Political uncertainty, corporate social responsibility, and firm performance

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-08-23 DOI:10.1016/j.bar.2024.101467

引用次数: 0

Abstract

Our study reveals that companies with higher Corporate Social Responsibility (CSR) ratings exhibit superior stock returns compared to their counterparts with lower ratings during periods of political uncertainty. This phenomenon is more pronounced in a closely contested election with a higher degree of unpredictability. Our results remain robust after addressing potential endogeneity issue and are not affected by the ex-post election outcome or the political donations made by firms. Further analysis indicates that the increase in returns could be attributed to the improved relationship between firms and their internal stakeholders. Overall, our research supports the notion that investing in social capital can facilitate the establishment of stronger relationships with stakeholders, which can ultimately lead to beneficial outcomes during periods of adversity.

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政治不确定性、企业社会责任与公司业绩

我们的研究表明，在政治不确定时期，企业社会责任（CSR）评级较高的公司与评级较低的公司相比，股票回报率更高。这种现象在竞争激烈、不可预测性较高的选举中更为明显。在解决了潜在的内生性问题后，我们的研究结果依然稳健，不受事后选举结果或企业政治捐款的影响。进一步的分析表明，收益的增加可能归因于企业与其内部利益相关者之间关系的改善。总之，我们的研究支持这样一种观点，即投资社会资本可以促进与利益相关者建立更牢固的关系，最终在逆境时期带来有利的结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.