When do ESG controversies reduce firm value in India?

Ahmed, 2019, Investigating the impact of human capital on the ecological footprint in India: An empirical analysis, Environmental Science and Pollution Research, 26, 26782, 10.1007/s11356-019-05911-7 Aidis, 2006 Aiken, 1968, Organizational interdependence and intra-organizational structure, American Sociological Review, 912, 10.2307/2092683 Ali, 2010, University student’s inclination of governance and its effects on entrepreneurial intentions: An empirical analysis, International Journal of Trade, Economics and Finance, 1, 36, 10.7763/IJTEF.2010.V1.7 Anderson, 2004, Customer satisfaction and shareholder value, Journal of Marketing, 68, 172, 10.1509/jmkg.68.4.172.42723 Aouadi, 2018, Do ESG controversies matter for firm value? Evidence from international data, Journal of Business Ethics, 151, 1027, 10.1007/s10551-016-3213-8 Baldi, 2022, The role of ESG scoring and greenwashing risk in explaining the yields of green bonds: A conceptual framework and an econometric analysis, Global Finance Journal, 52, 10.1016/j.gfj.2022.100711 Barnett, 2012, Does it pay to be really good? Addressing the shape of the relationship between social and financial performance, Strategic Management Journal, 33, 1304, 10.1002/smj.1980 Baron, 2011, The economics and politics of corporate social performance, Business & Politics, 13, 1, 10.2202/1469-3569.1374 Barreto, 2006, To conform or to perform? Mimetic behaviour, legitimacy-based groups and performance consequences, Journal of Management Studies, 43, 1559, 10.1111/j.1467-6486.2006.00620.x Bhattacharya, 2020, Beyond warm glow: The risk-mitigating effect of corporate social responsibility (CSR), Journal of Business Ethics, 1 Bird, 2007 Brammer, 2005, Corporate reputation and an insurance motivation for corporate social investment, Journal of Corporate Citizenship, 20, 39, 10.9774/GLEAF.4700.2005.wi.00007 Brauer, 2012, Industry divestiture waves: How a firm’s position influences investor returns, Academy of Management Journal, 55, 1472, 10.5465/amj.2010.1099 Brown, 1998, The public disclosure of environmental performance information—A dual test of media agenda setting theory and legitimacy theory, Accounting and Business Research, 29, 21, 10.1080/00014788.1998.9729564 Bundy, 2015, A burden of responsibility: The role of social approval at the onset of a crisis, Academy of Management Review, 40, 345, 10.5465/amr.2013.0027 Burke, 2022, Do boards take environmental, social, and governance issues seriously? Evidence from media coverage and CEO dismissals, Journal of Business Ethics, 176, 647, 10.1007/s10551-020-04715-x Butts, 2019, Helping one or helping many? A theoretical integration and meta-analytic review of the compassion fade literature, Organizational Behavior and Human Decision Processes, 151, 16, 10.1016/j.obhdp.2018.12.006 Cahan, 2015, Corporate social responsibility and media coverage, Journal of Banking & Finance, 59, 409, 10.1016/j.jbankfin.2015.07.004 Cai, 2012, Doing well while doing bad? CSR in controversial industry sectors, Journal of Business Ethics, 108, 467, 10.1007/s10551-011-1103-7 Cameron, 2005 Cameron, 2017, Compassion collapse: Why we are numb to numbers? Carroll, 2010 Carroll, 2003, Agenda-setting effects of business news on the public’s images and opinions about major corporations, Corporate Reputation Review, 6, 36, 10.1057/palgrave.crr.1540188 Carter, 2010, The gender and ethnic diversity of US boards and board committees and firm financial performance, Corporate Governance: An International Review, 18, 396, 10.1111/j.1467-8683.2010.00809.x Carter, 2003, Corporate governance, board diversity, and firm value, Financial Review, 38, 33, 10.1111/1540-6288.00034 Champagne, 2022, Can extra-financial ratings serve as an indicator of ESG risk?, Global Finance Journal, 54, 10.1016/j.gfj.2021.100638 Chapple, 2005, Corporate social