What Good Does Doing Good do? The Effect of Bond Rating Analysts’ Corporate Bias on Investor Reactions to Changes in Social Responsibility
In this study, we explore how investors reconcile information on firms’ social responsibility with analysts’ assessments of future firm risk in the pricing of long-term bonds. We ask whether investors pay attention to small strides toward and/or small slips away from socially responsible behavior, a...
| Authors: | ; ; ; |
|---|---|
| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
|
| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
Springer Science + Business Media B. V
2018
|
| In: |
Journal of business ethics
Year: 2018, Volume: 148, Issue: 1, Pages: 183-203 |
| Further subjects: | B
Corporate bias
B Corporate social responsibility B Long-term risk B Long-term debt |
| Online Access: |
Volltext (lizenzpflichtig) |
MARC
| LEADER | 00000caa a22000002 4500 | ||
|---|---|---|---|
| 001 | 178566381X | ||
| 003 | DE-627 | ||
| 005 | 20230331053821.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 220112s2018 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1007/s10551-016-3357-6 |2 doi | |
| 035 | |a (DE-627)178566381X | ||
| 035 | |a (DE-599)KXP178566381X | ||
| 035 | |a (DE-He213)s10551-016-3357-6-e | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a 1 |2 ssgn | ||
| 100 | 1 | |a Branzei, Oana |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a What Good Does Doing Good do? The Effect of Bond Rating Analysts’ Corporate Bias on Investor Reactions to Changes in Social Responsibility |
| 264 | 1 | |c 2018 | |
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 520 | |a In this study, we explore how investors reconcile information on firms’ social responsibility with analysts’ assessments of future firm risk in the pricing of long-term bonds. We ask whether investors pay attention to small strides toward and/or small slips away from socially responsible behavior, arguing that analysts’ corporate bias toward gains and against losses influences investor reactions to corporate social responsibility. We hypothesize that analysts notice and reward improvements in social responsibility, yet excuse lapses. We find support for this hypothesis, using a unique dataset of long-term bonds that combines lagged measures of firm-level financial and social performance with bond-specific data pertaining to risk of default and pricing. The empirically robust asymmetry in investor responses to small but often cumulative increases versus decreases in corporate social responsibility reveals an under-examined root cause of longer-term, larger-scale distortions in financial market returns regarding corporate social performance. Our findings elaborate earlier behavioral research on how corporate bias influences analysts’ short-term assessments of economic risk, by theorizing why this corporate bias may influence long-term assessments of social risk. Our work also motivates more critical scrutiny of the role analysts play in revising the future risk of today’s social action versus inaction. | ||
| 601 | |a Investor | ||
| 650 | 4 | |a Long-term risk | |
| 650 | 4 | |a Long-term debt | |
| 650 | 4 | |a Corporate bias | |
| 650 | 4 | |a Corporate Social Responsibility | |
| 700 | 1 | |a Frooman, Jeff |e VerfasserIn |4 aut | |
| 700 | 1 | |a Mcknight, Brent |e VerfasserIn |4 aut | |
| 700 | 1 | |a Zietsma, Charlene |e VerfasserIn |4 aut | |
| 773 | 0 | 8 | |i Enthalten in |t Journal of business ethics |d Dordrecht [u.a.] : Springer Science + Business Media B.V, 1982 |g 148(2018), 1, Seite 183-203 |h Online-Ressource |w (DE-627)270937129 |w (DE-600)1478688-6 |w (DE-576)121465284 |x 1573-0697 |7 nnns |
| 773 | 1 | 8 | |g volume:148 |g year:2018 |g number:1 |g pages:183-203 |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s10551-016-3357-6 |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 935 | |a mteo | ||
| 936 | u | w | |d 148 |j 2018 |e 1 |h 183-203 |
| 951 | |a AR | ||
| ELC | |a 1 | ||
| ITA | |a 1 |t 1 | ||
| LOK | |0 000 xxxxxcx a22 zn 4500 | ||
| LOK | |0 001 4033722718 | ||
| LOK | |0 003 DE-627 | ||
| LOK | |0 004 178566381X | ||
| LOK | |0 005 20220112043904 | ||
| LOK | |0 008 220112||||||||||||||||ger||||||| | ||
| LOK | |0 035 |a (DE-Tue135)IxTheo#2021-12-30#79FB0DB13A859CC35D34138E237802F52F046C19 | ||
| LOK | |0 040 |a DE-Tue135 |c DE-627 |d DE-Tue135 | ||
| LOK | |0 092 |o n | ||
| LOK | |0 852 |a DE-Tue135 | ||
| LOK | |0 852 1 |9 00 | ||
| LOK | |0 935 |a ixzs |a ixrk |a zota | ||
| ORI | |a SA-MARC-ixtheoa001.raw | ||
| STA | 0 | 0 | |a Corporate social responsibility |
| STB | 0 | 0 | |a Responsabilité sociale de l'entreprise |
| STC | 0 | 0 | |a Responsabilidad social de la empresa |
| STD | 0 | 0 | |a Corporate social responsibility,Responsabilità sociale d'impresa,Responsabilità sociale d'impresa |
| STF | 0 | 0 | |a 企業社會責任 |
| STG | 0 | 0 | |a Responsabilidade social da empresa |
| STH | 0 | 0 | |a Корпоративная социальная ответственность |
| STI | 0 | 0 | |a Εταιρική κοινωνική ευθύνη,Corporate social responsibility |
| SYE | 0 | 0 | |a Corporate social responsibility,Corporate citizenship,Corporate environment responsibility,Corporate environmental responsibility,Corporate responsibility,Corporate sustainability management,Corporate volunteering,CSR (Corporate social responsibility),Environmental social 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 |