Economic resources and corporate social responsibility

Journal of Corporate Finance - Tập 51 - Trang 332-351 - 2018
Xian Sun1, Brian Gunia1
1The Johns Hopkins Carey Business School, 100 International Drive, Baltimore, MD 21202-1099, United States of America

Tóm tắt

Từ khóa


Tài liệu tham khảo

Allison, 1971

Almeida, 2004, The cash flow sensitivity of cash, J. Financ., 59, 1777, 10.1111/j.1540-6261.2004.00679.x

Altman, 2005

Amihud, 1981, Risk reduction as a managerial motive for conglomerate mergers, Bell J. Econ., 12, 605, 10.2307/3003575

Barberis, 2001, Mental accounting, loss aversion and individual stock returns, J. Financ., 56, 1247, 10.1111/0022-1082.00367

Baucus, 1997, Paying the piper: an empirical examination of longer-term financial consequences of illegal corporate behavior, Acad. Manag. J., 40, 129, 10.2307/257023

Bebchuk, 2009, What matters in corporate governance?, Rev. Financ. Stud., 22, 783, 10.1093/rfs/hhn099

Benlemlih, 2016, Corporate social responsibility and investment efficiency, J. Bus. Ethics, 143, 1

Berger, 2011, Tests of ex ante versus ex post theories of collateral using private and public information, J. Financ. Econ., 100, 85, 10.1016/j.jfineco.2010.10.014

Bertrand, 2003, Managing with style: the effect of managers on firm policies, Q. J. Econ., 118, 1169, 10.1162/003355303322552775

Bertrand, 2004, How much should we trust differences-in-differences estimates?, Q. J. Econ., 119, 249, 10.1162/003355304772839588

Black, 1973, The pricing of options and corporate liabilities, J. Polit. Econ., 81, 637, 10.1086/260062

Bowman, 1982, Risk seeking by troubled firms, Sloan Manag. Rev., 23, 33

Brown, 2014, How university endowments respond to financial market shocks: evidence and implications, Am. Econ. Rev., 104, 931, 10.1257/aer.104.3.931

Chaney, 2012, The collateral channel: how real estate shocks affect corporate investment, Am. Econ. Rev., 102, 2381, 10.1257/aer.102.6.2381

Chatterji, 2009, How well do social ratings actually measure corporate social responsibility?, J. Econ. Manag. Strateg., 18, 125, 10.1111/j.1530-9134.2009.00210.x

Cheng, 2014, Corporate social responsibility and access to finance, Strateg. Manag. J., 35, 1, 10.1002/smj.2131

Chung, 1996, The impact of security analysts' monitoring and marketing functions on the market value of firms, J. Financ. Quant. Anal., 31, 493, 10.2307/2331357

Coles, 2006, Managerial incentives and risk- taking, J. Financ. Econ., 79, 431, 10.1016/j.jfineco.2004.09.004

Core, 2002, Estimating the value of employee stock option portfolios and their sensitivities to price and volatility, J. Account. Res., 40, 613, 10.1111/1475-679X.00064

Coval, 2005, Do behavioral biases affect prices?, J. Financ., 60, 1, 10.1111/j.1540-6261.2005.00723.x

Cvijanovic, 2014, Real estate prices and firm capital structure, Rev. Financ. Stud., 27, 2690, 10.1093/rfs/hhu035

Davidson, 1994, The effectiveness of OSHA penalties: a stock-market-based test, Ind. Relat., 33, 283, 10.1111/j.1468-232X.1994.tb00341.x

Deng, 2013, Corporate social responsibility and stakeholder value maximization: evidence from mergers, J. Financ. Econ., 110, 87, 10.1016/j.jfineco.2013.04.014

Di Giuli, 2014, Are red or blue companies more likely to go green? Politics and corporate social responsibility, Journal of Financial Economics, 111, 158, 10.1016/j.jfineco.2013.10.002

Faulkender, 2006, Corporate financial policy and the value of cash, J. Financ., 61, 1957, 10.1111/j.1540-6261.2006.00894.x

Fazzari, 1987, Asymmetric information, financing constraints, and investment, Rev. Econ. Stat., 69, 481, 10.2307/1925536

Fazzari, 1988, Investment financing decisions and tax policy, Am. Econ. Rev. Pap. Proc., 78, 200

