Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence

被引：874

作者：

Albuquerque, Rui ^{[1
,2
]}

Koskinen, Yrjo ^{[3
]}

Zhang, Chendi ^{[4
]}

机构：

[1] Boston Coll, Carroll Sch Management, CEPR, Chestnut Hill, MA 02467 USA

[2] Boston Coll, ECGI, Chestnut Hill, MA 02467 USA

[3] Univ Calgary, Haskayne Sch Business, Calgary, AB T2N 1N4, Canada

[4] Univ Warwick, Warwick Business Sch, Coventry CV4 7AL, W Midlands, England

来源：

MANAGEMENT SCIENCE | 2019年 / 65卷 / 10期

关键词：

corporate social responsibility; product differentiation; systematic risk; beta; firm value; industry equilibrium; WILLINGNESS-TO-PAY; FINANCIAL PERFORMANCE; CONSUMERS PAY; COMPETITION; POLITICS; CHARITY; CARE;

D O I：

10.1287/mnsc.2018.3043

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR decreases systematic risk and increases firm value and that these effects are stronger for firms with high product differentiation. We find supporting evidence for our predictions. We address a potential endogeneity problem by instrumenting CSR using data on the political affiliation of the firm's home state.

引用

页码：4451 / 4469

页数：19

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