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  1. Do Markets Punish or Reward Corporate Social Responsibility Decoupling?Jennifer Martínez-Ferrero, Sana-Akbar Khan, Nazim Hussain & Isabel-María García-Sánchez - 2021 - Business and Society 60 (6):1431-1467.
    This article analyzes the relationship between corporate social responsibility (CSR) decoupling and financial market outcomes. CSR decoupling refers to the gap between CSR disclosure and CSR performance. More specifically, we analyze the effect of CSR decoupling on analysts’ forecast errors, cost of capital, and access to finance. We also examine the moderating effect of forecast errors on relationships between CSR decoupling and cost of capital and access to finance. For a sample of U.S. firms consisting of 7,681 firm-year observations for (...)
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  • Factors leadind corporations to continue.Marius Gavrila & Radu-Marius Gavrila - 2019 - Dissertation, Walden University
    Accountability for corporate social responsibility (CSR) and its societal challenges is undetermined, and it is unclear whether business or society should carry these responsibilities. Despite severe criticism from some, many organizations continue to invest in and promote CSR. The purpose of this multiple-case study was to increase the understanding of the phenomenon from the perspective of a purposeful sample of participants who contribute to CSR execution and who were representatives of the 10 organizations identified as active promoters. The participant corporations (...)
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  • Character Cues and Contracting Costs: The Relationship Between Philanthropy and the Cost of Capital.Leon Zolotoy, Don O’Sullivan & Jill Klein - 2019 - Journal of Business Ethics 154 (2):497-515.
    Prior studies in business ethics highlight the role of philanthropy in shaping stakeholders’ perceptions of a firm’s underlying moral tendencies and values. Scholars argue that philanthropy-based character inferences influence whether and how stakeholders engage with firms. We extend this line of reasoning to examine the impact of philanthropy on firms’ contracting costs in the capital market. We posit that philanthropy-based character inferences reduce investors’ agency concerns, thereby reducing firms’ cost of capital. We also posit that the strength of the philanthropy–cost (...)
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  • Does Corporate Social Responsibility Affect Information Asymmetry?Jinhua Cui, Hoje Jo & Haejung Na - 2018 - Journal of Business Ethics 148 (3):549-572.
    In this study, we examine the empirical association between corporate social responsibility and information asymmetry by investigating their simultaneous and endogenous effects. Employing an extensive U.S. sample, we find an inverse association between CSR engagement and the proxies of information asymmetry after controlling for various firm characteristics. The results hold using 2SLS considering the reverse side of information asymmetry influencing CSR activities. The results also hold after mitigating endogeneity based on the dynamic panel system generalized method of moment. Furthermore, the (...)
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  • Corporate Social Responsibility and Directors’ and Officers’ Liability Risk: The Moderating Effect of Risk Environment and Growth Potential.Hao Lu, M. Martin Boyer & Anne Kleffner - 2024 - Business and Society 63 (3):668-711.
    Theoretical arguments regarding the effect of corporate social responsibility (CSR) on firm liability risk are abundant; however, empirical evidence about this relationship is scarce. We investigate the relationship between CSR and the personal liability risk of a firm’s directors and officers. We argue that companies with better CSR performance represent a better underwriting risk for directors’ and officers’ (D&O) insurance providers and, therefore, have a lower cost of insurance. Our results show that firms with better CSR performance are more likely (...)
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  • Investigating the Impact of Corporate Social Responsibility (CSR) on Risk Management Practices.Loren Falkenberg, Xiaoyu Liu & Hao Lu - 2022 - Business and Society 61 (2):496-534.
    To date, the value of corporate social responsibility (CSR) activities has primarily been measured through the company’s reputation, with little attention given to exploring whether there are internal influences between CSR and other management practices. We argue that the efficacy of CSR extends beyond a company’s reputation for managing social and environmental concerns; in particular, it can influence other business practices such as risk management. Our results suggest that (a) overall, firms with better CSR performance are more likely to adopt (...)
