Taste, information, and asset prices: implications for the valuation of CSR
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Firms can pursue CSR activities with negative NPV and still act in the interest of shareholders when at least some shareholders put a non-monetary value on CSR or have preferences for specific CSR issues.
“However, firms could also pursue CSR activities with negative NPV and still act in the interest of shareholders, when (at least some) shareholders put a non-monetary value on CSR or have preferences for specific CSR issues (e.g., Fama and French 2007; Friedman and Heinle 2016; Hart and Zingales 2017).”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Friedman and Heinle 2016
If some investors have nonfinancial CSR preferences, they are willing to accept lower expected returns from firms that satisfy these preferences, resulting in a lower cost of capital.
“Fama and French (2007) and Friedman and Heinle (2016) show that if some investors have nonfinancial CSR preferences, they are willing to accept lower expected returns from firms that satisfy these preferences, resulting in a lower cost of capital.”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Friedman and Heinle 2016
Investors can have different tastes for CSR activities.
“One reason to analyze effects on investor portfolio holdings is that investors can have different tastes for CSR activities (e.g., Fama and French 2007; Friedman and Heinle 2016).”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Friedman and Heinle 2016
Cites
Accounting Information, Disclosure, and the Cost of Capital
LAMBERT, R., LEUZ, C., & VERRECCHIA, R. E. (2007) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2007.00238.x · Cited by 2,586 · see citing works
Hawn, O., Chatterji, A., & Mitchell, W. (2014) · doi:10.2139/ssrn.2418300 · Cited by 339 · see citing works
Signaling Sustainability Leadership: Empirical Evidence of the Value of DJSI Membership
Robinson, M., Kleffner, A., & Bertels, S. (2011) · Journal of Business Ethics · doi:10.1007/s10551-011-0735-y · Cited by 260 · cited 1× · see citing works
“Robinson et al. (2011) and Hawn et al. (2014) show that the addition of a firm to the Dow Jones Sustainability Index is associated with positive abnormal returns, consistent with increased investor demand for shares of firms with positive and visible CSR indicators.”
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Sustainable investing in equilibrium
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2020.12.011 · Cited by 2,226 · see citing works
Mandatory CSR and sustainability reporting: economic analysis and literature review
Christensen, H. B., Hail, L., & Leuz, C. (2021) · Review of Accounting Studies · doi:10.1007/s11142-021-09609-5 · Cited by 1,923 · see citing works
Christensen, H. B., Floyd, E., Liu, L. Y., & Maffett, M. (2017) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2017.08.001 · Cited by 547 · see citing works
- Authors
- Friedman, H. L., & Heinle, M. S.
- Affiliations
- University of California, Los Angeles (US)
- University of Pennsylvania (US)
- Corresponding author
- Friedman, Henry L.
- Venue
- Review of Accounting Studies
- Published
- 2016-05-13
- Volume
- 21
- Issue
- 3
- Pages
- 740-767
- ISSN
- 1380-6653 (ISSN-L)
- 1573-7136
- OpenAlex
- W3121844339
- Cited by
- 237
- References
- 3
- Citations by year
- 2026: 12 · 2025: 38 · 2024: 37 · 2023: 39 · 2022: 29 · 2021: 27 · 2020: 11 · 2019: 23 · 2018: 9 · 2017: 6 · 2016: 3 · 2015: 1 · 2014: 2
- FWCI
- 32.79
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Licence
- www.springer.com/tdm (tdm)
- Locations
- Review of Accounting Studies (publishedVersion)
- SSRN Electronic Journal (acceptedVersion)
- ScholarlyCommons (University of Pennsylvania) (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Keywords
- corporate social responsibility, asset pricing, information release, trading volume, spin-offs, individual social responsibility
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