Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility
This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal a...
| Authors: | ; |
|---|---|
| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Published: |
2011
|
| In: |
Journal of business ethics
Year: 2011, Volume: 103, Issue: 3, Pages: 351-383 |
| Further subjects: | B
M14
B Corporate social responsibility B analyst following B Firm value B Corporate governance B L2 B G34 |
| Online Access: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
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| 520 | |a This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and anti- takeover provisions, after controlling for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that CSR engagement positively influences firm value measured by industry-adjusted Tobin’s q. We find that the impact of analyst following for firms that engage in CSR on firm value is strongly positive, while the board leadership, board independence, blockholders’ ownership, and institutional ownership play a relatively weaker role in enhancing firm value. Furthermore, we find that CSR activities that address internal social enhancement within the firm, such as employees diversity, firm relationship with its employees, and product quality, enhance the value of firm more than other CSR subcategories for broader external social enhancement such as community relation and environmental concerns. | ||
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| 650 | 4 | |a Corporate Social Responsibility | |
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| STA | 0 | 0 | |a Corporate governance,Corporate control,Corporate social responsibility |
| STB | 0 | 0 | |a Gouvernement d'entreprise,Responsabilité sociale de l'entreprise |
| STC | 0 | 0 | |a Gobierno corporativo,Responsabilidad social de la empresa |
| STD | 0 | 0 | |a Corporate governance,Governo d'impresa,Governo d'impresa,Corporate social responsibility,Responsabilità sociale d'impresa,Responsabilità sociale d'impresa |
| STE | 0 | 0 | |a 企业管理,商团治理,公司治理 |
| STF | 0 | 0 | |a 企業社會責任,企業管理,商團治理,公司治理 |
| STG | 0 | 0 | |a Governança corporativa,Responsabilidade social da empresa |
| STH | 0 | 0 | |a Корпоративная социальная ответственность,Корпоративное управление |
| STI | 0 | 0 | |a Εταιρική διακυβέρνηση,Corporate governance,Εταιρική κοινωνική ευθύνη,Corporate social responsibility |
| SYE | 0 | 0 | |a Unternehmenskontrolle,Unternehmensüberwachung , Corporate social responsibility,Corporate citizenship,Corporate environment responsibility,Corporate environmental responsibility,Corporate responsibility,Corporate sustainability management,Corporate volunteering,CSR (Corporate social responsibility),Environment social governance,Environmental, social and corporate governance,Environmental, social and governance,ESG,Gesellschaftliche Unternehmensverantwortung,Gesellschaftliche Verantwortung von Unternehmen,Gesellschaftliches Engagement von Unternehmen,Nachhaltigkeitsmanagement,Soziale Verantwortung von Unternehmen,Soziales Engagement von Unternehmen,Unternehmensverantwortung,Unternehmerische Sozialverantwortung,CSR,Corporate Citizenship,Unternehmerische Gesellschaftsverantwortung,Unternehmerische Sozialverantwortung,Unternehmen |
