Does Firm Political Risk Affect the Relationship between Corporate Social Responsibility and Firm Value?

被引：1
|
作者：
Marhfor, Ahmed [1 ,2 ]
Bouslah, Kais [2 ,3 ]
Hmaittane, Abdelmajid [2 ,4 ]
机构：
[1] Univ Quebec Abitibi Temiscamingue, Management Sci Dept, Rouyn Noranda, PQ J9X 5E4, Canada
[2] Mohammed VI Polytech Univ, African Chair Innovat & Sustainable Management CA, Ben Guerir 43150, Morocco
[3] Univ St Andrews, Sch Management, Ctr Responsible Banking & Finance, North Haugh KY16 9RJ, England
[4] Ibn Zohr Univ, Natl Sch Trade & Management ENCG, Agadir 80000, Morocco
来源：
SUSTAINABILITY | 2022年 / 14卷 / 18期
关键词：
firm-level political risk; corporate social responsibility; firm value; systematic political risk; ECONOMIC-POLICY UNCERTAINTY; FINANCIAL PERFORMANCE; NONFINANCIAL DISCLOSURE; INVESTMENT SENSITIVITY; STAKEHOLDER THEORY; INFORMATION; IMPACT; PRICE; GOVERNANCE; COST;
D O I：
10.3390/su141811217
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
This paper investigates whether firm-level (idiosyncratic) political risk (PR) affects the relationship between corporate social responsibility (CSR) and firm value using a sample of 16,518 firm-year observations which correspond to 2055 unique firms belonging to the Russell 3000 Index over the sample period 2010-2020. Our main findings are as follows: First, firm-level PR does not affect firm value. Second, CSR is positively related to firm value, which is mainly driven by the social component of CSR. Finally, PR has no effect on the CSR-firm value relationship, regardless of the PR type. Our evidence suggests that firm-level PR is not priced in the financial market and as such it does not affect the CSR-firm value relationship. This is consistent with portfolio theory which suggests that only systematic risk is priced.
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页数：23
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