responsibility (CSR) in Asia: A seven-country study of CSR web site reporting, Business & Society, 44, 415, 10.1177/0007650305281658 Chen, 2018, The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China, Journal of Accounting and Economics, 65, 169, 10.1016/j.jacceco.2017.11.009 Chung, 1994, A simple approximation of Tobin’s Q, Financial Management, 70, 10.2307/3665623 Coombs, 1996, Communication and attributions in a crisis: An experimental study in crisis communication, Journal of Public Relations Research, 8, 279, 10.1207/s1532754xjprr0804_04 Cornelissen, 2014, Putting framing in perspective: A review of framing and frame analysis across the management and organizational literature, Academy of Management Annals, 8, 181, 10.5465/19416520.2014.875669 Cui, 2018, Does corporate social responsibility affect information asymmetry?, Journal of Business Ethics, 148, 549, 10.1007/s10551-015-3003-8 Dahiya, 2020, The linkage between CSR and cost of equity: An Indian perspective, Sustainability Accounting, Management and Policy Journal, 12, 499, 10.1108/SAMPJ-10-2019-0379 Deephouse, 2005, An examination of differences between organizational legitimacy and organizational reputation, Journal of Management Studies, 42, 329, 10.1111/j.1467-6486.2005.00499.x Dess, 1984, Dimensions of organizational task environments, Administrative Science Quarterly, 29, 52, 10.2307/2393080 Dhaliwal, 2012, Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure, The Accounting Review, 87, 723, 10.2308/accr-10218 DiMaggio, 1983, The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields, American Sociological Review, 147, 10.2307/2095101 Ding, 2016, Does it pay to be different? Relative CSR and its impact on firm value, International Review of Financial Analysis, 47, 86, 10.1016/j.irfa.2016.06.013 Ear, 2007, Does aid dependence worsen governance?, International Public Management Journal, 10, 259, 10.1080/10967490701515580 Elbahnasawy, 2012, The determinants of corruption: Cross-country-panel-data analysis, The Developing Economies, 50, 311, 10.1111/j.1746-1049.2012.00177.x Erfle, 1990, Media, political pressure, and the firm: The case of petroleum pricing in the late 1970s, The Quarterly Journal of Economics, 105, 115, 10.2307/2937821 Fatemi, 2009, The relative valuation of socially responsible firms: An exploratory study, 140 Fatemi, 2018, ESG performance and firm value: The moderating role of disclosure, Global Finance Journal, 38, 45, 10.1016/j.gfj.2017.03.001 Fatemi, 2013, Sustainable finance: A new paradigm, Global Finance Journal, 24, 101, 10.1016/j.gfj.2013.07.006 Figley, 1995 Fiske, 2013 Fombrun, 1990, What's in a name? Reputation building and corporate strategy, Academy of Management Journal, 33, 233, 10.2307/256324 Fombrun, 2000, Opportunity platforms and safety nets: Corporate citizenship and reputational risk, Business and Society Review, 105, 85, 10.1111/0045-3609.00066 Friedman, 1970, A Friedman doctrine: The social responsibility of business is to increase its profits, The New York Times Magazine, 32 Frooman, 1997, Socially irresponsible and illegal behavior and shareholder wealth: A meta-analysis of event studies, Business & Society, 36, 221, 10.1177/000765039703600302 Gani, 2007, Governance and foreign direct investment links: Evidence from panel data estimations, Applied Economics Letters, 14, 753, 10.1080/13504850600592598 Godfrey, 2005, The relationship between corporate philanthropy and shareholder wealth: A risk management perspective, Academy of Management Review, 30, 777, 10.5465/amr.2005.18378878 Godfrey, 2009, The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis, Strategic Management Journal, 30, 425, 10.1002/smj.750 Graham, 2000, How big are the tax benefits of debt?, The Journal of Finance, 55, 1901, 10.1111/0022-1082.00277 Hallahan, 1999, Seven models of framing: Implications for public relations, Journal of Public