Fiegenbaum, 1988, Attitudes toward risk and the risk-return paradox: prospect theory explanations, Acad. Manag. J., 31, 85, 10.2307/256499

Fiegenbaum, 1996, Strategic reference point theory, Strateg. Manag. J., 17, 219, 10.1002/(SICI)1097-0266(199603)17:3<219::AID-SMJ806>3.0.CO;2-N

Fombrun, 1996

Fombrun, 1990, What's in a name? Reputation building and corporate strategy, Acad. Manag. J., 33, 233, 10.2307/256324

Friedman, 1970, The social responsibility of business is to increase its profits, N. Y. Times Mag., 32, 122

Frooman, 1997, Socially irresponsible and illegal behavior and shareholder wealth, Bus. Soc. Rev., 36, 221, 10.1177/000765039703600302

Godfrey, 2005, The relationship between corporate philanthropy and shareholder wealth: a risk management perspective, Acad. Manag. Rev., 30, 777, 10.5465/amr.2005.18378878

Goss, 2011, The impact of corporate social responsibility on the cost of bank loans, J. Bank. Financ., 35, 1794, 10.1016/j.jbankfin.2010.12.002

Griffin, 1997, The corporate social performance and corporate financial performance debate: twenty-five years of incomparable research, Bus. Soc. Rev., 36, 5, 10.1177/000765039703600102

Grinblatt, 2005, Prospect theory, mental accounting, and momentum, J. Financ. Econ., 78, 311, 10.1016/j.jfineco.2004.10.006

Guay, 1999, The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants, J. Financ. Econ., 53, 43, 10.1016/S0304-405X(99)00016-1

Hall, 1998, Are CEOs really paid like bureaucrats?, Q. J. Econ., 113, 653, 10.1162/003355398555702

Hambrick, 1984, Upper echelons: the organization as a reflection of its top managers, Acad. Manag. Rev., 9, 193, 10.5465/amr.1984.4277628

Harjoto, 2011, Corporate governance and CSR nexus, J. Bus. Ethics, 100, 45, 10.1007/s10551-011-0772-6

Haunschild, 2006, Organizations non-gratae? The impact of unethical corporate acts on interorganizational networks, Organ. Sci., 17, 101

Hayward, 1997, Explaining the premiums paid for large acquisitions: evidence of CEO hubris, Adm. Sci. Q., 42, 103, 10.2307/2393810

Hoi, 2013, Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities, Account. Rev., 88, 2025, 10.2308/accr-50544

Hong, 2012, Red and blue investing: values and finance, J. Financ. Econ., 103, 1, 10.1016/j.jfineco.2011.01.006

Jensen, 1990, Performance pay and top-management incentives, J. Polit. Econ., 98, 225, 10.1086/261677

Kahneman, 1979, Prospect theory: an analysis of decision under risk, Econometrica, 47, 263, 10.2307/1914185

Karpoff, 2008, The cost to firms of cooking the books, J. Financ. Quant. Anal., 43, 581, 10.1017/S0022109000004221

Kitzmueller, 2012, Economic perspectives on corporate social responsibility, J. Econ. Lit., 50, 51, 10.1257/jel.50.1.51

Knyazeva, 2007

Kruger, 2015, Corporate goodness and shareholder wealth, J. Financ. Econ., 115, 304, 10.1016/j.jfineco.2014.09.008

Lange, 2012, Understanding attributions of corporate social irresponsibility, Acad. Manag. Rev., 37, 300, 10.5465/amr.2010.0522

Liang, 2017, On the foundations of corporate social responsibility, J. Financ., 72, 853, 10.1111/jofi.12487

Lin, 2011, Ownership structure and the cost of corporate borrowing, J. Financ. Econ., 100, 1, 10.1016/j.jfineco.2010.10.012

Lys, 2015, Signaling through corporate accountability reporting, J. Account. Econ., 60, 56, 10.1016/j.jacceco.2015.03.001

Martin, 2016, Managers' green investment disclosures and investors'reaction, J. Account. Econ., 61, 239, 10.1016/j.jacceco.2015.08.004

Matten, 2008, "Implicit" and "explicit" CSR: a conceptual framework for a comparative understanding of corporate social responsibility, Acad. Manag. Rev., 33, 404, 10.5465/amr.2008.31193458

