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Corporate Social Responsibility and Firm Value: Disaggregating the Effects on Cash Flow, Risk and Growth

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Cited by:

  1. Fabrizio Rossi & Maretno Agus Harjoto, 2020. "Corporate non-financial disclosure, firm value, risk, and agency costs: evidence from Italian listed companies," Review of Managerial Science, Springer, vol. 14(5), pages 1149-1181, October.
  2. Boubaker, Sabri & Chebbi, Kaouther & Grira, Jocelyn, 2020. "Top management inside debt and corporate social responsibility? Evidence from the US," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 98-115.
  3. Robert A. Kingwara, 2020. "Corporate Social Responsibility Disclosure and Financial Performance of Firms in Kenya: A Stakeholder Approach," Business and Economic Research, Macrothink Institute, vol. 10(3), pages 90-115, September.
  4. Benjamin Lynch & Martha O'Hagan‐Luff, 2024. "Relative corporate social performance and cost of equity capital: International evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2882-2910, July.
  5. Cellier, Alexis & Chollet, Pierre, 2016. "The effects of social ratings on firm value," Research in International Business and Finance, Elsevier, vol. 36(C), pages 656-683.
  6. Chao Li & Mian Wu & Wenli Huang, 2023. "Environmental, Social, and Governance Performance and Enterprise Dynamic Financial Behavior: Evidence from Panel Vector Autoregression," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(2), pages 281-295, January.
  7. Wei Peng & Baogui Xin & Yekyung Kwon, 2019. "Optimal Strategies of Product Price, Quality, and Corporate Environmental Responsibility," IJERPH, MDPI, vol. 16(23), pages 1-24, November.
  8. Buchanan, Bonnie G. & Cao, Cathy Xuying & Wang, Shuhui, 2021. "Corporate social responsibility and inside debt: The long game," International Review of Financial Analysis, Elsevier, vol. 78(C).
  9. Fabio Korinth & Rainer Lueg, 2022. "Corporate Sustainability and Risk Management—The U-Shaped Relationships of Disaggregated ESG Rating Scores and Risk in the German Capital Market," Sustainability, MDPI, vol. 14(9), pages 1-15, May.
  10. Shahbaz, Muhammad & Karaman, Abdullah S. & Kilic, Merve & Uyar, Ali, 2020. "Board attributes, CSR engagement, and corporate performance: What is the nexus in the energy sector?," Energy Policy, Elsevier, vol. 143(C).
  11. Ni, Yinan & Sun, Yanfei, 2023. "Environmental, social, and governance premium in Chinese stock markets," Global Finance Journal, Elsevier, vol. 55(C).
  12. Van Ha Nguyen & Frank W. Agbola & Bobae Choi, 2022. "Does Corporate Social Responsibility Enhance Financial Performance? Evidence from Australia," Australian Accounting Review, CPA Australia, vol. 32(1), pages 5-18, March.
  13. Li‐Kai Liao & Yu‐Wei Fan & Ming‐Hsin Shih, 2020. "What drives social responsibility indices returns? Macroeconomics matters," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(2), pages 514-524, March.
  14. Wafa Sahraoui & Rimvie Enoc Kabore, 2021. "The relationship between Corporate Social Responsibility and performance: the moderating effect of financial leverage," Working Papers hal-03503462, HAL.
  15. Fatemi, Ali & Fooladi, Iraj & Tehranian, Hassan, 2015. "Valuation effects of corporate social responsibility," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 182-192.
  16. Al-Shaer, Habiba & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth," International Review of Financial Analysis, Elsevier, vol. 88(C).
  17. Nemiraja Jadiyappa & Santosh Shrivastava & Avinash Ghalke, 2023. "Social responsibility, moral hazard, and collateral requirement: Evidence from a quasi‐natural experiment in India," International Review of Finance, International Review of Finance Ltd., vol. 23(1), pages 27-36, March.
  18. Elbardan, Hany & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "CSR reporting, assurance, and firm value and risk: The moderating effects of CSR committees and executive compensation," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 53(C).
