The DOI matches its Crossref record; 102 of the 102 references it cites were found in a registry or an index.
The influence of corporate social responsibility on investment efficiency and innovation
Open accessAbstract
We examine two important channels through which corporate social responsibility (CSR) affects firm value: investment efficiency and innovation. We find that firms with higher CSR performance invest more efficiently: these firms are less prone to invest in negative net present value (NPV) projects (overinvestment) and less prone to forego positive NPV projects (underinvestment). We also find that firms with higher CSR performance generate more patents and patent citations. Mediation analysis indicates that firms with higher CSR performance are more profitable and valuable, consequences partially attributable to efficient investments and innovation. These results, robust to alternate model specifications, lend support to enlightened stakeholder theory.
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Cites
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Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY
Altman, E. I. (1968) · The Journal of Finance · doi:10.1111/j.1540-6261.1968.tb00843.x · Cited by 14,888
Toward a New Conception of the Environment-Competitiveness Relationship
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Technical Change and the Aggregate Production Function
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The Social Responsibility of Business Is to Increase Its Profits
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“Traditional economic theory (e.g., Friedman 1970; Jensen and Meckling 1976) proposes that the role of managers is to maximize shareholder wealth and that CSR activities generate agency costs, placing firms at an economic disadvantage by benefiting other stakeholders at the expense of shareholders…”
Agency costs of free cash flow, corporate finance, and takeovers
Jensen, M. C. (1996) · Corporate Bankruptcy · doi:10.1017/cbo9780511609435.005 · Cited by 9,306
Strategy and society: the link between competitive advantage and corporate social responsibility
(2007) · Strategic Direction · doi:10.1108/sd.2007.05623ead.006 · Cited by 7,410
Testing for Weak Instruments in Linear IV Regression
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Cited by
Kouaib, A., & Amara, I. (2022) · Journal of Risk and Financial Management · doi:10.3390/jrfm15110495 · Cited by 31
Metadata
- Authors
- Cook, K. A., Romi, A. M., Sánchez, D., & Sánchez, J. M.
- Venue
- Journal of Business Finance & Accounting
- Publisher
- Wiley
- Published
- 2019-01-04
- Volume
- 46
- Issue
- 3-4
- Pages
- 494-537
- ISSN
- 0306-686X (ISSN-L)
- 1468-5957
- OpenAlex
- W3125626411
- Cited by
- 283
- References
- 102
- FWCI
- 2.81
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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