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The Angel-Halo Effect: How Increases In Corporate Social Responsibility And Irresponsibility Relate To Firm Performance, Kent Walker Dr., Zhou Zhang, Bing Yu
The Angel-Halo Effect: How Increases In Corporate Social Responsibility And Irresponsibility Relate To Firm Performance, Kent Walker Dr., Zhou Zhang, Bing Yu
Odette School of Business Publications
Purpose – To examine how increases in corporate social responsibility (CSR) and corporate social irresponsibility (CSiR) relate to firm performance. Further, we investigate how increases in CSR (CSiR) while CSiR (CSR) is present relate to three measures of firm performance: profitability, management efficiency, and market valuation.
Design/methodology/approach - Using over 10,000 observations from 2009-2013 and combined data from Sustainalytics and Compustat we examine how increases in either CSR or CSiR relate to firm performance.
Findings - We find that increased CSR significantly relates to increased firm performance in all three measures, and that increased CSiR significantly relates to decreased …