Journal ArticleDOI
Corporate social responsibility and stakeholder value maximization: Evidence from mergers☆
TLDR
In this article, a large sample of mergers in the US was used to examine whether corporate social responsibility (CSR) creates value for acquiring firms' shareholders, and they found that high CSR acquirers realize higher merger announcement returns, higher announcement returns on the value-weighted portfolio of the acquirer and the target, and larger increases in postmerger long-term operating performance.About:
This article is published in Journal of Financial Economics.The article was published on 2013-10-01. It has received 787 citations till now. The article focuses on the topics: Corporate social responsibility & Stakeholder.read more
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Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis
TL;DR: This paper found that firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital during the 2008-2009 financial crisis.
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Socially responsible firms
TL;DR: The authors found that well-governed firms that suffer less from agency concerns (less cash abundance, positive pay-for-performance, small control wedge, strong minority protection) engage more in CSR.
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Corporate goodness and shareholder wealth
TL;DR: In this paper, the authors study how stock markets react to positive and negative events concerned with a firm's corporate social responsibility (CSR), and they show that investors respond strongly negatively to negative events and weakly negatively to positive events.
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Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence
TL;DR: In this article, an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities is presented, where CSR as an investment to increase product differen...
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Corporate governance in China: A modern perspective
Fuxiu Jiang,Kenneth A. Kim +1 more
TL;DR: The authors provides a modern overview of corporate governance in China and highlights many corporate governance features and issues that are, for the most part, unique to China, and describes how papers in this special issue advance our understanding of Corporate Governance in China.
References
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Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
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Common risk factors in the returns on stocks and bonds
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this article, the authors identify five common risk factors in the returns on stocks and bonds, including three stock-market factors: an overall market factor and factors related to firm size and book-to-market equity.
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Sample Selection Bias as a Specification Error
TL;DR: In this article, the bias that results from using non-randomly selected samples to estimate behavioral relationships as an ordinary specification error or "omitted variables" bias is discussed, and the asymptotic distribution of the estimator is derived.
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The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
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The Cross‐Section of Expected Stock Returns
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this paper, Bhandari et al. found that the relationship between market/3 and average return is flat, even when 3 is the only explanatory variable, and when the tests allow for variation in 3 that is unrelated to size.