Responsibility

Working Paper

05 April 2019

Private Benefits of Corporate Philanthropy and Distortions to Corporate Financing and Investment Decisions

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...

Ronald Masulis | Syed Walid Reza
01 June 2013

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence

This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit...

Rui Albuquerque | Chendi Zhang | Yrjö Koskinen
27 August 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...

Rajna Gibson Brandon | Philipp Krueger | Shema F. Mitali
06 March 2020

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...

Yunxiao Liu | Woochan Kim

Pages