Peer Effects of Corporate Social Responsibility

References

• Agarwal S, Mikhed V, Scholnick B (2016) Does inequality cause financial distress? Evidence from lottery winners and neighboring bankruptcies. Working paper, Georgetown University, Washington, DC. Google Scholar
• Agarwal S, Qian W, Zou X (2017) Thy neighbor’s misfortune: Peer effect on consumption. Working paper, Georgetown University, Washington, DC. Google Scholar
• Albuquerque R, Koskinen Y, Zhang C (2018) Corporate social responsibility and firm risk: Theory and empirical evidence. Management Sci. Forthcoming.Link, Google Scholar
• Bakke T-E, Whited T (2012) Threshold events and identification: A study of cash shortfalls. J. Finance 67(3):1083–1111.Crossref, Google Scholar
• Bailey M, Cao R, Kuchler T, Stroebel J (2018) The economic effects of social networks: Evidence from the housing market. J. Political Econom. 126(6):2224–2276.Google Scholar
• Bénabou R, Tirole J (2010) Individual and corporate social responsibility. Economica 77(305):1–19.Crossref, Google Scholar
• Bradley D, Kim I, Tian X (2017) Do unions affect innovation? Management Sci. 63(7):2251–2271.Link, Google Scholar
• Bursztyn L, Ederer F, Ferman B, Yuchtman N (2014) Understanding mechanisms underlying peer effects: Evidence from a field experiment on financial decisions. Econometrica 82(4):1273–1301.Crossref, Google Scholar
• Bustamante MC, Frésard L (2017) Does firm investment respond to peers’ investment? Working paper, University of Maryland, College Park. Google Scholar
• Carhart MM (1997) On persistence in mutual fund performance. J. Finance 52(1):57–82.Crossref, Google Scholar
• Chatterji AK, Levine DI, Toffel MW (2009) How well do social ratings actually measure corporate social responsibility? J. Econom. Management Strategy 18(1):125–169.Crossref, Google Scholar
• Cheng I-H, Hong H, Shue K (2016) Do managers do good with other people’s money? Working paper, Dartmouth College, Hanover, NH.Google Scholar
• Cronqvist H, Yu F (2017) Shaped by their daughters: Executives, female socialization, and corporate social responsibility. J. Financial Econom. 126(3):543–562.Crossref, Google Scholar
• Cuñat V, Gine M, Guadalupe M (2012) The vote is cast: The effect of corporate governance on shareholder value. J. Finance 67(5):1943–1977.Crossref, Google Scholar
• Denis DJ, Sibilkov V (2010) Financial constraints, investment, and the value of cash holdings. Rev. Financial Stud. 23(1):247–269.Crossref, Google Scholar
• Deng X, Kang JK, Low BS (2013) Corporate social responsibility and stakeholder value maximization: Evidence from mergers. J. Financial Econom. 110(1):87–109.Crossref, Google Scholar
• Dessaint O, Foucault T, Frésard L, Matray A (2018) Noisy stock prices and corporate investment. Working paper, University of Toronto, Toronto. Google Scholar
• Dhaliwal DS, Li OZ, Tsang A, Yang YG (2011) Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Rev. 86(1):637–667.Crossref, Google Scholar
• Di Giuli A, Kostovetsky L (2014) Are red or blue companies more likely to go green? Politics and corporate social responsibility. J. Financial Econom. 111(1):158–180.Crossref, Google Scholar
• Dimson E, Karakas O, Li X (2015) Active ownership. Rev. Financial Stud. 28(12):3225–3268.Crossref, Google Scholar
• Dowell G, Hart S, Yeung B (2000) Do corporate global environmental standards create or destroy market value? Management Sci. 46(8):1059–1074.Link, Google Scholar
• Edmans A (2011) Does the stock market fully value intangibles? Employee satisfaction and equity prices. J. Financial Econom. 101(3):621–640.Crossref, Google Scholar
• El Ghoul S, Guedhami O, Kwok CCY, Mishra DR (2011) Does corporate social responsibility affect the cost of capital? J. Banking Finance 35(9):2388–2406.Crossref, Google Scholar
• Fama EF, French KR (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33(1):3–56.Crossref, Google Scholar
• Ferrell A, Liang H, Renneboog L (2016) Socially responsible firms. J. Financial Econom. 122(3):585–606.Crossref, Google Scholar
• Flammer C (2015a) Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Sci. 61(11):2549–2568.Link, Google Scholar
• Flammer C (2015b) Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management J. 36(10):1469–1485.Crossref, Google Scholar
• Foucault T, Frésard L (2014) Learning from peer firms’ stock prices and corporate investment. J. Financial Econom. 111(3):554–577.Crossref, Google Scholar
• Friedman M (1970) The social responsibility of business is to increase its profits. New York Times Magazine (September 13), 122–126.Google Scholar
