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Corporate Social Responsibility And Sustainable Finance: A Review Of The Literature, Hao Liang, Luc Renneboog
Corporate Social Responsibility And Sustainable Finance: A Review Of The Literature, Hao Liang, Luc Renneboog
Research Collection Lee Kong Chian School Of Business
Corporate Social Responsibility (CSR) refers to the incorporation of Environmental, Social, and Governance (ESG) considerations into corporate management, financial decision making, and investors’ portfolio decisions. Socially responsible firms are expected to internalize the externalities (e.g. pollution) they create, and are willing to be accountable to shareholders as well as a broader group of stakeholders (employees, customers, suppliers, local communities,…). Over the past two decades, various rating agencies developed firm-level measures of ESG performance, which are widely used in the literature. A problem for past and a challenge for future research is that these ratings show inconsistencies, which depend on the …
The Geography Of Csr, David K. Ding, Christo Ferreira, Udomsak Wongchoti
The Geography Of Csr, David K. Ding, Christo Ferreira, Udomsak Wongchoti
Research Collection Lee Kong Chian School Of Business
We regress socio-economic indicators against firm level CSR scores using a sample of over 26,000 firm year observations from 1991 through 2009. We find that a firm's CSR profile is linked to the socio-economic conditions of the firm's geographic headquarters (HQ) location. The study documents that the legal, cultural, economic, and demographic differences across geography significantly explain the variation in CSR means between metropolitan statistical areas, states, and regions. We also find that the relation between CSR and firm performance is conditional on socio-economic factors, which highlight the endogeneity concerns inherent in CSR studies. Lastly, we show that firms that …
Obtaining Intangible And Tangible Benefits From Corporate Social Responsibility, Wei Nurn Chong, Gilbert Tan
Obtaining Intangible And Tangible Benefits From Corporate Social Responsibility, Wei Nurn Chong, Gilbert Tan
Research Collection Lee Kong Chian School Of Business
The relationship between corporate social responsibility (CSR) and corporate financial performance has been heavily studied in past research. However, little theory has been developed on how CSR may lead to greater corporate financial performance. In this paper, the authors attempt to fill this theoretical gap by explaining how CSR leads to the tangible benefits of attracting better employees, reduced turnover rate, greater efficiency, and reduced operating costs, via the intangible benefits of firm reputation, organizational commitment, and learning. Thereafter, managerial implications and further research opportunities are discussed.