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  1. How Corporate Reputation Disclosures Affect Stakeholders’ Behavioral Intentions: Mediating Mechanisms of Perceived Organizational Performance and Corporate Reputation.Kim T. Baumgartner, Carolin A. Ernst & Thomas M. Fischer - 2020 - Journal of Business Ethics 175 (2):361-389.
    Corporate reputation is decisive for stakeholders’ supporting or repelling behavior and, therefore, one of firms’ most valuable intangible resources. Drawing on signaling theory, this paper focuses on the usefulness of voluntarily provided corporate reputation disclosures (CRDs) and examines their impact on stakeholders’ attitudinal and behavioral outcomes. Our experimental vignette studies reveal that CRDs reduce stakeholders’ information asymmetries, which positively affects perceived organizational performance and corporate reputation as well as stakeholders’ purchase, investment, and employment intentions. The relationships between CRDs and stakeholders’ (...)
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  • Social Capital and Managers’ Use of Corporate Resources.Ziqi Gao, Leye Li & Louise Yi Lu - 2019 - Journal of Business Ethics 168 (3):593-613.
    This study investigates how social capital affects managers’ use of corporate resources. We find that for firms located in U.S. counties with a high level of social capital, (i) corporate cash holdings have higher marginal value, (ii) the contribution of capital expenditures to shareholder value is higher, and (iii) acquirers experience higher announcement-period abnormal stock returns. We further find that social capital decreases both over- and under-investment, and thus improves ex post corporate investment efficiency. Our evidence suggests that in communities (...)
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  • Do Corporate Frauds Distort Suppliers’ Investment Decisions?Cheng Yin, Xin Cheng, Yinan Yang & Dan Palmon - 2020 - Journal of Business Ethics 172 (1):115-132.
    This study examines whether customer firms’ unethical behavior distorts suppliers’ investment decisions. Using litigation and restatement to measure unethical behavior, we find that suppliers with customers engaged in frauds tend to invest more during the cheating period, compared to unaffected suppliers. In cross-sectional analyses, we examine the moderating effect of suppliers’ reliance on customer information and peer information. Results show that more industry peers’ voluntary disclosures and analyst coverage, lower sales volatility, and lower relationship-specific investments mitigate the distortion effect on (...)
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  • Harm Reduction, Solidarity, and Social Mobility as Target Functions: A Rortian Approach to Stakeholder Theory.David Weitzner & Yuval Deutsch - 2022 - Journal of Business Ethics 186 (3):479-492.
    Instrumental Stakeholder Theory has begun to suffer from what might be termed “mission drift.” Despite its initial success in creating a foothold for ethics in managerial decision-making, the efficiency arguments which now dominate this research stream have become counterproductive to the original goal of connecting ethics and capitalism. We argue in this paper that the way forward is by re-centering contingency, conversation, and inefficiency in stakeholder theory. To start this process, there needs to be a reckoning of some unintended impacts (...)
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  • Does CEO Risk-Aversion Affect Carbon Emission?Ashrafee Hossain, Samir Saadi & Abu S. Amin - 2022 - Journal of Business Ethics 182 (4):1171-1198.
    Does CEO tolerance to risk affect a firm’s long-run sustainability? Using CEO insider debt holding, we show that CEO’s risk-aversion encourages immoral yet rational decisions of emitting more greenhouse gas thereby adversely affecting the firm’s long-run sustainability. Our result is robust to several endogeneity tests including a quasi-natural experiment. Our finding also suggest that to mitigate potential adverse reactions from stakeholders, carbon emitting firms with risk-averse CEOs tend to spend more on CSR activities. Much of the heterogeneity in our results (...)
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  • Corporate environmental performance and financing decisions.Mohammed Benlemlih & Li Cai - 2020 - Business Ethics 29 (2):248-265.
    We investigate the financing strategies of environmentally responsible firms to understand how they set target capital structures and make incremental financing decisions. Literature shows that firms with better environmental performance have lower risk and better access to financing. However, it is not obvious how these firms choose to finance their investments. Using an extensive data set of U.S. firms, we find that firms with superior environmental performance have significantly lower debt ratios and use mostly short‐term debt for temporary financing needs. (...)
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  • Corporate Culture and Investment–Cash Flow Sensitivity.Fuxiu Jiang, Kenneth A. Kim, Yunbiao Ma, John R. Nofsinger & Beibei Shi - 2019 - Journal of Business Ethics 154 (2):425-439.
    Can firms overcome credit constraints with a corporate culture of high integrity? We empirically address this question by studying their investment–cash flow sensitivities. We identify firms with a culture of integrity through textual analysis of public documents in a sample of Chinese listed firms and also through corporate culture statements. Our results show that firms with an integrity-focused culture have lower investment–cash flow sensitivity, even after we address endogeneity concerns. However, we also find that for the culture to reduce the (...)
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  • Can Green Investments Increase Your Green? Evidence from Social Hedge Fund Activists.Jonghyuk Bae, Natalya Khimich, Sungsoo Kim & Emanuel Zur - 2022 - Journal of Business Ethics 187 (4):781-801.
    In our study, we examine the association between hedge fund activism and a target firm’s corporate social responsibility (CSR) activities and whether activists can promote socially responsible investments while upholding shareholders’ interests. Using different matched samples, we find a strong positive association between the target firm’s CSR in the year before it is targeted by activists and its probability of being targeted by a hedge fund. Classifying hedge fund activists into socially and non-socially responsible funds based on their objectives, we (...)
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  • Did Corporate Social Responsibility Vaccinate Corporations Against COVID-19?Ehsan Poursoleyman, Gholamreza Mansourfar, Mohammad Kabir Hassan & Saeid Homayoun - 2023 - Journal of Business Ethics 189 (3):525-551.
    Using an international setting consisting of 5410 corporations domiciled in 24 countries, we test the insurance-like effect of corporate social responsibility (CSR) performance in the era of the pandemic and confirm that CSR performance increases socially responsible companies’ resilience against the adverse effects of the crisis. Comparing stakeholders' responses to CSR activities during the pandemic and normal periods, we observe that the link between CSR performance and firm value is stronger during the crisis period. We also realize that the social (...)
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