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Risk-Related Activism: The Business Case for Monitoring Nonfinancial Risk 与风险相关的行动主义:监控非金融风险的商业案例
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2016-04-04 DOI: 10.2139/ssrn.2478121
Virginia E. Harper Ho
{"title":"Risk-Related Activism: The Business Case for Monitoring Nonfinancial Risk","authors":"Virginia E. Harper Ho","doi":"10.2139/ssrn.2478121","DOIUrl":"https://doi.org/10.2139/ssrn.2478121","url":null,"abstract":"This Article presents the case for risk-related activism — the exercise of shareholder power to promote firm management, mitigation, and disclosure of risk, including nonfinancial environmental, social, and governance (ESG) risks. Drawing on a substantial empirical literature largely overlooked in current corporate governance debates, it presents evidence that accounting for both financial and nonfinancial risk can drive firm and portfolio performance, while advancing market transparency and stability. Risk-related activism therefore represents a realignment of investor interests with long-term firm value and core regulatory goals. This Article also counters common objections to institutional investor monitoring by showing that risk-related activists have both the tools and the incentives to engage portfolio firms. This evidence urges greater attention to ESG risks by corporate boards and stronger regulatory and policy support for risk-related activism as a path toward greater corporate accountability.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129631901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Corporate Social Responsibility as an Employee Governance Tool: Evidence from a Quasi-Experiment 企业社会责任作为员工治理工具:来自准实验的证据
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2015-11-03 DOI: 10.2139/ssrn.2380336
Caroline Flammer, Jiao Luo
{"title":"Corporate Social Responsibility as an Employee Governance Tool: Evidence from a Quasi-Experiment","authors":"Caroline Flammer, Jiao Luo","doi":"10.2139/ssrn.2380336","DOIUrl":"https://doi.org/10.2139/ssrn.2380336","url":null,"abstract":"This study examines whether companies employ corporate social responsibility (CSR) to improve employee engagement and mitigate adverse behavior at the workplace (e.g., shirking, absenteeism, etc.). We exploit plausibly exogenous changes in state unemployment insurance (UI) benefits from 1991 to 2013. Higher UI benefits reduce the cost of being unemployed and hence increase employees' incentives to engage in adverse behavior. We find that higher UI benefits are associated with higher engagement in employee-related CSR. This finding suggests that companies use CSR as a strategic management tool -- specifically, an employee governance tool -- to increase employee engagement and counter the possibility of adverse behavior. We further examine plausible mechanisms underlying this relationship.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115085984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 128
The Corporate Social Responsibility of Family Businesses: An International Approach 家族企业的社会责任:一种国际视角
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2014-07-09 DOI: 10.3390/IJFS2030240
Gérard Hirigoyen, Thierry Poulain-Rehm
{"title":"The Corporate Social Responsibility of Family Businesses: An International Approach","authors":"Gérard Hirigoyen, Thierry Poulain-Rehm","doi":"10.3390/IJFS2030240","DOIUrl":"https://doi.org/10.3390/IJFS2030240","url":null,"abstract":"This study analyzes the links between listed family businesses and social responsibility. On the theoretical level, it establishes a relationship between socioemotional wealth, proactive stakeholder engagement, and the social responsibility of family businesses. On a practical level, our results (obtained from a sample of 363 companies) show that family businesses do not differ from non-family businesses in many dimensions of social responsibility. Moreover, family businesses have statistically significant lower ratings for four sub-dimensions of “corporate governance”, namely “balance of power and effectiveness of the Board”, “audit and control mechanisms”, “engagement with shareholders and shareholder structure”, and “executive compensation”.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115015029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 34
An Evaluation of Management Perspectives of Sustainability Reporting in the Nigerian Oil Industry 尼日利亚石油行业可持续发展报告的管理视角评价
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2014-04-05 DOI: 10.5539/JMS.V4N2P70
G. Uzonwanne, Dr. Kemi C. Yekini, Sina Yekini, Paul Otobo
