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  1. Revisiting the Effect of Family Involvement on Corporate Social Responsibility: A Behavioral Agency Perspective.Victor Cui, Shujun Ding, Mingzhi Liu & Zhenyu Wu - 2018 - Journal of Business Ethics 152 (1):291-309.
    This paper sheds light on the incongruent findings concerning the relationship between family involvement and firms’ corporate social responsibility. While prior studies have mainly taken the perspective of families’ socioemotional wealth preservation, we approach this relationship from the perspective of behavioral agency theory, highlighting the important role played by CEOs’ family memberships. Specifically, we posit that family firms are more likely to invest in CSR when their CEOs are members of the controlling families. Furthermore, we examine how family firms can (...)
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  • Sources of Stakeholder Salience in the Responsible Investment Movement: Why Do Investors Sign the Principles for Responsible Investment?Arleta A. A. Majoch, Andreas G. F. Hoepner & Tessa Hebb - 2017 - Journal of Business Ethics 140 (4):723-741.
    Since its inception in 2006, the United Nations-backed Principles for Responsible Investment have grown to over 1300 signatories representing over $45 trillion. This growth is not slowing down. In this paper, we argue that there is a set of attributes which make the PRI salient as a stakeholder and its claim to sign the six PRI important to institutional investors. We use Mitchell et al.’s theoretical framework of stakeholder salience, as extended by Gifford. We use as evidence confidential data from (...)
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  • Is There a Gold Social Seal? The Financial Effects of Additions to and Deletions From Social Stock Indices.Konstantina Kappou & Ioannis Oikonomou - 2016 - Journal of Business Ethics 133 (3):533-552.
    This study investigates the financial effects of additions to and deletions from the most well-known social stock index: the MSCI KLD 400. Our study makes use of the unique setting that index reconstitution provides and allows us to bypass possible issues of endogeneity that commonly plague empirical studies of the link between corporate social and financial performance. By examining not only short-term returns but also trading activity, earnings per share, and long-term performance of stocks that are involved in these events, (...)
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  • Character Cues and Contracting Costs: The Relationship Between Philanthropy and the Cost of Capital.Leon Zolotoy, Don O’Sullivan & Jill Klein - 2019 - Journal of Business Ethics 154 (2):497-515.
    Prior studies in business ethics highlight the role of philanthropy in shaping stakeholders’ perceptions of a firm’s underlying moral tendencies and values. Scholars argue that philanthropy-based character inferences influence whether and how stakeholders engage with firms. We extend this line of reasoning to examine the impact of philanthropy on firms’ contracting costs in the capital market. We posit that philanthropy-based character inferences reduce investors’ agency concerns, thereby reducing firms’ cost of capital. We also posit that the strength of the philanthropy–cost (...)
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  • Is There Informational Value in Corporate Giving?Kiyoung Chang, Hoje Jo & Ying Li - 2018 - Journal of Business Ethics 151 (2):473-496.
    In this article, we propose that giving in cash and non-cash differ in their relation with the giving firm’s future corporate financial performance and only cash giving is associated with future CFP. Using a novel dataset from ASSET4 that differentiates corporate giving over a sample period of 2002–2012, we examine three competing hypotheses: agency cost hypothesis that cash giving reflects agency cost and destroys value for shareholders, investment hypothesis that cash giving is an investment by management that aims for better (...)
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