| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9533 |
| DP9533 Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence | |
| Yrjö Koskinen; Rui Albuquerque; Chendi Zhang | |
| 发表日期 | 2013-07-07 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 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 activities as a product differentiation strategy allowing 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. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Firm value Corporate social responsibility Systematic risk Product differentiation Beta Industry equilibrium |
| URL | https://cepr.org/publications/dp9533 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538369 |
| 推荐引用方式 GB/T 7714 | Yrjö Koskinen,Rui Albuquerque,Chendi Zhang. DP9533 Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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