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Corporate Social Responsibility and Investment Efficiency

Journal of business ethics, 2018-03, Vol.148 (3), p.647-671 [Peer Reviewed Journal]

Springer Science+Business Media B.V., part of Springer Nature 2018 ;Springer Science+Business Media Dordrecht 2016 ;Journal of Business Ethics is a copyright of Springer, (2016). All Rights Reserved. ;Distributed under a Creative Commons Attribution 4.0 International License ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-016-3020-2

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Title:
Corporate Social Responsibility and Investment Efficiency
Author: Benlemlih, Mohammed ; Bitar, Mohammad
Subjects: Asymmetric information ; Business administration ; Business and Management ; Business Ethics ; Community involvement ; Community participation ; Companies ; Correlation analysis ; Education ; Efficiency ; Ethics ; Expectations ; Human rights ; Humanities and Social Sciences ; Interest groups ; Investment policy ; Investments ; Management ; Philosophy ; Quality of Life Research ; Social responsibility ; Stakeholders
Is Part Of: Journal of business ethics, 2018-03, Vol.148 (3), p.647-671
Description: Using a sample of 21,030 US firm-year observations that represents more than 3000 individual firms over the 1998-2012 period, we investigate the relationship between Corporate Social Responsibility (CSR) and investment efficiency. We provide strong and robust evidence that high CSR involvement decreases investment inefficiency and consequently increases investment efficiency. This result is consistent with our expectations that high CSR firms enjoy low information asymmetry and high stakeholder solidarity (stakeholder theory). Moreover, our findings suggest that CSR components that are directly related to firms' primary stakeholders (e.g. employee relations, product characteristics, environment, and diversity) are more relevant in reducing investment inefficiency compared with those related to secondary stakeholders (e.g. human rights and community involvement). Finally, additional results show that the effect of CSR on investment efficiency is more pronounced during the subprime crisis. Taken together, our results highlight the important role that CSR plays in shaping firms' investment behaviour and efficiency.
Publisher: Dordrecht: Springer
Language: English
Identifier: ISSN: 0167-4544
EISSN: 1573-0697
DOI: 10.1007/s10551-016-3020-2
Source: ProQuest One Psychology
ProQuest Central

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Corporate Social Responsibility and Investment Efficiency

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