Relations Research, 11, 205, 10.1207/s1532754xjprr1103_02 Hasan, 2021, Does corporate social responsibility disclosure impact firm performance? An industry-wise analysis of Indian firms, Environment, Development and Sustainability, 24, 10141, 10.1007/s10668-021-01859-2 Heider, 1958 Henley, 2015, Britons rally to help people fleeing war and terror in Middle East Hester, 2007, The agenda-setting function of national versus local media: A time-series analysis for the issue of same-sex marriage, Mass Communication and Society, 10, 299, 10.1080/15205430701407272 Hoffman, 2001, Not all events are attended equally: Toward a middle-range theory of industry attention to external events, Organization Science, 12, 414, 10.1287/orsc.12.4.414.10639 Isidro, 2015, The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance, Journal of Business Ethics, 132, 1, 10.1007/s10551-014-2302-9 Kaufmann, 2006, Measuring governance using cross-country perceptions data, Vol. 52 Kaufmann, 2010, The worldwide governance indicators: Methodology and analytical issues Kelley, 1980, Attribution theory and research, Annual Review of Psychology, 31, 457, 10.1146/annurev.ps.31.020180.002325 Kock, 2014, The mediating role of voice and accountability in the relationship between internet diffusion and government corruption in Latin America and sub-Saharan Africa, Information Technology for Development, 20, 23, 10.1080/02681102.2013.832129 Kölbel, 2013, The effect of bad news on credit risk: A media based perspective on the pricing of corporate social responsibility Kölbel, 2017, How media coverage of corporate social irresponsibility increases financial risk, Strategic Management Journal, 38, 2266, 10.1002/smj.2647 Kotchen, 2012, Corporate social responsibility for irresponsibility, The BE Journal of Economic Analysis & Policy, 12, 1 Kotha, 2011, Entry into new niches: The effects of firm age and the expansion of technological capabilities on innovative output and impact, Strategic Management Journal, 32, 1011, 10.1002/smj.915 Krüger, 2015, Corporate goodness and shareholder wealth, Journal of Financial Economics, 115, 304, 10.1016/j.jfineco.2014.09.008 Kumar, 2019, Corporate social responsibility: An analysis of impact and challenges in India, International Journal of Social Sciences Management and Entrepreneurship, 3, 97 Langbein, 2010, The worldwide governance indicators: Six, one, or none?, The Journal of Development Studies, 46, 350, 10.1080/00220380902952399 Lange, 2012, Understanding attributions of corporate social irresponsibility, Academy of Management Review, 37, 300, 10.5465/amr.2010.0522 Li, 2020, Do corporate social responsibility engagements lead to real environmental, social, and governance impact?, Management Science, 66, 2564, 10.1287/mnsc.2019.3324 Lin-Hi, 2013, The CSR bottom line: Preventing corporate social irresponsibility, Journal of Business Research, 66, 1928, 10.1016/j.jbusres.2013.02.015 Lins, 2017, Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis, The Journal of Finance, 72, 1785, 10.1111/jofi.12505 Lioui, 2012, Environmental corporate social responsibility and financial performance: Disentangling direct and indirect effects, Ecological Economics, 78, 100, 10.1016/j.ecolecon.2012.04.004 Loderer, 2010, Firm age and performance Markowitz, 2013, Compassion fade and the challenge of environmental conservation, Judgment and Decision making, 8, 397, 10.1017/S193029750000526X McCann, 2017, The influence of competition from informal firms on new product development, Strategic Management Journal, 38, 1518, 10.1002/smj.2585 McCombs, 1972, The agenda-setting function of mass media, Public Opinion Quarterly, 36, 176, 10.1086/267990 McGuire, 1988, Corporate social responsibility and firm financial performance, Academy of Management Journal, 31, 854, 10.2307/256342 McWilliams, 2000, Corporate social responsibility and financial performance: