The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.
The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis
Open accessAbstract
This study focuses on the wealth‐protective effects of socially responsible firm behavior by examining the association between corporate social performance (CSP) and financial risk for an extensive panel data sample of S&P 500 companies between the years 1992 and 2009. In addition, the link between CSP and investor utility is investigated. The main findings are that corporate social responsibility is negatively but weakly related to systematic firm risk and that corporate social irresponsibility is positively and strongly related to financial risk. The fact that both conventional and downside risk measures lead to the same conclusions adds convergent validity to the analysis. However, the risk‐return trade‐off appears to be such that no clear utility gain or loss can be realized by investing in firms characterized by different levels of social and environmental performance. Overall volatility conditions of the financial markets are shown to play a moderating role in the nature and strength of the CSP‐risk relationship.
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Cites
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×
“In contradiction to this, there are those who view CSR practices as a misappropriation and misallocation of valuable corporate resources which are detrimental to firm performance (Friedman, 1970).”
Microeconometrics: Methods and Applications
Cameron, A. C., & Trivedi, P. K. (2005) · doi:10.1017/cbo9780511811241 · Cited by 8,092
Loss aversion in riskless choice: A reference-dependent model.
Tversky, A., & Kahneman, D. (1991) · The Quarterly Journal of Economics · doi:10.2307/2937956 · Cited by 6,432
The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications
Donaldson, T., & Preston, L. E. (1995) · The Academy of Management Review · doi:10.2307/258887 · Cited by 5,846
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
STAKEHOLDER MISMATCHING: A THEORETICAL PROBLEM IN EMPIRICAL RESEARCH ON CORPORATE SOCIAL PERFORMANCE
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Luo, X., & Bhattacharya, C. B. (2009) · Journal of Marketing · doi:10.1509/jmkg.73.6.198 · Cited by 962
Cited by
Brooks, C., & Oikonomou, I. (2018) · The British Accounting Review · doi:10.1016/j.bar.2017.11.005 · Cited by 831
Self-citationWomen on board: Does boardroom gender diversity affect firm risk?
Sila, V., Gonzalez, A., & Hagendorff, J. (2016) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2015.10.003 · Cited by 804
Chen, S., Song, Y., & Gao, P. (2023) · Journal of Environmental Management · doi:10.1016/j.jenvman.2023.118829 · Cited by 789
Foundations of ESG Investing: How ESG Affects Equity Valuation, Risk, and Performance
Giese, G., Lee, L.-E., Melas, D., Nagy, Z., & Nishikawa, L. (2019) · The Journal of Portfolio Management · doi:10.3905/jpm.2019.45.5.069 · Cited by 720
From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance
Clark, G. L., Feiner, A., & Viehs, M. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2508281 · Cited by 685
Metadata
- Authors
- Oikonomou, I., Brooks, C., & Pavelin, S.
- Venue
- Financial Management
- Publisher
- Wiley
- Published
- 2012-04-18
- Volume
- 41
- Issue
- 2
- Pages
- 483-515
- ISSN
- 0046-3892 (ISSN-L)
- 1755-053X
- OpenAlex
- W2055061420
- Cited by
- 642
- References
- 7
- FWCI
- 58.35
- Type
- journal article
- Language
- en
- Open access
- green
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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.