  19. Teti, Emanuele & Dallocchio, Maurizio & L'Erario, Giulio, 2023. "The impact of ESG tilting on the performance of stock portfolios in times of crisis," Finance Research Letters, Elsevier, vol. 52(C).
  20. Hasan, Mostafa Monzur & Jiang, Haiyan, 2023. "Political sentiment and corporate social responsibility," The British Accounting Review, Elsevier, vol. 55(1).
  21. Hailiang Zou & Ruijing Wang & Guoyou Qi, 2023. "The Response of CSR to Economic Policy Uncertainty: Evidence from China," Sustainability, MDPI, vol. 15(17), pages 1-19, August.
  22. Piotr M. Bolibok, 2024. "Does Firm Size Matter for ESG Risk? Cross-Sectional Evidence from the Banking Industry," Sustainability, MDPI, vol. 16(2), pages 1-26, January.
  23. Olaf Stotz, 2021. "Expected and realized returns on stocks with high- and low-ESG exposure," Journal of Asset Management, Palgrave Macmillan, vol. 22(2), pages 133-150, March.
  24. Bhardwaj, Pradeep & Chatterjee, Prabirendra & Demir, Kivilcim Dogerlioglu & Turut, Ozge, 2018. "When and how is corporate social responsibility profitable?," Journal of Business Research, Elsevier, vol. 84(C), pages 206-219.
  25. Chong-Chuo Chang & Han Yang & Kun-Zhan Hsu, 2022. "Corporate Social Responsibility and Product Market Power," Economies, MDPI, vol. 10(6), pages 1-14, June.
  26. Emil Andersson & Mahim Hoque & Md Lutfur Rahman & Gazi Salah Uddin & Ranadeva Jayasekera, 2022. "ESG investment: What do we learn from its interaction with stock, currency and commodity markets?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3623-3639, July.
  27. Hasan, Mostafa Monzur & Wong, Jin Boon & Al Mamun, Mohammed Abdullah, 2022. "Oil shocks and corporate social responsibility," Energy Economics, Elsevier, vol. 107(C).
  28. Marione Winkler & Douglas Wegner & Clea Beatriz Macagnan, 2023. "The Maturity of Strategic Networks’ Governance: Proposal of an Analysis Model," Administrative Sciences, MDPI, vol. 13(5), pages 1-17, May.
  29. Sheikh, Shahbaz, 2018. "Corporate social responsibility, product market competition, and firm value," Journal of Economics and Business, Elsevier, vol. 98(C), pages 40-55.
  30. Valentina Lagasio & Nicola Cucari, 2019. "Corporate governance and environmental social governance disclosure: A meta‐analytical review," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(4), pages 701-711, July.
  31. Youliang Jin & Chen Cheng & Huixiang Zeng, 2020. "Is evil rewarded with evil? The market penalty effect of corporate environmentally irresponsible events," Business Strategy and the Environment, Wiley Blackwell, vol. 29(3), pages 846-871, March.
  32. Geoffrey Frost & Stewart Jones & Muchen Yu, 2023. "Voluntary Carbon Reporting Prediction: A Machine Learning Approach," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 1116-1166, December.
  33. Sheikh, Shahbaz, 2019. "Corporate social responsibility and firm leverage: The impact of market competition," Research in International Business and Finance, Elsevier, vol. 48(C), pages 496-510.
  34. Riccardo Rodella & Maria Rosa De Giacomo, 2023. "How do financial markets reward companies tackling climate change concerns? A natural experiment based on the Brexit referendum," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 979-990, March.
  35. Subhransu S. Mohanty & Odette Mohanty & Mike Ivanof, 2021. "Alpha enhancement in global equity markets with ESG overlay on factor-based investment strategies," Risk Management, Palgrave Macmillan, vol. 23(3), pages 213-242, September.
  36. Dam, Lammertjan & Scholtens, Bert, 2015. "Toward a theory of responsible investing: On the economic foundations of corporate social responsibility," Resource and Energy Economics, Elsevier, vol. 41(C), pages 103-121.
  37. Aneta Havlinova & Jiri Kukacka, 2023. "Corporate Social Responsibility and Stock Prices After the Financial Crisis: The Role of Strategic CSR Activities," Journal of Business Ethics, Springer, vol. 182(1), pages 223-242, January.
