The impact of climate policy uncertainty on firm value: Does corporate social responsibility engagement matter?

被引：37
|
作者：
Azimli, Asil [1 ]
机构：
[1] Cyprus Int Univ, Fac Econ & Adm Sci, Dept Accounting & Finance, TR North Cyprus Via Mersin 10, Haspolat, Turkiye
来源：
FINANCE RESEARCH LETTERS | 2023年 / 51卷
关键词：
Climate policy uncertainty; Corporate social responsibility; Firm value;
D O I：
10.1016/j.frl.2022.103456
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines if corporate social responsibility (CSR) engagement can mitigate the negative impact of climate policy uncertainty (CPU) on firm valuation. Using a sample of firms in the Standards & Poor 1500 index over 2002-2021 we show that a higher-CSR-engagement offsets the negative impact of CPU on firms' valuation. Further analyses imply that this insurance-like effect holds among the highest-CSR firms and stronger during the crisis period. Finally, high-CSR firms realize higher growth in operating profitability (OP), which offers a possible source for documented insurance-effect.
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页数：9
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