Spinning gold: The financial returns to stakeholder engagement
Open accessAbstract
We provide direct empirical evidence in support of instrumental stakeholder theory's argument that increasing stakeholder support enhances the financial valuation of a firm, holding constant the objective valuation of the physical assets under its control. We undertake this analysis using panel data on 26 gold mines owned by 19 publicly traded firms over the period 1993–2008. We code over 50,000 stakeholder events from media reports to develop an index of the degree of stakeholder conflict/cooperation for these mines. By incorporating this index in a market capitalization analysis, we reduce the discount placed by financial markets on the net present value of the physical assets controlled by these firms from 72 percent to between 37 and 13 percent . Copyright © 2013 John Wiley & Sons, Ltd.
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The literature suggests a number of mediating factors that can alter the sign and strength of the relation between CSR and firm value.
“In addition, the literature suggests a number of mediating factors that can alter the sign and the strength of the relation between CSR and firm value.”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Henisz et al. 2014
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References 176 · Cited by 546
- Authors
- Henisz, W. J., Dorobantu, S., & Nartey, L. J.
- Affiliations
- University of Pennsylvania (US)
- New York University (US)
- University of South Carolina (US)
- Corresponding author
- Henisz, Witold J.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 2013-09-20
- Volume
- 35
- Issue
- 12
- Pages
- 1727-1748
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W1482505780
- Cited by
- 546
- References
- 176
- Citations by year
- 2026: 50 · 2025: 35 · 2024: 54 · 2023: 41 · 2022: 48 · 2021: 48 · 2020: 43 · 2019: 56 · 2018: 47 · 2017: 51 · 2016: 37 · 2015: 21 · 2014: 13 · 2013: 2
- FWCI
- 71.85
- Type
- journal article
- Language
- en
- Open access
- green
- repository.upenn.edu
- Locations
- Strategic Management Journal (publishedVersion)
- ScholarlyCommons (University of Pennsylvania) (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- National Science Foundation
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Physical Sciences › Engineering › Building and Construction › Mining and Resource Management
- Keywords
- stakeholder engagement, instrumental stakeholder theory, financial valuation, gold mining companies, stakeholder conflict, stakeholder collaboration, market capitalization, media coverage
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