  38. Chee Kwong Lau, 2019. "The economic consequences of business sustainability initiatives," Asia Pacific Journal of Management, Springer, vol. 36(4), pages 937-970, December.
  39. Abban, Abdul Rashid & Hasan, Mohammad Zahid, 2021. "The causality direction between environmental performance and financial performance in Australian mining companies - A panel data analysis," Resources Policy, Elsevier, vol. 70(C).
  40. Piotr Bolibok, 2021. "The Impact of Social Responsibility Performance on the Value Relevance of Financial Data in the Banking Sector: Evidence from Poland," Sustainability, MDPI, vol. 13(21), pages 1-19, October.
  41. Govindan, Kannan & Kilic, Merve & Uyar, Ali & Karaman, Abdullah S., 2021. "Drivers and value-relevance of CSR performance in the logistics sector: A cross-country firm-level investigation," International Journal of Production Economics, Elsevier, vol. 231(C).
  42. Gen‐Fu Feng & Han Long & Hai‐Jie Wang & Chun‐Ping Chang, 2022. "Environmental, social and governance, corporate social responsibility, and stock returns: What are the short‐ and long‐Run relationships?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1884-1895, September.
  43. Soon‐Yeow Phang & Hien Hoang, 2021. "Does positive CSR increase willingness to invest in a company based on performance? The incremental role of combined assurance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5631-5654, December.
  44. Bongani Munkuli & Renee Horne, 2018. "Financial Markets Value Reputation for Corporate Social Responsibility (CSR) – A Study of the South African Mining Sector," Africagrowth Agenda, Africagrowth Institute, vol. 15(2), pages 17-22.
  45. Li, Jiu-Jin & Xu, Chang & Fung, Hung-Gay & Chan, Kam C., 2021. "Do venture capital firms promote corporate social responsibility?," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 718-732.
  46. Yiqun Duan & Fan Yang & Lin Xiong, 2023. "Environmental, Social, and Governance (ESG) Performance and Firm Value: Evidence from Chinese Manufacturing Firms," Sustainability, MDPI, vol. 15(17), pages 1-24, August.
  47. Anil Hira, 2020. "Introduction: Journal of Developing Societies’ Special Issue on Corporate Social Responsibility," Journal of Developing Societies, , vol. 36(3), pages 261-269, September.
  48. Niccolò Nirino & Enrico Battisti & Alberto Ferraris & Stefano Dell'Atti & Massimiliano Farina Briamonte, 2022. "How and when corporate social performance reduces firm risk? The moderating role of corporate governance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(6), pages 1995-2005, November.
  49. Kong, Dongmin & Shu, Yijia & Wang, Yanan, 2021. "Corruption and corporate social responsibility: Evidence from a quasi-natural experiment in China⋆," Journal of Asian Economics, Elsevier, vol. 75(C).
  50. Ding, David K. & Ferreira, Christo & Wongchoti, Udomsak, 2019. "The geography of CSR," International Review of Economics & Finance, Elsevier, vol. 59(C), pages 265-288.
  51. You, Linqing & Chen, Zhuoqiong, 2022. "A theory of firm opacity and corporate social responsibility," Journal of Banking & Finance, Elsevier, vol. 145(C).
  52. Sudershan Kuntluru, 2019. "Corporate Social Responsibility and Firm Performance: Indian Evidence," Working papers 332, Indian Institute of Management Kozhikode.
  53. Jannik Gerwanski, 2020. "Does it pay off? Integrated reporting and cost of debt: European evidence," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(5), pages 2299-2319, September.
  54. Changhee Lee & Dan Palmon & Ari Yezegel, 2018. "The Corporate Social Responsibility Information Environment: Examining the Value of Financial Analysts’ Recommendations," Journal of Business Ethics, Springer, vol. 150(1), pages 279-301, June.
  55. Mathieu Gomes & Sylvain Marsat, 2018. "Does CSR impact premiums in M&A transactions?," Post-Print hal-01671217, HAL.
  56. Atif Ikram & Zhichuan (Frank) Li & Travis MacDonald, 2020. "CEO Pay Sensitivity (Delta and Vega) and Corporate Social Responsibility," Sustainability, MDPI, vol. 12(19), pages 1-20, September.
