Corporate Governance and CSR Nexus

Maretno A. Harjoto1, Hoje Jo2
1Graziadio School of Business and Management, Pepperdine University, Malibu, U.S.A.
2Department of Finance, Leavey School of Business, Santa Clara University, Santa Clara, U.S.A.

Tóm tắt

Từ khóa


Tài liệu tham khảo

Agrawal, A. and C. Knoeber: 1996, ‘Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders’, Journal of Financial and Quantitative Analysis 31, 377-397.

Allen, F., A. Bernardo and I. Welch: 2001, ‘A Theory of Dividends Based on Tax Clientele’, Journal of Finance 55, 2499-2536.

Angrist, J. D.: 2000, ‘Estimation of Limited-Dependent Variable Models with Dummy Endogenous Regressors: Simple Strategies for Empirical Practice’, NBER#248.

Barnea, A. and A. Rubin: 2010, ‘Corporate Social Responsibility as a Conflict between Shareholders’, Journal of Business Ethics 97, 71–86.

Baron, D.: 2007, ‘Corporate Social Responsibility and Social Entrepreneurship’, Journal of Economics and Management Strategy 16, 683-717.

Baron, D.: 2008, ‘Managerial Contracting and Corporate Social Responsibility’, Journal of Public Economics 92, 268-288.

Bebchuk, L. and A. Cohen: 2005, ‘The Costs of Entrenched Boards’, Journal of Financial Economics 78, 409-433.

Bebchuk, L., A. Cohen and A. Ferrell: 2004, ‘What Matters Corporate Governance?’, Harvard Law School John M. Orlin Center Discussion Paper No. 491.

Bowen, H.: 1953, Social Responsibilities of the Business-Man (Harper, New York).

Bushman, R., J. Piotroski and A. Smith: 2005, ‘Insider Trading Restrictions and Analysts’ Incentives to Follow Firms’, Journal of Finance 60, 35-66.

Calton, J. and S. Payne: 2003, ‘Coping with Paradox’, Business and Society 42, 7-42.

Campbell, H.: 1996, ‘Understanding Risk and Return’, Journal of Political Economy 104, 298-345.

Cespa, G. and G. Cestone: 2007, ‘Corporate Social Responsibility and Managerial Entrenchment’, Journal of Economics and Management Strategy 16, 741-771.

Chatterji, A., D. Levine and M. Toffel: 2007, ‘How Well Do Social Ratings Actually Measure Corporate Social Responsibility?’, Working Paper (Durham, NC).

Chung, K. and H. Jo: 1996, ‘The Impact of Security Analysts’ Monitoring and Marketing Functions on the Market Value of Firms’, Journal of Financial and Quantitative Analysis 31, 493-512.

Chung, K. and S. A. Pruitt: 1994, ‘A simple Approximation of Tobin’s Q.’ Financial Management 23, 70-74.

Cremers, M. and V. B. Nair: 2005, ‘Governance Mechanisms and Equity Prices’, Journal of Finance 60, 2859-2894.

Demsetz, H. and K. Lehn: 1985, ‘The Structure of Corporate Ownership: Causes and Consequences’, Journal of Political Economy 93, 1155-1177.

Donham, W.: 1927, ‘The Social Significance of Business’, Harvard Business Review 4, 406-419.

Fisman, R., G. Heal and V. Nair: 2005, ‘Corporate Social Responsibility: Doing Well by Doing Good?’, Working Paper (Wharton School, University of Pennsylvania).

Fisman, R., G. Heal and V. Nair: 2006, ‘A Model of Corporate Philanthropy’, Working Paper (Wharton School, University of Pennsylvania).

Friedman, M.: 1970, ‘Money and Income: Comment on Tobin’, Quarterly Journal of Economics 84, 318-327.

Goel, A. and A. Thakor: 2008, ‘Overconfidence, CEO selection, and Corporate Governance’, Journal of Finance 63, 2737-2784.

Gompers, P., J. Ishii and A. Metrick: 2003, ‘Corporate Governance and Equity Prices’, Quarterly Journal of Economics 118, 107-155.

Gompers, P., J. Ishii and A. Metrick: 2010, ‘Extreme Governance: An Analysis of Dual-Class Firms in United States’, Review of Financial Studies 23(3), 1051–1088.

Goss, A. and G. Roberts: 2007, ‘Corporate Social Responsibility and the Cost of Debt Financing’, Working Paper (York University).

Greene W.: 1993, Econometric Analysis, 5th Edition (Prentice-Hall, London).

Harris, M. and A. Raviv: 2008, ‘A Theory of Board Control and Size’, Review of Financial Studies 21, 1797-1823.

Heckman, J.: 1976, ‘The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables’, Annals of Economic and Social Measurement 5, 475-492.

Heckman, J.: 1979, ‘Sample Selection as a Specification Error’, Econometrica 47, 153-161.

Heckman, J. and R. Robb, Jr.: 1985, ‘Alternative Methods for Evaluating the Impact of Interventions, Ch. 4’, in J. Heckman and B. Singer(eds.), Longitudinal Analysis of Labor Market Data (Cambridge University Press, New York).

