Corporate Social Responsibility and Firm Value: Disaggregating the Effects on Cash Flow, Risk and Growth
This paper investigates the effect of corporate social responsibility (CSR) on firm value and seeks to identify the source of that value, by disaggregating the effects on forecasted profitability, long-term growth and the cost of capital. The study explores the possible risk (reducing) effects of CS...
| VerfasserInnen: | ; ; |
|---|---|
| Medienart: | Elektronisch Aufsatz |
| Sprache: | Englisch |
| Verfügbarkeit prüfen: | HBZ Gateway |
| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Veröffentlicht: |
2014
|
| In: |
Journal of business ethics
Jahr: 2014, Band: 124, Heft: 4, Seiten: 633-657 |
| weitere Schlagwörter: | B
cost of capital
B Firm value B Growth B Risk B Corporate Social Responsibility |
| Online-Zugang: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
| Zusammenfassung: | This paper investigates the effect of corporate social responsibility (CSR) on firm value and seeks to identify the source of that value, by disaggregating the effects on forecasted profitability, long-term growth and the cost of capital. The study explores the possible risk (reducing) effects of CSR and their implications for financial measures of performance. For individual dimensions of CSR, in general strengths are positively valued and concerns are negatively valued, although the effect is not universal across all dimensions of CSR. We show that these valuation effects are principally driven by CSR performance associated with better long run growth prospects, with an additional minor contribution made by a lower cost of equity capital. |
|---|---|
| ISSN: | 1573-0697 |
| Enthält: | Enthalten in: Journal of business ethics
|
| Persistent identifiers: | DOI: 10.1007/s10551-013-1898-5 |
