The DOI matches its Crossref record; 25 of the 25 references it cites were found in a registry or an index.
Firms and social responsibility: A review of ESG and CSR research in corporate finance
Abstract
Abstract We review the financial economics-based research on Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) with an emphasis on corporate finance. In doing so we focus on the most debated and researched issues. Although a firm's ESG/CSR profile and activities are shown to be strongly related to the firm's market, leadership and owner characteristics as well its risk, performance and value, there still exist conflicting hypotheses and results that we show are not resolved, leading to continued questions and a need for more research.
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Cites
Does corporate social responsibility affect the cost of capital?
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2011.02.007 · Cited by 3,465
Flammer, C. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3125518 · Cited by 2,901
The price of sin: The effects of social norms on markets
Hong, H., & Kacperczyk, M. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.09.001 · Cited by 2,601
Do institutional investors drive corporate social responsibility? International evidence
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019) · Journal of Financial Economics · doi:10.1016/j.jfineco.2018.08.013 · Cited by 2,547
The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness
Servaes, H., & Tamayo, A. (2013) · Management Science · doi:10.1287/mnsc.1120.1630 · Cited by 2,534
Individual and Corporate Social Responsibility
BÉNABOU, R., & TIROLE, J. (2010) · Economica · doi:10.1111/j.1468-0335.2009.00843.x · Cited by 2,237
Responsible investing: The ESG-efficient frontier
Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2020.11.001 · Cited by 2,103
The impact of corporate social responsibility on the cost of bank loans
Goss, A., & Roberts, G. S. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2010.12.002 · Cited by 2,101
The effect of pro-environmental preferences on bond prices: Evidence from green bonds
Zerbib, O. D. (2019) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2018.10.012 · Cited by 1,379
Dimson, E., Karakaş, O., & Li, X. (2015) · Review of Financial Studies · doi:10.1093/rfs/hhv044 · Cited by 1,242
Cited by
Corporate ESG Profiles and Banking Relationships
Houston, J. F., & Shan, H. (2022) · The Review of Financial Studies · doi:10.1093/rfs/hhab125 · Cited by 560
Presidential Address: Sustainable Finance and ESG Issues— Value versus Values
STARKS, L. T. (2023) · The Journal of Finance · doi:10.1111/jofi.13255 · Cited by 474
Self-citationLiao, F., Hu, Y., & Ye, S. (2024) · Humanities and Social Sciences Communications · doi:10.1057/s41599-023-02237-1 · Cited by 430
How does boardroom diversity influence the relationship between ESG and firm financial performance?
Wu, Z., Gao, J., Luo, C., Xu, H., & Shi, G. (2024) · International Review of Economics & Finance · doi:10.1016/j.iref.2023.10.045 · Cited by 115
Sustainability Reporting: Is Convergence Possible?
Stolowy, H., & Paugam, L. (2023) · Accounting in Europe · doi:10.1080/17449480.2023.2189016 · Cited by 91
Metadata
- Authors
- Gillan, S. L., Koch, A., & Starks, L. T.
- Venue
- Journal of Corporate Finance
- Publisher
- Elsevier BV
- Published
- 2021-02
- Volume
- 66
- Pages
- 101889
- ISSN
- 0929-1199 (ISSN-L)
- OpenAlex
- W3128871793
- Cited by
- 2,829
- References
- 25
- FWCI
- 327.47
- Type
- journal article
- Language
- en
- Open access
- closed
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- Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2021.101889
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.