Hermalin, B. E. and M. S. Weisbach: 1998, ‘Endogenously Chosen Boards of Directors and their Monitoring of the CEO’, American Economic Review 88, 96-118.

Hermalin, B. E. and M. S. Weisbach: 2003, ‘Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature’, FRBNY Economic Policy Review 7–26.

Hill, R. P., T. Ainscough, T. Shank and D. Manullang: 2007, ‘Corporate Social Responsibility and Socially Responsible Investing: A Global Perspective’, Journal of Business Ethics 70, 165-174.

Hopkins, M.: 2001, ‘What, If Any, is the Relation Between Corporate Governance and Corporate Social Responsibility?’ World Bank Monthly Report January.

Jensen, M.: 1986, ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’, American Economic Review 76, 323-329.

Jensen, M.: 1993, ‘The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems’, Journal of Finance 48, 831- 880.

Jensen, M.: 2001, ‘Value Maximization, Stakeholder Theory, and the Corporate Objective Function’, Journal of Applied Corporate Finance, 14(3): 8–21.

Jensen, M. and W. Meckling: 1976, ‘Theory of Firm: Managerial Behavior, Agency costs, and Capital Structure’, Journal of Financial Economics 3, 305-360.

Jo, H. and Y. Kim: 2008, ‘Ethics and Disclosure: A Study of the Financial Performance of Firms in the Seasoned Equity Offerings Market’, Journal of Business Ethics 80 , 855-878.

Knyazeva, D.: 2007, ‘Corporate Governance, Analyst Following, and Firm Behavior’, Working Paper (New York University).

Kopel, M.: 2009, ‘Strategic CSR, Spill-Over and First-Mover Advantage’, Working Paper (Institute of Organization and Economics of Institutions, Graz, Austria).

Lim, T.: 2001, ‘Rationality and Analysts’ Forecast Bias.’, Journal of Finance 56, 369-385.

Linck, J., J. Netter and T. Yang: 2008, ‘The Determinants of Board Structure’, Journal of Financial Economics 87, 308-328.

Margolis, J. and J. Walsh: 2003, ‘Misery Loves Companies: Rethinking Social Initiatives by Business’, Administrative Science Quarterly 48, 268-305.

McWilliams, A. and D. Siegel: 2001, ‘Corporate Social Responsibility and Firm Financial Performance: Correlation or Misspecification?’, Strategic Management Journal 21, 603-609.

Millimet, D.: 2001, ‘What is the Difference between “Endogeneity” and “Sample Selection Bias?”’, Working Paper (Southern Methodist University).

Moffitt, R.: 1999, ‘New Developments in Econometric Methods for Labor Market Analysis, Ch. 24’, in O. Ashenfelter and D. Card (eds.), Handbook of Labor Economics, Vol. 3A (North-Holland, Amsterdam).

Morck, R. and F. Yang: 2001, ‘The Mysterious Growing Value of the S&P 500 Membership’, Working Paper (University of Alberta).

Murphy, K.: 1999, ‘Executive Compensation’, in O. Ashenfelter and D. Card (eds.), Handbook of Labor Economics, Vol. 3 (North Holland, Amsterdam).

Pagano, M. and P. Volpin: 2005, ‘Managers, Workers and Corporate Control’, Journal of Finance 60, 841-868.

Raheja, C.: 2005, ‘Determinants of Board Size and Composition: A Theory of Corporate Boards’, Journal of Financial and Quantitative Analysis 40, 283-306.

Scherer, A., G. Palazzo and D. Baumann: 2006, ‘Global Rules and Private Actors, Toward a New Role of the TNC in Global Governance’, Business Ethics Quarterly 16, 502-532.

Shin, H. and R. Stulz: 2000, ‘Firm Value, Risk, and Growth Opportunities’, NBER Working Paper #7808.

Shleifer, A. and R. Vishny: 1986, ‘Large Shareholders and Corporate Control’, Journal of Political Economy 94, 461-488.

Siegel, D. and D. Vitaliano: 2007, ‘An Empirical Analysis of the Strategic Use of Corporate Social Responsibility’, Journal of Economics and Management Strategy 16, 773-792.

Surroca, J. and J. Tribo: 2008, ‘Managerial Entrenchment and Corporate Social Performance’, Journal of Business Finance and Accounting 35, 748-789.

Tetrault, S. C. and K. Lamertz: 2008, ‘When does a Corporate Social Responsibility Initiative Provide a First-Mover Advantage?’, Business and Society 47, 343-369.

Tobin, J.: 1958, ‘Estimation of Relationships for Limited Dependent Variables’, Econometrica 26, 24-36.

Tsoutsoura, M.: 2004, ‘Corporate Social Responsibility and Financial Performance’, Working Paper (Center for Responsible Business, Haas School of Business, University of California at Berkeley).

Whetten, D., G. Rands and P. Godfrey: 2002, ‘What are the Responsibilities of Business to Society?’, in A. Th. Pettigrew and R. Whittingen (eds.), Handbook of Strategy and Management (Sage, London), pp. 373-408.

Yu, F.: 2008, ‘Analyst Coverage and Earnings Management’, Journal of Financial Economics 88, 245-271.