Responsibility

Working Paper

Can Stakeholder Orientation Improve Inventory Efficiency? Evidence from a Quasi-Natural Experiment

This study investigates whether and how firms’ stakeholder orientation affects their inventory efficiency as well as financial performance. Using U.S. state legislatures’ staggered adoption of constituency statutes over a 24-year period (1984–...Read more

Woochan Kim
06 March 2020

The relationship between public listing, context, multi-nationality and internal CSR

Are MNEs more socially responsible, and where is this more likely to occur? Are rms less responsible in emerging or transitional economies, and what impact does the dominant national corporate governance regime have? We explore the association...Read more

Salim Chahine
Marc Goergen
10 December 2017

Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

Examining a shock to the salience of the sustainability of the US mutual fund market, we present causal evidence that investors marketwide value sustainability. Being categorized as low sustainability resulted in net outflows of more than $12...Read more

Samuel M. Hartzmark
Abigail B. Sussman
18 July 2018

The Sustainability Footprint of Institutional Investors: ESG Driven Price Pressure and Performance

We propose a novel way of measuring the equity portfolio-level environmental and social characteristics of a 13F institution (the “sustainability footprint”) and examine the relation between sustainability footprints and risk-adjusted investment...Read more

Rajna Gibson Brandon
Philipp Krueger
27 August 2018

Private Benefits and Corporate Investment and Financing Decisions: The Case of Corporate Philanthropy

We find that corporate giving represents a private benefit of control that distorts corporate investment and financing activity, consistent with free cash flow agency theory. Corporate giving discourages managers from pursuing external financing...Read more

Ronald Masulis
05 April 2019

Does Board Gender Diversity Affect Renewable Energy Consumption?

This paper examines the effect of board gender diversity on renewable energy consumption. Using a panel of 11,677 firm-year observations from the USA for 2008–2016, we find a positive relationship between board gender diversity and renewable...Read more

Muhammad Atif
Mohammed Hossain
Md. Samsul Alam
Marc Goergen
26 August 2019

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