  57. Mounia Boulhaga & Abdelfettah Bouri & Ahmed A. Elamer & Bassam A. Ibrahim, 2023. "Environmental, social and governance ratings and firm performance: The moderating role of internal control quality," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(1), pages 134-145, January.
  58. Sean T. Hannah & Naz Sayari & Frederick H. deB. Harris & Carol L. Cain, 2021. "The Direct and Moderating Effects of Endogenous Corporate Social Responsibility on Firm Valuation: Theoretical and Empirical Evidence from the Global Financial Crisis," Journal of Management Studies, Wiley Blackwell, vol. 58(2), pages 421-456, March.
  59. Zhang, Juanjuan & Zhang, Yuming & Sun, Yongkun, 2022. "Restart economy in a resilient way: The value of corporate social responsibility to firms in COVID-19," Finance Research Letters, Elsevier, vol. 47(PB).
  60. Price, Joseph M. & Sun, Wenbin, 2017. "Doing good and doing bad: The impact of corporate social responsibility and irresponsibility on firm performance," Journal of Business Research, Elsevier, vol. 80(C), pages 82-97.
  61. Rajesh, R. & Rajeev, A. & Rajendran, Chandrasekharan, 2022. "Corporate social performances of firms in select developed economies: A comparative study," Socio-Economic Planning Sciences, Elsevier, vol. 81(C).
  62. Hsu, Feng-Jui & Chen, Sheng-Hung, 2021. "US quantitative easing and firm’s default risk: The role of Corporate Social Responsibility (CSR)," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 650-664.
  63. Wang, Renxuan & Wang, Xuewu & Yan, Zhipeng, 2024. "Sustainable success: How high ESG ratings affect stock market responses to earnings surprises," Finance Research Letters, Elsevier, vol. 62(PA).
  64. Estefanía Montoya-Cruz & José Pedro Ramos-Requena & Juan Evangelista Trinidad-Segovia & Miguel Ángel Sánchez-Granero, 2020. "Exploring Arbitrage Strategies in Corporate Social Responsibility Companies," Sustainability, MDPI, vol. 12(16), pages 1-17, August.
  65. Nam Tran & Don O'Sullivan, 2020. "The relationship between corporate social responsibility, financial misstatements and SEC enforcement actions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 1111-1147, April.
  66. Kevin C. H. Chiang & Gregory J. Wachtel & Xiyu Zhou, 2019. "Corporate Social Responsibility and Growth Opportunity: The Case of Real Estate Investment Trusts," Journal of Business Ethics, Springer, vol. 155(2), pages 463-478, March.
  67. Fiordelisi, Franco & Ricci, Ornella & Santilli, Gianluca, 2023. "Environmental engagement and stock price crash risk: Evidence from the European banking industry," International Review of Financial Analysis, Elsevier, vol. 88(C).
  68. Richard Oduro, 2024. "Impact of recapitalisation and dividend payout policies on financial sustainability of rural and community banks in Ghana," Future Business Journal, Springer, vol. 10(1), pages 1-18, December.
  69. Rupp, Anin & Limpaphayom, Piman, 2024. "Benefits of corporate social responsibility during a pandemic: Evidence from stock price reaction to COVID-19 related news," Research in International Business and Finance, Elsevier, vol. 68(C).
  70. Zhang, Zhuang & Chizema, Amon & Kuo, Jing-Ming & Zhang, Qingjing, 2022. "Managerial risk-reducing incentives and social and exchange capital," The British Accounting Review, Elsevier, vol. 54(6).
  71. Truzaar Dordi & Olaf Weber, 2019. "The Impact of Divestment Announcements on the Share Price of Fossil Fuel Stocks," Sustainability, MDPI, vol. 11(11), pages 1-20, June.
  72. Gomes, Mathieu & Marsat, Sylvain, 2018. "Does CSR impact premiums in M&A transactions?," Finance Research Letters, Elsevier, vol. 26(C), pages 71-80.
