Valuation effects of corporate social responsibility

被引：211
作者：
Fatemi, Ali [1 ]
Fooladi, Iraj [2 ]
Tehranian, Hassan [3 ]
机构：
[1] Depaul Univ, Driehaus Coll Business, Chicago, IL 60604 USA
[2] Dalhousie Univ, Rowe Sch Business, Halifax, NS B3H 3J5, Canada
[3] Boston Coll, Carroll Sch Management, Chestnut Hill, MA 02167 USA
来源：
JOURNAL OF BANKING & FINANCE | 2015年 / 59卷
关键词：
Corporate social responsibility; Valuation; Shareholders' value; FIRM; PERFORMANCE; DURATION; IMPACT;
D O I：
10.1016/j.jbankfin.2015.04.028
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper develops a valuation model of the firm that provides for the expenditure of corporate resources in support of community, social or environmental causes. We show that under certain circumstances CSR expenditures create value for the firm. We also test our model by simulations and confirm that, at least under some conditions, CSR does pay off in the form of value creation. (C) 2015 Elsevier B.V. All rights reserved.
引用
收藏
页码：182 / 192
页数：11
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