Semantic Scholar Open Access 2019 1571 sitasi

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence

R. Albuquerque Y. Koskinen Chendi Zhang

Lihat Sumber DOI

Abstrak

This paper presents an industry equilibrium model where firms can choose to engage in corporate social responsibility (CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk and increases firm value. These effects are stronger for firms producing differentiated goods and when consumers' expenditure share on CSR goods is small. We find supporting evidence for our predictions. In our empirical tests, we address a potential endogeneity problem by instrumenting CSR using data on the political affiliation of the firm's home state, and data on environmental and engineering disasters and product recalls.

Topik & Kata Kunci

Computer Science Business

Penulis (3)

R. Albuquerque

Y. Koskinen

Chendi Zhang

Format Sitasi

APA MLA BibTeX

Albuquerque, R., Koskinen, Y., Zhang, C. (2019). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. https://doi.org/10.1287/MNSC.2018.3043

Akses Cepat

Lihat di Sumber doi.org/10.1287/MNSC.2018.3043

Informasi Jurnal

Tahun Terbit: 2019
Bahasa: en
Total Sitasi: 1571×
Sumber Database: Semantic Scholar
DOI: 10.1287/MNSC.2018.3043
Akses: Open Access ✓