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  1. How Does Corporate Social Responsibility Engagement Influence Word of Mouth on Twitter? Evidence From the Airline Industry.Tam Thien Vo, Xinning Xiao & Shuk Ying Ho - 2019 - Journal of Business Ethics 157 (2):525-542.
    Our study examines how a company’s engagement in corporate social responsibility influences word of mouth about the company on Twitter, particularly during a service delay. We use the airline industry as the study context. On the popular social medium Twitter, people post tweets about airline services and raise concerns about service delays when flights are delayed, canceled, or diverted. Drawing on the literature on legitimacy and the halo effect, we argue that a company’s CSR engagement enhances its corporate image, which (...)
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  • Corporate Social Responsibility and Investment Efficiency.Mohammed Benlemlih & Mohammad Bitar - 2018 - Journal of Business Ethics 148 (3):647-671.
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  • Loan Guarantees, Corporate Social Responsibility Disclosure and Audit Fees: Evidence From China.Fangjun Wang, Luying Xu, Fei Guo & Junrui Zhang - forthcoming - Journal of Business Ethics:1-17.
    This paper examines the relationship between loan guarantees and audit fees as well as the moderating effect of corporate social responsibility. We find that guaranteeing another entity’s debt significantly increases firms’ own audit fees. However, the disclosure of CSR information attenuates the fee-increasing effects of loan guarantees. A closer examination reveals that the role of CSR is attributable to the information effect rather than the signal effect. Our results are robust to the use of a quasi-natural experiment, a propensity score (...)
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  • Corporate Bond Covenants and Social Responsibility Investment.Guifeng Shi & Jianfei Sun - 2015 - Journal of Business Ethics 131 (2):285-303.
    This paper examines the effect of corporate social responsibility on the number of bond covenants. We find that a high CSR score has a negative association with the number of bond covenants. Moreover, our results are more pronounced for firms with a high bid-ask spread and high agency costs. Our analysis highlights the effect of the good stakeholder relationship on the bond contracts.
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  • Business Groups and Corporate Social Responsibility.Jongmoo Jay Choi, Hoje Jo, Jimi Kim & Moo Sung Kim - 2018 - Journal of Business Ethics 153 (4):931-954.
    There is a growing literature on corporate social responsibility, but few have focused on the implications of business groups for CSR. We examine the antecedents and outcomes of CSR behaviors of group firms in Korea. We find that group affiliation is associated with higher CSR overall and for its major societal and environmental components. However, the ownership disparity between cash flow and control by controlling inside shareholders is associated with lower CSR, consistent with opportunistic rent expropriation theory. We further find (...)
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  • Can Ivory Towers Be Green? The Impact of Organization Size on Organizational Social Performance.Meike Eilert, Kristen Walker & Jenny Dogan - 2017 - Journal of Business Ethics 140 (3):537-549.
    Organizations differ tremendously in the extent to which they engage in socially responsible behavior and the extent to which this behavior is evaluated by stakeholders. This research examines the complex role of organization size as a driver of perceptions of an organization’s socially responsible behavior and its social performance. Using a unique data set of 302 organizations in the higher education industry, we find that the strength of the organization size–organizational social performance relationship is contingent on whether the organization is (...)
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  • Firm Internationalization and Corporate Social Responsibility.Najah Attig, Narjess Boubakri, Sadok El Ghoul & Omrane Guedhami - 2016 - Journal of Business Ethics 134 (2):171-197.
    Using a large sample of 3,040 U.S. firms and 16,606 firm-year observations over the 1991–2010 period, we find strong evidence that firm internationalization is positively related to the firm’s corporate social responsibility rating. This finding persists when we use alternative estimation methods, samples, and proxies for internationalization and when we address endogeneity concerns. We also provide evidence that the positive relation between internationalization and CSR rating holds for a large sample of firms from 44 countries. Finally, we offer novel evidence (...)
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  • On the Value of Corporate Social Responsibility Disclosure: An Empirical Investigation of Corporate Bond Issues in China.Guangming Gong, Si Xu & Xun Gong - 2018 - Journal of Business Ethics 150 (1):227-258.
    We provide the first comprehensive and robust evidence on the relationship between CSR disclosure quality and the costs of corporate bonds in China. We find that firms with high CSR disclosure quality are associated with lower costs of corporate bonds. Our findings are robust to endogeneity issues arising from reverse causality, omitted variable bias, and the interdependencies between price and non-price terms. The negative relationship between CSR disclosure quality and the costs of corporate bonds is stronger in weak corporate governance (...)
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  • Do LGBT-Supportive Corporate Policies Improve Credit Ratings? An Instrumental-Variable Analysis.Pandej Chintrakarn, Sirimon Treepongkaruna, Pornsit Jiraporn & Sang Mook Lee - forthcoming - Journal of Business Ethics:1-15.
    We investigate the effect of Lesbian, Gay, Bisexual, and Transgender -supportive corporate policies on credit ratings. To the extent that LGBT-friendly policies are beneficial to the firm and therefore improve its expected cash flows, credit rating agencies should assign more favorable credit ratings to the firm. To alleviate endogeneity concerns, we exploit the variations in the LGBT populations across the states in the U.S. as our instrument. Our instrumental-variable analysis reveals that firms that adopt LGBT-supportive corporate policies enjoy better credit (...)