{"title":"An Evaluation of Management Perspectives of Sustainability Reporting in the Nigerian Oil Industry","authors":"G. Uzonwanne, Dr. Kemi C. Yekini, Sina Yekini, Paul Otobo","doi":"10.5539/JMS.V4N2P70","DOIUrl":"https://doi.org/10.5539/JMS.V4N2P70","url":null,"abstract":"Purpose: This article investigates the perspectives of managers involved in sustainability reporting in the Nigerian oil industry. Design/Methodology: The article adopts a survey methodology in its approach to conduct this investigation. The survey employed a structured interview to investigate five themes built around the motivation for sustainability reporting within these organizations, hierarchical responsibility for sustainability reporting, the organizations objectives relative to the welfare of the people within the communities it operates in, policies in place to rejuvenate the damaged environment resulting from it’s operations and finally how sufficient in monetary terms is the company’s effort to wipe out its operational footprint. Findings: The data gathered was analysed qualitatively under these various themes. The general view emerging amongst the vast majority of the managers interviewed was that oil companies operating within the region have a key social responsibility and disclosure role to play but that it remains the role of the Nigerian Federal Government to provide the institutional framework around which the development of the region is to be hinged. Research Implications: More research is required in the area of CSR and CSD in developing/emerging markets to understand the link between weak institutional frameworks and voluntary CSR and CSD. Originality/Value: This article contributes to CSR and CSD literature in broad terms and in specific terms to the literature on sustainable operations in developing/emerging markets. The originality is based on the fact that it explores manager’s perspectives in a developing/emerging market.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133388050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Enforceability and the Effectiveness of Laws and Regulations 法律法规的可执行性和有效性
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2014-02-18 DOI: 10.2139/ssrn.2053804
Ke Li, Lei Lu, Jun Qian, J. Zhu
{"title":"Enforceability and the Effectiveness of Laws and Regulations","authors":"Ke Li, Lei Lu, Jun Qian, J. Zhu","doi":"10.2139/ssrn.2053804","DOIUrl":"https://doi.org/10.2139/ssrn.2053804","url":null,"abstract":"Controlling shareholders in China can divert assets from listed firms or coerce firms to serve as guarantors on questionable loans. A new rule was enacted prohibiting diversion for ‘non-operational’ purposes, and firms complying with this rule experienced a reduction in related party transactions, an increase in investment and dividends, and better performance. Another contemporary rule aimed to standardize practice of firms providing loan guarantees, but had no impact on firms. Our results highlight the importance of enforceability: laws and regulations that can be enforced at lower costs are more likely to succeed, especially in countries with weak formal institutions.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133769862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
The Price of Praise in the Market for Virtue: A Paradox of Rating and Recognizing Responsibility 美德市场中的赞美价格:评价与承认责任的悖论
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2014-02-03 DOI: 10.2139/ssrn.2390074
B. Lewis
{"title":"The Price of Praise in the Market for Virtue: A Paradox of Rating and Recognizing Responsibility","authors":"B. Lewis","doi":"10.2139/ssrn.2390074","DOIUrl":"https://doi.org/10.2139/ssrn.2390074","url":null,"abstract":"In this article, I investigate the performance effects of positive ratings. Building upon theoretical insights from behavioral and performance feedback theory, I hypothesize that ratings that recognize and reward past superior performance can paradoxically lead high-performing firms to reduce their subsequent performance. I test this hypothesis, as well as several moderating effects, by examining how firms responded to a social responsibility rating that evaluated their prior philanthropic efforts. My findings suggest that firms recognized for their generosity were, under certain conditions, more likely to reduce their subsequent philanthropic contributions. I call this effect the paradox of recognizing responsibility. From a practical perspective, these results highlight the unintended consequences of social ratings and provide further insight for stakeholders interested in motivating improvements in corporate social performance.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128033808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Competition, Time Horizon and Corporate Social Performance 竞争、时间跨度与企业社会绩效
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2013-11-07 DOI: 10.2139/ssrn.2351239
J. Graafland, H. Smid
{"title":"Competition, Time Horizon and Corporate Social Performance","authors":"J. Graafland, H. Smid","doi":"10.2139/ssrn.2351239","DOIUrl":"https://doi.org/10.2139/ssrn.2351239","url":null,"abstract":"Abstract: This paper develops and tests a conceptual framework on the relationships between competition, time horizon and corporate social performance (CSP). We hypothesize that more intense competition discourages CSP by lowering the time horizon of companies. We test the hypothesis on a sample of 4696 of mainly small and medium-sized companies from twelve European countries. We distinguish between price competition, market position and technological competition. We find that companies with a longer time horizon have a higher CSP and that price competition and a ‘level playing field’ market position shorten the time horizon. The intensity of technological competition has a positive effect on time horizon, but also exerts a direct positive influence on CSP. Test results show that time horizon significantly mediates the influence of price competition, the market position and technological competition on CSP. The analysis implies that, from the perspective of CSP, the economic policy of the government should not focus on fostering price competition, but rather on strengthening competition in innovation.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125431512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Implementing and Communicating Corporate Social Responsibility: Implications of Firm Size and Organizational Cost 企业社会责任的实施与传播:企业规模与组织成本的影响