Correlation or misspecification?, Strategic Management Journal, 21, 603, 10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3 Mira, 2017, Good governance and economic growth: A contribution to the institutional debate about state failure in Middle East and North Africa, Asian Journal of Middle Eastern and Islamic Studies, 11, 107, 10.1080/25765949.2017.12023313 Mishra, 2020, From #MeToo to #MeTooIndia: News domestication in Indian English language newspapers, Journalism Studies, 21, 659, 10.1080/1461670X.2019.1709882 Mishra, 2010, Does corporate social responsibility influence firm performance of Indian companies?, Journal of Business Ethics, 95, 571, 10.1007/s10551-010-0441-1 Muller, 2011, Doing good deeds in times of need: A strategic perspective on corporate disaster donations, Strategic Management Journal, 32, 911, 10.1002/smj.917 Nadler, 2002, Victim impact testimony and the psychology of punishment, Cornell Law Review, 88, 419 Naumer, 2020, It is not only what you say, but how you say it: ESG, corporate news, and the impact on CDS spreads, Global Finance Journal, 100571 Nekhili, 2017, Corporate social responsibility disclosure and market value: Family versus nonfamily firms, Journal of Business Research, 77, 41, 10.1016/j.jbusres.2017.04.001 Neter, 1996 Nordgren, 2011, The scope-severity paradox: Why doing more harm is judged to be less harmful, Social Psychological and Personality Science, 2, 97, 10.1177/1948550610382308 Ocasio, 2001, How do organizations think? Oikonomou, 2012, The impact of corporate social performance on financial risk and utility: A longitudinal analysis, Financial Management, 41, 483, 10.1111/j.1755-053X.2012.01190.x Orlitzky, 2013, Corporate social responsibility, noise, and stock market volatility, Academy of Management Perspectives, 27, 238, 10.5465/amp.2012.0097 Orlitzky, 2003, Corporate social and financial performance: A meta-analysis, Organization Studies, 24, 403, 10.1177/0170840603024003910 Pan, 1993, Framing analysis: An approach to news discourse, Political Communication, 10, 55, 10.1080/10584609.1993.9962963 Petersen, 2009, Estimating standard errors in finance panel data sets: Comparing approaches, The Review of Financial Studies, 22, 435, 10.1093/rfs/hhn053 Pham, 2020, CSR disclosure and firm performance: The mediating role of corporate reputation and moderating role of CEO integrity, Journal of Business Research, 120, 127, 10.1016/j.jbusres.2020.08.002 Rao, 1994, The social construction of reputation: Certification contests, legitimation, and the survival of organizations in the American automobile industry, Strategic Management Journal, 15, 29, 10.1002/smj.4250150904 Renouard, 2011, Corporate social responsibility, utilitarianism, and the capabilities approach, Journal of Business Ethics, 98, 85, 10.1007/s10551-010-0536-8 Ring, 1989, Sensemaking, understanding, and committing: Emergent interpersonal transaction processes in the evolution of 3 M’s microgravity research program, 337 Rose, 2004, The impact of corporate reputation on performance: Some Danish evidence, European Management Journal, 22, 201, 10.1016/j.emj.2004.01.012 Roy, 2018, The middle class in India, Association for Asian Studies, 23 Sabbaghi, 2020, The impact of news on the volatility of ESG firms, Global Finance Journal, 51 Schelling, 1968, The life you save may be your own, 127 Sharma, 2008 Slovic, 2010, If I look at the mass I will never act: Psychic numbing and genocide, Judgment and Decision making, 2, 79, 10.1017/S1930297500000061 Smircich, 1985, Strategic management in an enacted world, Academy of Management Review, 10, 724, 10.2307/258041 Stäbler, 2020, When does corporate social irresponsibility become news? Evidence from more than 1,000 brand transgressions across five countries, Journal of Marketing, 84, 46, 10.1177/0022242920911907 Staw, 1975, The scarcity-munificence component of organizational