Corporate social responsibility and firm value: Guiding through economic policy uncertainty

被引：113

作者：

Rjiba, Hatem ^{[1
]}

Jahmane, Abderrahman ^{[2
]}

Abid, Ilyes ^{[3
]}

机构：

[1] Paris Sch Business, Paris, France

[2] IPAG Business Sch, Paris, France

[3] ISC Paris Business Sch, Paris, France

来源：

FINANCE RESEARCH LETTERS | 2020年 / 35卷

关键词：

Corporate social responsibility; Firm value; Economic policy uncertainty; PERFORMANCE;

D O I：

10.1016/j.frl.2020.101553

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This letter examines the effect of economic policy uncertainty on the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). Using a large sample of public firms from 36 countries over the 2002-2016 period, our findings show that the social capital built over years through CSR investments offsets the negative role of economic policy uncertainty on firm financial performance. Moreover, we document that, during times of high business uncertainty, the positive valuation effect of CSR is greater in developed markets.

引用

页数：7

共 14 条

[1]

Ahir H., 2018, WORLD UNCERTAINTY IN

[2] Firm value in commonly uncertain times: the divergent effects of corporate governance and CSR [J].