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2013-10-18 DOI: 10.2139/ssrn.2342214
C. Wickert, A. Scherer, L. Spence
{"title":"Implementing and Communicating Corporate Social Responsibility: Implications of Firm Size and Organizational Cost","authors":"C. Wickert, A. Scherer, L. Spence","doi":"10.2139/ssrn.2342214","DOIUrl":"https://doi.org/10.2139/ssrn.2342214","url":null,"abstract":"In this paper we address two research gaps in the extant Corporate Social Responsibility (CSR) literature. The first gap results from a lack of understanding of different patterns of CSR engagement with respect to CSR communication and implementation. The second gap concerns limited knowledge about the influence of firm size on CSR engagement. We develop new theory by looking at variations in implementation and communication costs depending on firm size. This allows us to explain the large firm implementation gap (large firms are relatively strong in communicating CSR but weaker at implementing it into their structures and practices) and vice versa the small firm communication gap (weak communication and strong implementation). Our model expands a new theory of CSR engagement based on as yet underemphasized firm-level antecedents of CSR, and opens up several new avenues for future and in particular comparative research.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"19 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120994189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach 企业社会责任是否会带来更好的财务绩效?一种回归不连续方法
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2013-10-01 DOI: 10.2139/ssrn.2146282
Caroline Flammer
{"title":"Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach","authors":"Caroline Flammer","doi":"10.2139/ssrn.2146282","DOIUrl":"https://doi.org/10.2139/ssrn.2146282","url":null,"abstract":"This study examines the effect of shareholder proposals related to corporate social responsibility CSR on financial performance. Specifically, I focus on CSR proposals that pass or fail by a small margin of votes. The passage of such \"close call\" proposals is akin to a random assignment of CSR to companies and hence provides a quasi-experiment to study the effect of CSR on performance. I find that the adoption of close call CSR proposals leads to positive announcement returns and superior accounting performance, implying that these proposals are value enhancing. When I examine the channels through which companies benefit from CSR, I find that labor productivity and sales growth increase after the vote. Finally, I document that close call CSR proposals differ from non-close proposals along several dimensions. Accordingly, although my results imply that adopting close call CSR proposals is beneficial to companies, they do not necessarily imply that CSR proposals are beneficial in general. \u0000 \u0000Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2014.2038 . \u0000 \u0000This paper was accepted by Wei Jiang, finance.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"306 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133235131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1073
Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers 企业社会责任与利益相关者价值最大化:来自并购的证据
ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic) Pub Date : 2013-03-01 DOI: 10.2139/ssrn.2067416
Xin Deng, Jun-Koo Kang, Buen Sin Low
{"title":"Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers","authors":"Xin Deng, Jun-Koo Kang, Buen Sin Low","doi":"10.2139/ssrn.2067416","DOIUrl":"https://doi.org/10.2139/ssrn.2067416","url":null,"abstract":"Using a large sample of mergers in the US, we examine whether corporate social responsibility (CSR) creates value for acquiring firms' shareholders. We find that compared with low CSR acquirers, high CSR acquirers realize higher merger announcement returns, higher announcement returns on the value-weighted portfolio of the acquirer and the target, and larger increases in post-merger long-term operating performance. They also realize positive long-term stock returns, suggesting that the market does not fully value the benefits of CSR immediately. In addition, we find that mergers by high CSR acquirers take less time to complete and are less likely to fail than mergers by low CSR acquirers. These results suggest that acquirers' social performance is an important determinant of merger performance and the probability of its completion, and they support the stakeholder value maximization view of stakeholder theory.","PeriodicalId":241681,"journal":{"name":"ERN: Other Organizations & Markets: Firms & Other Social Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116164174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1101
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