Semantic Scholar Open Access 2019 218 sitasi

The influence of corporate social responsibility on investment efficiency and innovation

Kirsten A. Cook Andrea M. Romi D. Sánchez J. M. Sanchez

Abstrak

We examine two important channels through which corporate social responsibility (CSR) affects firm value: investment efficiency and innovation. We find that firms with higher CSR performance invest more efficiently - these firms are less prone to invest in negative NPV projects (overinvestment) and less prone to forego positive NPV projects (underinvestment). We also find that firms with higher CSR performance generate more patents and patent citations. Causal mediation analysis indicates that firms with higher CSR performance are more profitable and valuable, consequences partially attributable to efficient investments and innovation. These results, robust to alternate model specifications, lend support to enlightened stakeholder theories (Jensen 2001 and Porter and Kramer 2011).

Topik & Kata Kunci

Business

Penulis (4)

Kirsten A. Cook

Andrea M. Romi

D. Sánchez

J. M. Sanchez

Format Sitasi

APA MLA BibTeX

Cook, K.A., Romi, A.M., Sánchez, D., Sanchez, J.M. (2019). The influence of corporate social responsibility on investment efficiency and innovation. https://doi.org/10.1111/JBFA.12360

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Informasi Jurnal

Tahun Terbit: 2019
Bahasa: en
Total Sitasi: 218×
Sumber Database: Semantic Scholar
DOI: 10.1111/JBFA.12360
Akses: Open Access ✓