The influence of corporate social responsibility on investment efficiency and innovation

被引：160

作者：

Cook, Kirsten A. ^{[1
]}

Romi, Andrea M. ^{[1
]}

Sanchez, Daniela ^{[2
]}

Sanchez, Juan Manuel ^{[2
]}

机构：

[1] Texas Tech Univ, Lubbock, TX 79409 USA

[2] Univ Texas San Antonio, San Antonio, TX USA

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2019年 / 46卷 / 3-4期

关键词：

corporate social responsibility; firm performance; innovation; investment efficiency; mediation; FINANCIAL-REPORTING QUALITY; AGENCY COSTS; NONFINANCIAL DISCLOSURE; COMPETITIVE ADVANTAGE; MODERATING ROLE; CEO HUBRIS; FIRM; EARNINGS; SUSTAINABILITY; PERFORMANCE;

D O I：

10.1111/jbfa.12360

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine two important channels through which corporate social responsibility (CSR) affects firm value: investment efficiency and innovation. We find that firms with higher CSR performance invest more efficiently: these firms are less prone to invest in negative net present value (NPV) projects (overinvestment) and less prone to forego positive NPV projects (underinvestment). We also find that firms with higher CSR performance generate more patents and patent citations. Mediation analysis indicates that firms with higher CSR performance are more profitable and valuable, consequences partially attributable to efficient investments and innovation. These results, robust to alternate model specifications, lend support to enlightened stakeholder theory.

引用

页码：494 / 537

页数：44

共 106 条

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