Social Performance and Firm Risk: Impact of the Financial Crisis
This paper examines the impact of the recent financial crisis (2008–2009) on the relation between a firm’s risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis...
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| Collaborateurs: | ; |
| Type de support: | Électronique Article |
| Langue: | Anglais |
| Vérifier la disponibilité: | HBZ Gateway |
| Journals Online & Print: | En cours de chargement...
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| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Publié: |
2018
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| Dans: |
Journal of business ethics
Année: 2018, Volume: 149, Numéro: 3, Pages: 643-669 |
| Sujets non-standardisés: | B
M14
B Social Performance B Financial Crisis B Strengths B Volatility B G32 B Concerns B Idiosyncratic risk |
| Accès en ligne: |
Volltext (kostenfrei) |
| Résumé: | This paper examines the impact of the recent financial crisis (2008–2009) on the relation between a firm’s risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment. |
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| ISSN: | 1573-0697 |
| Contient: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1007/s10551-016-3017-x |
