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CSR Structures: Evidence, Drivers, and Firm Value Implications

Author

Listed:
  • Kais Bouslah

    (University of St Andrews)

  • Abdelmajid Hmaittane

    (Ibn Zohr University)

  • Lawrence Kryzanowski

    (Concordia University)

  • Bouchra M’Zali

    (Université du Québec à Montréal)

Abstract

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 multiple CSR dimensions. More importantly, we find evidence that diversified CSR structures positively affect a firm’s value relative to a control group before and during the 2008 financial crisis. Our findings have important implications for corporate and portfolio managers, investors, and policy makers.

Suggested Citation

  • Kais Bouslah & Abdelmajid Hmaittane & Lawrence Kryzanowski & Bouchra M’Zali, 2023. "CSR Structures: Evidence, Drivers, and Firm Value Implications," Journal of Business Ethics, Springer, vol. 185(1), pages 115-145, June.
    • Handle: RePEc:kap:jbuset:v:185:y:2023:i:1:d:10.1007_s10551-022-05219-6
    DOI: 10.1007/s10551-022-05219-6
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    Cited by:

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    More about this item

    Keywords

    Corporate social responsibility; CSR structures; CSR specialization; Stakeholder management;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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