The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures
Open accessAbstract
This study examines the relation between corporate social performance and stock returns in the UK. We closely evaluate the interactions between social and financial performance with a set of disaggregated social performance indicators for environment, employment, and community activities instead of using an aggregate measure. While scores on a composite social performance indicator are negatively related to stock returns, we find the poor financial reward offered by such firms is attributable to their good social performance on the environment and, to a lesser extent, the community aspects. Considerable abnormal returns are available from holding a portfolio of the socially least desirable stocks. These relationships between social and financial performance can be rationalized by multi-factor models for explaining the cross-sectional variation in returns, but not by industry effects.
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Citations
Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
The Social Responsibility of Business Is to Increase Its Profits
Friedman, M. (2007) · Corporate Ethics and Corporate Governance · doi:10.1007/978-3-540-70818-6_14 · Cited by 11,529 · cited 1×
“On the other hand, a view dating back to Rostow (1959), and Friedman (1970), is that CSR may divert resources away from projects that would have had a greater impact on profitability (see also McWilliams and Siegel, 2001).”
Corporate Social and Financial Performance: A Meta-Analysis
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003) · Organization Studies · doi:10.1177/0170840603024003910 · Cited by 7,641
The Eco-Efficiency Premium Puzzle
Derwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005) · Financial Analysts Journal · doi:10.2469/faj.v61.n2.2716 · Cited by 965 · cited 1×
“Existing firm-level evidence of the link between CSP and stock returns focuses on environmental aspects of CSP and reports a positive relationship between CSP and returns (Feldman et al., 1997; Derwall et al., 2004).”
Cited by
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
Does the stock market fully value intangibles? Employee satisfaction and equity prices
Edmans, A. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.021 · Cited by 2,511
… and the Cross-Section of Expected Returns
Harvey, C. R., Liu, Y., & Zhu, H. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhv059 · Cited by 2,119
Environmental externalities and cost of capital
Chava, S. (2014) · Management Science · doi:10.1287/mnsc.2013.1863 · Cited by 1,851
Why and How Investors Use ESG Information: Evidence from a Global Survey
Amel-Zadeh, A., & Serafeim, G. (2018) · Financial Analysts Journal · doi:10.2469/faj.v74.n3.2 · Cited by 1,721
ESG performance and firm value: The moderating role of disclosure
Fatemi, A., Glaum, M., & Kaiser, S. (2018) · Global Finance Journal · doi:10.1016/j.gfj.2017.03.001 · Cited by 1,611
Corporate environmental responsibility and the cost of capital: International evidence
El Ghoul, S., Guedhami, O., Kim, H., & Park, K. (2018) · Journal of Business Ethics · doi:10.1007/s10551-015-3005-6 · Cited by 544
Úbeda-García, M., Claver-Cortés, E., Marco-Lajara, B., & Zaragoza-Sáez, P. (2021) · Journal of Business Research · doi:10.1016/j.jbusres.2020.09.055 · Cited by 335
Luo, S., Yu, S., & Zhou, G. (2021) · Energy Economics · doi:10.1016/j.eneco.2021.105335 · Cited by 194
Alonso‐Almeida, M. D. M., Fernández de Navarrete, F. C., & Rodriguez‐Pomeda, J. (2015) · Business Ethics: A European Review · doi:10.1111/beer.12060 · Cited by 125
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
Metadata
- Authors
- Brammer, S., Brooks, C., & Pavelin, S.
- Venue
- Financial Management
- Publisher
- Wiley
- Published
- 2006-09
- Volume
- 35
- Issue
- 3
- Pages
- 97-116
- ISSN
- 0046-3892 (ISSN-L)
- 1755-053X
- OpenAlex
- W3125518972
- Cited by
- 1,134
- References
- 5
- FWCI
- 16.74
- Type
- journal article
- Language
- en
- Open access
- bronze
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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.