  73. Maung, Min & Wilson, Craig & Yu, Weisu, 2020. "Does reputation risk matter? Evidence from cross-border mergers and acquisitions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 66(C).
  74. Teti, Emanuele & Etro, Leonardo L. & Pausini, Lorenzo, 2024. "Does greenwashing affect Company's stock Price? Evidence from Europe," International Review of Financial Analysis, Elsevier, vol. 93(C).
  75. Maretno A. Harjoto & Andreas G. F. Hoepner & Marcus A. Nilsson, 2022. "Bondholders’ returns and stakeholders’ interests," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1271-1301, November.
  76. Van Thac Dang & Ninh Nguyen & Xiangzhi Bu & Jianming Wang, 2019. "The Relationship between Corporate Environmental Responsibility and Firm Performance: A Moderated Mediation Model of Strategic Similarity and Organization Slack," Sustainability, MDPI, vol. 11(12), pages 1-14, June.
  77. Werner Gleißner & Thomas Günther & Christian Walkshäusl, 2022. "Financial sustainability: measurement and empirical evidence," Journal of Business Economics, Springer, vol. 92(3), pages 467-516, April.
  78. Nguyen, Hien T. & Phan, Hieu V. & Vo, Hong, 2023. "Agency problems and corporate social responsibility: Evidence from shareholder-creditor mergers," International Review of Financial Analysis, Elsevier, vol. 90(C).
  79. Elena Dobre & Georgiana Oana Stanila & Laura Brad, 2015. "The Influence of Environmental and Social Performance on Financial Performance: Evidence from Romania’s Listed Entities," Sustainability, MDPI, vol. 7(3), pages 1-41, March.
  80. Sheikh, Shahbaz, 2018. "Is corporate social responsibility a value-increasing investment? Evidence from antitakeover provisions," Global Finance Journal, Elsevier, vol. 38(C), pages 1-12.
  81. Gonenc, Halit & Scholtens, Bert, 2017. "Environmental and Financial Performance of Fossil Fuel Firms: A Closer Inspection of their Interaction," Ecological Economics, Elsevier, vol. 132(C), pages 307-328.
  82. Cathy A. Beaudoin & Anna M. Cianci & Sean T. Hannah & George T. Tsakumis, 2019. "Bolstering Managers’ Resistance to Temptation via the Firm’s Commitment to Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 157(2), pages 303-318, June.
  83. Maite Cubas-Díaz & Miguel Ángel Martínez Sedano, 2018. "Do Credit Ratings Take into Account the Sustainability Performance of Companies?," Sustainability, MDPI, vol. 10(11), pages 1-24, November.
  84. Dai, Yunhao & Tong, Xinchu & Wang, Li, 2022. "Workplace safety accident, employee treatment, and firm value: Evidence from China," Economic Modelling, Elsevier, vol. 115(C).
  85. Yong Liu & Wenwen Ren & Qian Xu & Zhi-yang Liu, 2022. "Decision analysis of supply chains considering corporate social responsibility and government subsidy under different channel power structures," Annals of Operations Research, Springer, vol. 315(2), pages 1841-1869, August.
  86. Chun Cai & Saddam A. Hazaea & Mohammed Hael & Ebrahim Mohammed Al-Matari & Adeeb Alhebri & Abdulmajeed Mawhan H. Alfadhli, 2024. "Mapping the Landscape of the Literature on Environmental, Social, Governance Disclosure and Firm Value: A Bibliometric Analysis and Systematic Review," Sustainability, MDPI, vol. 16(10), pages 1-34, May.
  87. Sudershan Kuntluru, 2019. "Corporate Social Responsibility and Firm Performance: Indian Evidence," Working papers 317, Indian Institute of Management Kozhikode.
  88. Annalisa Ferrari & Antonino Buscemi, 2023. "Sustainability Metrics and Green Finance for Chemicals," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 13(6), pages 1-12.
  89. Soh Young In & Young Joon Lee & Robert G. Eccles, 2024. "Looking back and looking forward: A scientometric analysis of the evolution of corporate sustainability research over 47 years," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 2225-2259, May.
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