm. This study develops and tests a conceptual framework, which predicts that (1) customer satisfaction partially mediates the relationship between CSR and firm market value (i.e., Tobin’s q and stock return), (2)...

Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers

Using a large sample of mergers in the U.S., we examine whether corporate social responsibility (CSR) creates value for acquiring firms’ shareholders. We find that compared to low CSR acquirers, high CSR acquirers realize higher merger announcement returns, higher announcement returns on the valueweighted portfolio of the acquirer and the target, and larger increases in post-merger long-term op...