environments and the commission of illegal acts, Administrative Science Quarterly, 345, 10.2307/2391995 Steinbach, 2017, Top management team incentive heterogeneity, strategic investment behavior, and performance: A contingency theory of incentive alignment, Strategic Management Journal, 38, 1701, 10.1002/smj.2628 Strike, 2006, Being good while being bad: Social responsibility and the international diversification of US firms, Journal of International Business Studies, 37, 850, 10.1057/palgrave.jibs.8400226 Suchman, 1995, Managing legitimacy: Strategic and institutional approaches, Academy of Management Review, 20, 571, 10.2307/258788 Sung, 2012, Women in government, public corruption, and liberal democracy: A panel analysis, Crime, Law and Social Change, 58, 195, 10.1007/s10611-012-9381-2 Surroca, 2010, Corporate responsibility and financial performance: The role of intangible resources, Strategic Management Journal, 31, 463, 10.1002/smj.820 Sweetin, 2013, Willingness-to-punish the corporate brand for corporate social irresponsibility, Journal of Business Research, 66, 1822, 10.1016/j.jbusres.2013.02.003 Tay, 2017, Correlation, variance inflation and multicollinearity in regression model, Journal of the Eastern Asia Society for Transportation Studies, 12, 2006 Taylor, 2018, Are corporate social responsibility (CSR) initiatives such as sustainable development and environmental policies value enhancing or window dressing?, Corporate Social Responsibility and Environmental Management, 25, 971, 10.1002/csr.1513 Tench, 2007, Perceptions and perspectives: Corporate social responsibility and the media, Journal of Communication Management, 11, 348, 10.1108/13632540710843940 Van de Calseyde, 2013, The insured victim effect: When and why compensating harm decreases punishment recommendations, Judgment and Decision making, 8, 161, 10.1017/S1930297500005088 Vanacker, 2017, Slack resources, firm performance, and the institutional context: Evidence from privately held European firms, Strategic Management Journal, 38, 1305, 10.1002/smj.2583 Vlachos, 2013, Feeling good by doing good: Employee CSR-induced attributions, job satisfaction, and the role of charismatic leadership, Journal of Business Ethics, 118, 577, 10.1007/s10551-012-1590-1 Waddock, 1997, The corporate social performance–financial performance link, Strategic Management Journal, 18, 303, 10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G Walker, 2016, The angel-halo effect: How increases in corporate social responsibility and irresponsibility relate to firm performance, European Business Review, 28, 709, 10.1108/EBR-11-2015-0139 Wang, 2019, Responding to public disclosure of corporate social irresponsibility in host countries: Information control and ownership control, Journal of International Business Studies, 50, 1283, 10.1057/s41267-019-00224-w Weaver, 1985, Who sets the agenda for the media? A study of local agenda-building, Journalism Quarterly, 62, 87, 10.1177/107769908506200113 Weick, 1979 Weick, 1988, Enacted sensemaking in crisis situations, Journal of Management Studies, 25, 305, 10.1111/j.1467-6486.1988.tb00039.x Weick, 2010, Reflections on enacted sensemaking in the Bhopal disaster, Journal of Management Studies, 47, 537, 10.1111/j.1467-6486.2010.00900.x Wood, 1991, Corporate social performance revisited, Academy of Management Review, 16, 691, 10.2307/258977 Wood, 1991, Social issues in management: Theory and research in corporate social performance, Journal of Management, 17, 383, 10.1177/014920639101700206 Yang, 2017, Exploring CSR and financial performance of full-service and low-cost air carriers, Finance Research Letters, 23, 291, 10.1016/j.frl.2017.05.005 Zhang, 2004, When the known devil is better than an unknown god: An empirical study of the antecedents and consequences of relay CEO successions, Academy of Management Journal, 47, 483, 10.2307/20159598