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  • Reexamining Corporate Social Responsibility and Shareholder Value: The Inverted-U-Shaped Relationship and the Moderation of Marketing Capability.Wenbin Sun, Shanji Yao & Rahul Govind - forthcoming - Journal of Business Ethics:1-17.
    In the literature, CSR’s roles on firm performance are found to be positive, negative, or neutral. This inconclusive pattern suggests there may be a more complicated mechanism at work than the traditional focus on simple linear associations. We propose and test an inverted-U-shaped relationship between CSR and shareholder value, the fundamental measure of firm performance. Further, we incorporate a critical firm attribute, marketing capability, to moderate the nonlinear link between CSR and shareholder value, thereby exploring a previous understudied area involving (...)
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  • Corporate Legitimacy and Investment–Cash Flow Sensitivity.Najah Attig, Sean W. Cleary, Sadok Ghoul & Omrane Guedhami - forthcoming - Journal of Business Ethics.
  • Does Corporate Social Responsibility Affect Information Asymmetry?Jinhua Cui, Hoje Jo & Haejung Na - 2018 - Journal of Business Ethics 148 (3):549-572.
    In this study, we examine the empirical association between corporate social responsibility and information asymmetry by investigating their simultaneous and endogenous effects. Employing an extensive U.S. sample, we find an inverse association between CSR engagement and the proxies of information asymmetry after controlling for various firm characteristics. The results hold using 2SLS considering the reverse side of information asymmetry influencing CSR activities. The results also hold after mitigating endogeneity based on the dynamic panel system generalized method of moment. Furthermore, the (...)
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  • Managerial Practices and Corporate Social Responsibility.Najah Attig & Sean Cleary - 2015 - Journal of Business Ethics 131 (1):121-136.
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  • Corporate Social Responsibility and Firm Debt Maturity.Mohammed Benlemlih - 2017 - Journal of Business Ethics 144 (3):491-517.
    In this article, we extend the streams of research on the capital structure of socially responsible firms by investigating the impact of corporate social responsibility on firm debt maturity. Using a large sample of US firms, we provide evidence that high CSR firms significantly reduce their debt maturity. In particular, our results suggest that diversity and community are the dimensions that matter the most in explaining debt maturity. In additional analyses that use a seemingly unrelated regression approach, our results show (...)
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  • Corporate Environmental Responsibility and the Cost of Capital: International Evidence.Sadok El Ghoul, Omrane Guedhami, Hakkon Kim & Kwangwoo Park - 2018 - Journal of Business Ethics 149 (2):335-361.
    We examine how corporate environmental responsibility affects the cost of equity capital for manufacturing firms in 30 countries. Using several approaches to estimate firms’ ex ante equity financing costs, we find in regressions that control for firm-level characteristics as well as industry, year, and country effects that the cost of equity capital is lower when firms have higher CER. This finding is robust to addressing endogeneity through instrumental variables, to using alternative specifications and proxies for the cost of equity capital, (...)
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  • Corporate Culture and Investment–Cash Flow Sensitivity.Fuxiu Jiang, Kenneth A. Kim, Yunbiao Ma, John R. Nofsinger & Beibei Shi - 2019 - Journal of Business Ethics 154 (2):425-439.
    Can firms overcome credit constraints with a corporate culture of high integrity? We empirically address this question by studying their investment–cash flow sensitivities. We identify firms with a culture of integrity through textual analysis of public documents in a sample of Chinese listed firms and also through corporate culture statements. Our results show that firms with an integrity-focused culture have lower investment–cash flow sensitivity, even after we address endogeneity concerns. However, we also find that for the culture to reduce the (...)
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  • The Corporate Social Responsibility Information Environment: Examining the Value of Financial Analysts’ Recommendations.Changhee Lee, Dan Palmon & Ari Yezegel - 2018 - Journal of Business Ethics 150 (1):279-301.
    This study examines the relationship between corporate social responsibility -related information and the value of financial analysts’ stock recommendations. The information environment in which analysts operate in is affected by CSR-related reports that companies voluntarily issue as well as information that becomes available through third-party analysis and rating institutions. We find an inverse relationship between the value of both upgrade and downgrade revisions and the supply of CSR-related information compiled by third-party institutions, suggesting that CSR-related data are associated with a (...)
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  • Investor-Paid Ratings and Conflicts of Interest.Leo Tang, Marietta Peytcheva & Pei Li - forthcoming - Journal of Business Ethics:1-14.
    The Securities and Exchange Commission sanctioned investor-paid rating agency Egan-Jones for falsely stating that it did not know its clients’ investment positions. The SEC’s action against Egan-Jones raises the broad question whether knowledge of clients’ investment positions creates a conflict of interest for investor-paid ratings. In an experimental setting, we find that investor-paid rating agencies are likely to assign credit ratings that are biased in favor of their clients’ positions, and that this effect is attenuated when the rated company has (...)
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