scholarly journals Corporate Social Responsibility and Firm Liquidity Risk: U.S. Evidence

2021 ◽  
Vol 13 (22) ◽  
pp. 12894
Author(s):  
Hong Zhao ◽  
Zixuan Jiao ◽  
Jianrong Wang ◽  
Amina Kamar
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Returns ◽  
Fixed Effects ◽  
Liquidity Risk ◽  
External Financing ◽  
Firm Characteristics ◽  
Liquidity Shocks ◽  
Gmm Estimator ◽  
Corporate Social

In this study, we empirically investigate whether and to what extent corporate social responsibility (CSR) may affect firm liquidity risk. We define liquidity risk as the covariance between market-wide liquidity shocks and individual firms’ stock returns and employ two methods to estimate firm liquidity risk. We find a negative association between CSR and firm liquidity risk after controlling for various firm characteristics, i.e., year and industry fixed effects. Our results are robust to possible endogeneity issues when we adopt two-stage lease square estimator and dynamic GMM estimator. In addition, we document that the negative relation between CSR and firm liquidity risk is more pronounced when firms have higher reliance on external financing.

Where, When, and Who: Corporate Social Responsibility and Brand Value—A Global Panel Study

2021 ◽  
pp. 000765032110193
Author(s):  
Shawn Pope ◽  
Jimi Kim
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Fixed Effects ◽  
Panel Study ◽  
Brand Value ◽  
Industrial Sectors ◽  
Identity Match ◽  
Corporate Social ◽  
The Relationship ◽  
Corporate Level

According to surveys of companies, branding is one of the main objectives of their corporate social responsibility (CSR). With advantageous data from Brand Finance, we address three contextual factors that may condition the relationship between CSR and brand value. First, we hypothesize that the relationship between CSR and brand value obtains across major world regions and industrial sectors (“the convergence thesis”). Second, we hypothesize that the relationship has weakened with time, as companies have had increasing difficulty using CSR to differentiate their brands in a sea of CSR-espousing competitors (“the crowding out thesis”). Third, we hypothesize that the relationship between CSR and brand value is weaker where a brand’s identity is different from that of its corporate owner, which may make it difficult for observers to readily link (corporate-level) CSR with its potential (lower level) brand beneficiaries (“the identity-match thesis”). We support these hypotheses with random-effects, fixed-effects, and instrumental-variable regressions before ending with contributions, limitations, implications, and potential next steps.

Firm characteristics, board diversity and corporate social responsibility

2015 ◽  
Vol 27 (3) ◽  
pp. 353-372 ◽  
Author(s):  
Mohammad Badrul Muttakin ◽  
Arifur Khan ◽  
Nava Subramaniam
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Empirical Evidence ◽  
Firm Characteristics ◽  
Board Diversity ◽  
Developing Nation ◽  
Content Type ◽  
Female Directors ◽  
Csr Disclosure ◽  
Corporate Social

Purpose – This study aims to purport to investigate the relationship between firm size, profitability, board diversity (namely, director gender and nationality) and the extent of corporate social responsibility (CSR) disclosures within a developing nation context. Design/methodology/approach – The dataset comprises 116 listed Bangladeshi non-financial companies for the period of 2005-2009. A CSR disclosure checklist was used to measure the extent of CSR disclosures in the annual reports and a multiple regression analysis to examine its association with firm characteristics and two board diversity features – female and foreign directorship. Findings – Results indicate that large and more profitable firms provide more CSR disclosures. It was also found that female directorship has a negative association with CSR disclosures, while foreign directorship has a positive impact on such disclosures. This paper documents that CSR disclosures decrease further when family ownership is higher and there are more female directors on the board. Originality/value – This study extends empirical evidence on the association between firm characteristics, board diversity and CSR disclosure practices from a developing nation context. Furthermore, this study also reveals that female directors’ impact on firm disclosures may differ between developing and developed nations, and somewhat impeded in the latter. This paper also provides empirical evidence on the importance of appointment of foreign nationals on the boards of developing countries to influence CSR practices.

scholarly journals Corporate Social Responsibility Practices in China: Trends, Context, and Impact on Company Performance