• Georgarakos D, Haliassos M, Pasini G (2014) Household debt and social interactions. Rev. Financial Stud. 27(5):1404–1433.Crossref, Google Scholar
• Grennan JP (2018) Dividend payments as a response to peer influence. J. Financial Econom. 131(3):549–570.Crossref, Google Scholar
• Hadlock CJ, Pierce JR (2010) New evidence on measuring financial constraints: Moving beyond the KZ index. Rev. Financial Stud. 23(5):1909–1940.Crossref, Google Scholar
• Hoberg G, Phillips G (2010) Product market synergies and competition in mergers and acquisitions: A text-based analysis. Rev. Financial Stud. 23(10):3773–3811.Crossref, Google Scholar
• Hoberg G, Phillips G (2016) Text-based network industries and endogenous product differentiation. J. Political Econom. 124(5):1423–1465.Crossref, Google Scholar
• Hoberg G, Phillips G, Prabhala N (2014) Product market threats, payouts, and financial flexibility. J. Finance 69(1):293–324.Crossref, Google Scholar
• Hong HG, Liskovich I (2016) Crime, punishment, and the value of corporate social responsibility. Working paper, Columbia University, New York. Google Scholar
• Hong HG, Kubik JD, Scheinkman JA (2012) Financial constraints on corporate goodness. Working paper, Columbia University, New York. Google Scholar
• Hsu H-C, Reed AV, Rocholl J (2010) The new game in town: Competitive effects of IPOs. J. Finance 65(2):495–528.Crossref, Google Scholar
• Imbens G, Lemieux T (2008) Regression discontinuity designs: A guide to practice. J. Econometrics 142(2): 615–635.Crossref, Google Scholar
• Imbens G, Kalyanaraman K (2012) Optimal bandwidth choice for the regression discontinuity estimator. Rev. Econom. Stud. 79(3):933–959.Crossref, Google Scholar
• Ioannou I, Serafeim G (2012) What drives corporate social performance? The role of nation-level institutions. J. Internat. Bus. Stud. 43(9):834–864.Crossref, Google Scholar
• Kaustia M, Knüpfer S (2012) Peer performance and stock market entry. J. Financial Econom. 104(2):321–338.Crossref, Google Scholar
• Kaustia M, Rantala V (2015) Social learning and corporate peer effects. J. Financial Econom. 117(3):653–669.Crossref, Google Scholar
• Kitzmueller M, Shimshack J (2012) Economic perspectives on corporate social responsibility. J. Econom. Literature 50(1):51–84.Crossref, Google Scholar
• Leary MT, Roberts MR (2014) Do peer firms affect corporate financial policy? J. Finance 69(1):139–178.Crossref, Google Scholar
• Lee DS, Lemieux T (2010) Regression discontinuity design in economics. J. Econom. Literature 48(2):281–355.Crossref, Google Scholar
• Liang H, Renneboog L (2017a) Corporate donations and shareholder value. Oxford Rev. Econom. Policy 33(2):278–316.Crossref, Google Scholar
• Liang H, Renneboog L (2017b) On the foundations of corporate social responsibility. J. Finance 72(2):853–910.Crossref, Google Scholar
• Lins K, Servaes H, Tamayo A (2017) Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. J. Finance 72(4):1785–1824.Crossref, Google Scholar
• Mǎnescu C (2011) Stock returns in relation to environmental, social and governance performance: Mispricing or compensation for risk? Sustainable Develop. 19(2):95–118.Crossref, Google Scholar
• Masulis RW, Reza SW (2015) Agency problems of corporate philanthropy. Rev. Financial Stud. 28(2):592–636.Crossref, Google Scholar
• McCrary J (2008) Manipulation of the running variable in the regression discontinuity design: A density test. J. Econometrics 142(2):698–714.Crossref, Google Scholar
• Parsons CA, Sulaeman J, Titman S (2018) The geography of financial misconduct. J. Finance 73(5):2087–2137.Crossref, Google Scholar
• Porter ME (1985) The Competitive Advantage: Creating and Sustaining Superior Performance (Free Press, New York).Google Scholar
• Scharfstein D, Stein J (1990) Herd behavior and investment. Amer. Econom. Rev. 80(3):465–479.Google Scholar
• Servaes H, Tamayo A (2013) The impact of corporate social responsibility on firm value: The role of customer awareness. Management Sci. 59(5):1045–1061.Link, Google Scholar
• Servaes H, Tamayo A (2014) How do industry peers respond to control threats? Management Sci. 60(2):380–399.Link, Google Scholar
• Shleifer A, Vishny R (1997) A survey of corporate governance. J. Finance 52(2):737–783.Crossref, Google Scholar
• Smit HTJ, Trigeorgis L (2006) Strategic planning: Valuing and managing portfolios of real options. R&D Management 36(4):403–419.Crossref, Google Scholar
• Stoughton N, Wong KP, Yi L (2017) Competitive corporate social responsibility. Working paper, Vienna University of Economics and Business, Vienna. Google Scholar
• Whited T, Wu G (2006) Financial constraints risk. Rev. Financial Stud. 19(2):531–559.Crossref, Google Scholar