The DOI matches its Crossref record; 10 of the 10 references it cites were found in a registry or an index.
Asymmetric Information and Corporate Social Responsibility
Open accessAbstract
This article addresses the question whether companies benefit from their commitment to corporate social responsibility (CSR). The authors argue that firms which score high on CSR activities build investor confidence and find evidence that they benefit from lower information asymmetry. The authors measure information asymmetry by insider trading, which is defined as the trading of a company’s shares by corporate insiders who have an information advantage with the aim to reap gains or avoid losses. Using a sample of U.S. firms listed in the MSCI World Index during the period 2004 to 2013 and the firm- and industry-level CSR rating from Global Engagement Service (GES), the authors show that insider transactions in firms with a high score on CSR activities lead to lower abnormal returns. This investigation extends current literature on the business case for CSR by explaining the influence of CSR activities on asymmetric information.
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Cites
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
Akerlof, G. A. (1970) · The Quarterly Journal of Economics · doi:10.2307/1879431 · Cited by 23,016
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
Healy, P. M., & Palepu, K. G. (2001) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(01)00018-0 · Cited by 8,097
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
How corporate social responsibility is defined: an analysis of 37 definitions
Dahlsrud, A. (2008) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.132 · Cited by 4,092 · cited 1×
“However, CSR is a highly complex issue, which may explain the lack of a generally accepted definition (Carroll, 1999; Dahlsrud, 2008; Garriga & Melé, 2004; Godfrey, Hatch, & Hansen, 2010; Montiel, 2008).”
BackgroundDisclosure, Liquidity, and the Cost of Capital
DIAMOND, D. W., & VERRECCHIA, R. E. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb04620.x · Cited by 3,836
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
Event-study methodology under conditions of event-induced variance
Boehmer, E. (1991) · Journal of Financial Economics · doi:10.1016/0304-405x(91)90032-f · Cited by 1,775
The Effect of Corporate Social Responsibility (CSR) Activities on Companies With Bad Reputations
Yoon, Y., Gürhan‐Canli, Z., & Schwarz, N. (2006) · Journal of Consumer Psychology · doi:10.1207/s15327663jcp1604_9 · Cited by 1,429 · cited 1×
“Funding charitable efforts in this manner allows a company to appear modest, which ultimately increases its trustworthiness (Pivato et al., 2008; Yoon et al., 2006).”
BackgroundCorporate social responsibility performance and information asymmetry
Cho, S. Y., Lee, C., & Pfeiffer, R. J. (2013) · Journal of Accounting and Public Policy · doi:10.1016/j.jaccpubpol.2012.10.005 · Cited by 645
Cited by
Sustainable Development and Financial Markets: Old Paths and New Avenues
Busch, T., Bauer, R., & Orlitzky, M. (2016) · Business & Society · doi:10.1177/0007650315570701 · Cited by 462
Gangi, F., Meles, A., D'Angelo, E., & Daniele, L. M. (2019) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.1699 · Cited by 331
Metadata
- Authors
- Lopatta, K., Buchholz, F., & Kaspereit, T.
- Venue
- Business & Society
- Publisher
- SAGE Publications
- Published
- 2015-03-24
- Volume
- 55
- Issue
- 3
- Pages
- 458-488
- ISSN
- 0007-6503 (ISSN-L)
- 1552-4205
- OpenAlex
- W3124040989
- Cited by
- 167
- References
- 10
- FWCI
- 29.95
- Type
- journal article
- Language
- en
- Open access
- green
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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.