2019 ◽  
Vol 11 (2) ◽  
pp. 354 ◽  
Author(s):  
Kun Li ◽  
Nasrin Khalili ◽  
Weiquan Cheng
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Environmental Sustainability ◽  
Fixed Effects ◽  
Ordinary Least Squares ◽  
Economic Conditions ◽  
Company Performance ◽  
Clustering Methods ◽  
Fixed Effects Panel Regression ◽  
Corporate Social

This study analyzes the trends, context, and impact of corporate social responsibility (CSR) initiatives on company’s performance and productivity in China. We use environmental and social responsibility data in 34,000 CSR projects released by 839 companies in 31 provinces from 2006 to 2016. Clustering methods as wells as ordinary least squares and the fixed effects panel regression modeling are performed to provide insights on the context, trends, and impact of CSR projects on companies’ productivity and financial outcomes. Results of data processing and modeling indicate that: (a) most projects focused on improving companies’ environmental sustainability (compared to social); (b) implementation of both environmental and social projects had positive impacts on companies’ performance; and (c) trends, context, and impact of the projects varied with time, company type, and location (provinces). In addition, data suggest that companies operating in regions with lower economic conditions (GDP per capita) seem to be less motivated to implement environmental and social sustainability projects compared to those operating in regions with higher economic conditions. This study is meaningful for both companies that consider adopting CSR initiatives, as well as stakeholders and managers who aim to promote sustainable development in China.

The negative synergistic effect of internationalization and corporate social responsibility on US restaurant firms’ value performance

2016 ◽  
Vol 28 (8) ◽  
pp. 1759-1777 ◽  
Author(s):  
SoYeon Jung ◽  
Seoki Lee ◽  
Michael Dalbor
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Synergistic Effect ◽  
Fixed Effects ◽  
International Markets ◽  
Investment Strategies ◽  
Fixed Effects Model ◽  
Content Type ◽  
Csr Strategies ◽  
Corporate Social

Purpose The purpose of the current study is to investigate the possible existence of a synergistic effect of internationalization and corporate social responsibility (CSR) on a firm’s value performance. Design/methodology/approach To empirically test the argument, this study analyzed data from 40 US-based publicly traded restaurant companies (251 observations) from 2000 to 2011 by performing a two-way fixed-effects model. Findings This study’s findings support the hypothesis that when implemented simultaneously, internationalization and CSR have a negative synergistic impact on a restaurant firm’s value performance. Practical implications Restaurant managers might need to inquire thoroughly into the timing and content of CSR investment strategies while entering into new international markets. Restaurant executives may additionally need to focus more on effective risk management than other issues (e.g. growth or reputation) when developing both internationalization and CSR strategies simultaneously. Originality/value By suggesting and demonstrating a negative synergistic effect of internationalization and CSR on a firm’s value, this study presents new and unique insights into previous research regarding the combined effect of the two strategies.

scholarly journals ANALISIS PENGARUH PENGETAHUAN, TANGGUNG JAWAB SOSIAL PERUSAHAAN TERHADAP IMBAL HASIL SAHAM SYARIAH DALAM PERSPEKTIP ISLAM DENGAN PENDEKATAN CIRCULAR CAUSATION DI BURSA EFEK INDONESIA

2019 ◽  
Vol 9 (2) ◽  
pp. 179
Author(s):  
Hotman Tohir Pohan
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Capital Structure ◽  
Stock Returns ◽  
Significant Influence ◽  
Negative Impact ◽  
Reciprocal Relationship ◽  
Knowledge Capital ◽  
Corporate Social

<p class="Style1">This research aims to identifr and analyze the influence of knowledge, social responsibility towards sharia stock returns in Bursa Efek Indonesia, with the approach of circular causation, further research in the underlying by differences between conventional and Islamic corporate social responsibility, where circular causation is the approach taken by the interaction between Variabels, namely between knowledge, capital structure, and returns islamic stocks. Results of this research are Islamic stocks negatively affected by corporate social responsibility, and positively influenced by knowledge, while knowledge positively influence corporate social responsibility that serves as an intervening, there is a reciprocal relationship between corporate social responsibility with return of Islamic stocks are corporate social responsibility a negative impact on stock returns syariah, and vice versa sharia stock returns negatively impact on corporate social responsibility, corporate social responsibility does not have a significant influence on stock returns sharia.</p>

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