The DOI matches its Crossref record; 11 of the 11 references it cites were found in a registry or an index.
Corporate Social Responsibility, Noise, and Stock Market Volatility
Abstract
Organizational signals about corporate social responsibility may have a harmful impact on equity markets for two main reasons. First, corporate social responsibility is not systematically correlated with companies' economic fundamentals. Second, opportunistic managers are incentivized to distort information provided to market participants about their firms' corporate social responsibility. Either causal force, by itself, makes it difficult for market participants to interpret information about corporate social responsibility accurately. This greater noise in financial markets typically invites more noise trading, which in turn leads to excess market volatility (among all publicly traded firms) and, in a particular context of social-institutional processes and structures, to excess market valuations of firms that are widely perceived as socially responsible.
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Cites
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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 5×
“Without enforceable public accountability, though, information asymmetry about (typically intangible) CSR, whose definitions and implications are social constructions (Dahlsrud, 2008; Orlitzky, 2011), can readily be exploited by opportunistic managers (Edwards, 2008; Hawken, 2004; Laufer, 2003; Owen & O’Dwyer, 2008).”
BackgroundInfluentialCorporate Social Responsibility: Strategic Implications*
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Cited by
The long‐term benefits of organizational resilience through sustainable business practices
Ortiz‐de‐Mandojana, N., & Bansal, P. (2016) · Strategic Management Journal · doi:10.1002/smj.2410 · Cited by 1,260
The Effects of Perceived Corporate Social Responsibility on Employee Attitudes
Glavas, A., & Kelley, K. (2014) · Business Ethics Quarterly · doi:10.5840/beq20143206 · Cited by 657
Every Little Helps? ESG News and Stock Market Reaction
Capelle-Blancard, G., & Petit, A. (2019) · Journal of Business Ethics · doi:10.1007/s10551-017-3667-3 · Cited by 601
Trumpp, C., & Guenther, T. (2017) · Business Strategy and the Environment · doi:10.1002/bse.1900 · Cited by 543
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
Self-citation
Metadata
- Authors
- Orlitzky, M.
- Venue
- Academy of Management Perspectives
- Publisher
- Academy of Management
- Published
- 2013-08
- Volume
- 27
- Issue
- 3
- Pages
- 238-254
- ISSN
- 1558-9080 (ISSN-L)
- 1943-4529
- OpenAlex
- W1974446582
- Cited by
- 260
- References
- 11
- FWCI
- 49.74
- Type
- journal article
- Language
- en
- Open access
- closed
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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.