McGuire, 2003, CEO incentives and corporate social performance, J. Bus. Ethics, 45, 341, 10.1023/A:1024119604363

McWilliams, 2000, Corporate social responsibility and financial performance: correlation or misspecification, Strateg. Manag. J., 21, 603, 10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3

McWilliams, 2001, Corporate social responsibility: a theory of the firm perspective, Acad. Manag. Rev., 26, 117, 10.5465/amr.2001.4011987

Merton, 1973, Theory of rational option pricing, Bell J. Econ. Manag. Sci., 4, 141, 10.2307/3003143

Minor, 2011, CSR as reputation insurance: primum non nocere, Calif. Manag. Rev., 53, 40, 10.1525/cmr.2011.53.3.40

Modigliani, 1958, The cost of capital, corporation finance and the theory of investment, Am. Econ. Rev., 48, 261

Moser, 2012, A broader perspective on corporate social responsibility research in accounting, Account. Rev., 87, 797, 10.2308/accr-10257

Murphy, 1999, Executive compensation, Vol. 3, 10.1016/S1573-4463(99)30024-9

Nelson, 2000, Real estate asset on corporate balance sheets, J. Corp. Real Estate, 2, 29, 10.1108/14630010010811185

Nossiter, 2010, Half a world from the Gulf, a spill scourge 5 decades old, N.Y. Times, 17, A1

Perry, 2000, CEO compensation in the 1990s: shareholder alignment or shareholder expropriation?, Wake Forest Law Rev., 35, 123

Pigou, 1920

Pollock, 2003, Media legitimation effects in the market for initial public offerings, Acad. Manag. J., 46, 631, 10.2307/30040654

Porter, 2011, Creating shared value, Harv. Bus. Rev., 89

Preston, 1997, The corporate social-financial performance relationship: a typology and analysis, Bus. Soc. Rev., 36, 419, 10.1177/000765039703600406

Rao, 1994, The social construction of reputation: certification contests, legitimation, and the survival of organizations in the American automobile industry, Strateg. Manag. J., 15, 29, 10.1002/smj.4250150904

Rubin, 2008, Political views and corporate decision making: the case of corporate social responsibility, Financ. Rev., 43, 337, 10.1111/j.1540-6288.2008.00197.x

Sanders, 2001, Behavioral responses of CEOs to stock ownership and stock option pay, Acad. Manag. J., 44, 477, 10.2307/3069365

Schrand, 1998, Hedging and co-ordinated risk management, J. Financ., 53, 979, 10.1111/0022-1082.00041

Servaes, 2013, The impact of corporate social responsibility on firm value: the role of customer awareness, Manag. Sci., 59, 1045, 10.1287/mnsc.1120.1630

Simpson, 2002, The link between corporate social and financial performance: evidence from the banking industry, J. Bus. Ethics, 35, 97, 10.1023/A:1013082525900

Smith, 1985, The determinants of firms' hedging policies, J. Financ. Quant. Anal., 20, 391, 10.2307/2330757

Strachan, 1983, The price reaction to (alleged) corporate crime, Financ. Rev., 18, 121, 10.1111/j.1540-6288.1983.tb00140.x

Trudel, 2009, Does it pay to be good?, MIT Sloan Manag. Rev., 50, 61

Waddock, 1997, The corporate social performance-financial performance link, Strateg. Manag. J., 18, 303, 10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G

Whited, 1992, Debt, liquidity constraints, and corporate investments: evidence from panel data, J. Financ., 47, 1425, 10.1111/j.1540-6261.1992.tb04664.x

Wiseman, 1998, A behavioral agency model of managerial risk taking, Acad. Manag. Rev., 23, 133, 10.5465/amr.1998.192967

Wright, 1997, Agency conflict and corporate strategy: the effect of divestment on corporate value, Strateg. Manag. J., 18, 77, 10.1002/(SICI)1097-0266(199701)18:1<77::AID-SMJ810>3.0.CO;2-R

Wu, 2013, Corporate social responsibility in the banking industry: motives and financial performance, J. Bank. Financ., 37, 3529, 10.1016/j.jbankfin.2013.04.023

Yu, 2008, Analyst coverage and earnings management, J. Financ. Econ., 88, 245, 10.1016/j.jfineco.2007.05.008