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  • CSR Structures: Evidence, Drivers, and Firm Value Implications.Kais Bouslah, Abdelmajid Hmaittane, Lawrence Kryzanowski & Bouchra M’Zali - 2022 - Journal of Business Ethics 185 (1):115-145.
    This paper investigates the corporate social responsibility (CSR) structures of U.S. listed firms. We find evidence of a general tendency towards CSR specialization with almost three-quarters (73.91%) of these firms focusing on a single CSR dimension. The degree of specialization varies across industries and the single CSR dimension focused on also varies for industries with similar degrees of specialization. We find that firms with higher exposures to CSR concerns, international activities, larger size, and higher financial slack tend to diversify across (...)
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  • The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns.Leon Zolotoy, Don O’Sullivan & Keke Song - 2019 - Journal of Business Ethics 170 (4):721-742.
    Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this study, we examine whether the ethical standards associated with local religious norms influence the M&A announcement returns. We document that the M&A announcement returns of acquirer firms increase with the strength of religious social norms in the area surrounding firms’ headquarters. We also document that the relationship is attenuated when acquirer firms have strong corporate social responsibility credentials, is amplified when public (...)
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  • Local Tournament Incentives and Corporate Social Responsibility.Yiqing Tan - 2024 - Journal of Business Ethics 194 (1):211-228.
    The objective of this research is to examine whether and how enterprises adjust their corporate social responsibility (CSR) activities in response to top executives’ local tournament incentives. The findings provide evidence to support the claim that local compensation gaps encourage top executives to reduce their CSR performance; furthermore, they indicate that this reduction is accomplished mainly through the CSR categories of diversity, community, the environment and product. The enforceability of noncompete agreements (NCAs) is examined, and the negative relationship between local (...)
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  • Crossing the borderline in strategic corporate philanthropy: Dangote and the construction of cement roads in Nigeria.Abel Ezeoha, Chibuike Uche & Augustine Ujunwa - 2019 - Business Ethics: A European Review 29 (1):70-81.
    Business Ethics: A European Review, EarlyView.
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  • Corporate Social Responsibility and Growth Opportunity: The Case of Real Estate Investment Trusts.Kevin C. H. Chiang, Gregory J. Wachtel & Xiyu Zhou - 2019 - Journal of Business Ethics 155 (2):463-478.
    Corporate social responsibility involvement and disclosure has been becoming increasingly popular among US public firms, including those that qualify as real estate investment trusts. This paper aims to discover the relationship between CSR involvement and potential determinants such as growth opportunities, profitability, visibility, and agency costs. Types of CSR involvement are assessed in terms of environmental, community, and governance disclosures and are quantified using word count from the company’s voluntary disclosure. Our results support the hypothesis that CSR has a strategic (...)
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  • Bolstering Managers’ Resistance to Temptation via the Firm’s Commitment to Corporate Social Responsibility.Cathy A. Beaudoin, Anna M. Cianci, Sean T. Hannah & George T. Tsakumis - 2019 - Journal of Business Ethics 157 (2):303-318.
    Behavioral ethics research has focused predominantly on how the attributes of individuals influence their ethicality. Relatively neglected has been how macro-level factors such as the behavior of firms influence members’ ethicality. Researchers have noted specifically that we know little about how a firm’s CSR influences members’ behaviors. We seek to better merge these literatures and gain a deeper understanding of the role macro-level influences have on manager’s ethicality. Based on agency theory and social identity theory, we hypothesize that a company’s (...)
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  • Corporate Environmental Responsibility and Firm Risk.Li Cai, Jinhua Cui & Hoje Jo - 2016 - Journal of Business Ethics 139 (3):563-594.
    In this study, we examine the relation between corporate environmental responsibility and risk in U.S. public firms. We develop and test the risk-reduction, resource-constraint, and cross-industry variation hypotheses. Using an extensive U.S. sample during the 1991–2012 period, we find that for U.S. industries as a whole, CER engagement inversely affects firm risk after controlling for various firm characteristics. The result remains robust when we use firm fixed effect or an alternative measure of CER using principal component analysis or downside risk (...)
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