Does corporate social responsibility impact equity risk? International evidence

Corporate Social Responsibility: International Perspectives

Corporate Social Responsibility for International Business

The recent proliferation of corporate social responsibility (CSR) codes and standards has been matched only by the boom in writings on the subject. This paper will focus mainly on the interaction between these codes and formal legal requirements, at national and international levels. It starts from the perspective that the recent spate of voluntary corporate codes for TNCs must be understood in...

Board Diversity and Corporate Social Responsibility: Evidence from Iranian Firms

According to agency theory, board of directors plays an important monitoring role in reducing information asymmetry and increasing the transparency of financial statements and social responsibility. This research is concerned with examining board diversity and social responsibility of the firms listed on the Tehran Stock Exchange during the years 2011-2015. To do so, a sample of 98 firms was se...

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence∗

This paper presents an industry equilibrium model where firms can choose to engage in corporate social responsibility (CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk. This e§ect is stronger for firms producing di§erentiated goods and when consumers’ expenditure share on CSR goods is small. We find supporting evidence for...

Does Corporate Social Responsibility Benefit Society?

In short, it depends on the ownership type. We construct an event-based outcome measure of firm-level environmental, social, and governance (ESG) impact for public and private firms globally from 2007 to 2015 using data from RepRisk. Then, we measure the societal impact of corporate social responsibility (CSR) engagements using participation in the United Nations Global Compact as a proxy. We d...