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Positive and Negative Corporate Social Responsibility, Financial Leverage, and Idiosyncratic Risk

Journal of business ethics, 2013-10, Vol.117 (2), p.431-448 [Peer Reviewed Journal]

2013 Springer Science+Business Media ;Springer Science+Business Media Dordrecht 2012 ;Springer Science+Business Media Dordrecht 2013 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-012-1526-9 ;CODEN: JBUEDJ

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Title:
Positive and Negative Corporate Social Responsibility, Financial Leverage, and Idiosyncratic Risk
Author: Mishra, Saurabh ; Modi, Sachin B.
Subjects: Analysis ; Authors ; Boundary conditions ; Business and Management ; Business Ethics ; Business structures ; Corporate social responsibility ; Education ; Enterprises ; Ethics ; Financial analysis ; Financial leverage ; Idiosyncratic risk ; Industrial growth ; Investigations ; Investments ; Management ; Marketing ; Operations management ; Philosophy ; Profit margins ; Quality of Life Research ; Risk ; Shareholders ; Social responsibility ; Stockholders ; Studies ; Variables
Is Part Of: Journal of business ethics, 2013-10, Vol.117 (2), p.431-448
Description: Existing research on the financial implications of corporate social responsibility (CSR) for firms has predominantly focused on positive aspects of CSR, overlooking that firms also undertake actions and initiatives that qualify as negative CSR. Moreover, studies in this area have not investigated how both positive and negative CSR affect the financial risk of firms. As such, in this research, the authors provide a framework linking both positive and negative CSR to idiosyncratic risk of firms. While investigating these relationships, the authors also analyze the moderating role of financial leverage of firms. Overall, analysis of secondary information for firms from multiple industries over the years 2000–2009 shows that CSR has a significant effect on the idiosyncratic risk of firms, with positive CSR reducing risk and negative CSR increasing it. Results also show that the reduction in risk from positive CSR is not guaranteed, with firms having high levels of financial leverage witnessing lower idiosyncratic risk reduction.
Publisher: Dordrecht: Springer
Language: English
Identifier: ISSN: 0167-4544
EISSN: 1573-0697
DOI: 10.1007/s10551-012-1526-9
CODEN: JBUEDJ
Source: ProQuest One Psychology
Alma/SFX Local Collection
ProQuest Central

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Positive and Negative Corporate Social Responsibility, Financial Leverage, and Idiosyncratic Risk

2013 Springer Science+Business Media ;Springer Science+Business Media Dordrecht 2012 ;Springer Science+Business Media Dordrecht 2013 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-012-1526-9 ;CODEN: JBUEDJ

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