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Hoje Jo & Haejung Na (2012). Does CSR Reduce Firm Risk? Evidence From Controversial Industry Sectors.

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  1.  6
    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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  2.  35
    Be Bad but Look Good: Can Controversial Industries Enhance Corporate Reputation Through CSR Initiatives?Claudio Aqueveque, Pablo Rodrigo & Ignacio J. Duran - 2018 - Business Ethics: A European Review 27 (3):222-237.
    Even though the link between perceived corporate social responsibility fit and corporate reputation has received much attention from scholars, this tradition has ignored that the underpinnings of this association vary depending on the particular characteristics of each industry under study. To delve into this matter, we investigate in the increasingly relevant context of controversial industries how PCSR-fit could enhance corporate reputation and which are the mediating mechanisms of this association. Our academic contribution is twofold. First, we find that controversial sectors (...)
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  3. Environmental and Social Disclosures and Firm Risk.Mohammed Benlemlih, Amama Shaukat, Yan Qiu & Grzegorz Trojanowski - 2018 - Journal of Business Ethics 152 (3):613-626.
    We examine the link between a firm’s environmental and social disclosures and measures of its risk including total, systematic, and idiosyncratic risk. While we do not find any link between a firm’s E and S disclosures and its systematic risk, we find a negative and significant association between these disclosures and a firm’s total and idiosyncratic risk. These are novel findings and are consistent with the predictions of the stakeholder theory and the resource-based view of the firm suggesting that firms (...)
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  4.  25
    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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  5. Do Auditors Applaud Corporate Environmental Performance? Evidence From China.Xingqiang Du, Wei Jian, Quan Zeng & Yingying Chang - 2018 - Journal of Business Ethics 151 (4):1049-1080.
    This study examines the influence of corporate environmental performance on the propensity that auditors issue modified audit opinions and further investigates the moderating effects of internal control and greenwashing. Using a sample of Chinese listed firms, our findings reveal that corporate environmental performance is significantly negatively associated with modified audit opinions, suggesting that auditors applaud environmentally friendly firms. Moreover, internal control reinforces the negative association between corporate environmental performance and modified audit opinions, but greenwashing attenuates the negative effect of corporate (...)
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  6.  5
    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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  7.  13
    Corporate Philanthropy and Risk Management: An Investigation of Reinsurance and Charitable Giving in Insurance Firms.Mike Adams, Stefan Hoejmose & Zafeira Kastrinaki - 2017 - Business Ethics Quarterly 27 (1):1-37.
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  8.  3
    Corporate Volunteering: A Bibliometric Analysis From 1990 to 2015.Suska Dreesbach‐Bundy & Barbara Scheck - 2017 - Business Ethics: A European Review 26 (3):240-256.
    This article describes a quantitative examination of corporate volunteering research in the form of a bibliometric analysis. Using author, journal, geography, epistemological, and industry data from 115 refereed and 445 non-refereed publications published during 1990–2015, we identify corporate volunteering as a rather young research field. Although the field has progressively developed, it is still limited in magnitude, with recent signs of stagnation. The current state is characterized by moderate publication and author activity rates, with a shift toward more peer-reviewed publications (...)
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  9.  12
    Attraction or Distraction? Corporate Social Responsibility in Macao’s Gambling Industry.Tiffany Cheng Han Leung & Robin Stanley Snell - 2017 - Journal of Business Ethics 145 (3):637-658.
    This paper attempts to investigate how and why organisations in Macao’s gambling industry engage in corporate social responsibility. It is based on an in-depth investigation of Macao’s gambling industry with 49 semi-structured interviews, conducted in 2011. We found that firms within the industry were emphasising pragmatic legitimacy based on both economic and non-economic contributions, in order to project positive images of the industry, while glossing over two domains of adverse externalities: problem gambling among visitors, and the pollution and despoliation of (...)
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  10.  17
    Corporate Environmental Responsibility and Firm Risk.Li Cai, Jinhua Cui & Hoje Jo - 2016 - Journal of Business Ethics 139 (3):563-594.
    In this study, we examine the relation between corporate environmental responsibility and risk in U.S. public firms. We develop and test the risk-reduction, resource-constraint, and cross-industry variation hypotheses. Using an extensive U.S. sample during the 1991–2012 period, we find that for U.S. industries as a whole, CER engagement inversely affects firm risk after controlling for various firm characteristics. The result remains robust when we use firm fixed effect or an alternative measure of CER using principal component analysis or downside risk (...)
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  11.  18
    Community Religion, Employees, and the Social License to Operate.Jinhua Cui, Hoje Jo & Manuel G. Velasquez - 2016 - Journal of Business Ethics 136 (4):775-807.
    The World Bank recently noted: “Social license to operate has traditionally referred to the conduct of firms with regard to the impact on local communities and the environment, but the definition has expanded in recent years to include issues related to worker and human rights”. In this paper, we examine a factor that can influence the kind of work conditions that can facilitate or obstruct a firm’s attempts to achieve the social license to operate. Specifically, we examine the empirical association (...)
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  12.  5
    Organizational Ethics Research: A Systematic Review of Methods and Analytical Techniques.Michael S. McLeod, G. Tyge Payne & Robert E. Evert - 2016 - Journal of Business Ethics 134 (3):429-443.
    Ethics are of interest to business scholars because they influence decisions, behaviors, and outcomes. While scholars have increasingly shown interest in business ethics as a research topic, there are a mounting number of studies that examine ethical issues at the organizational level of analysis. This manuscript reports the results of a systematic review of empirical research on organizational ethics published in a broad sample of business journals over a 33-year period. A total of 184 articles are analyzed to reveal gaps (...)
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  13.  21
    Does It Really Pay to Be Good, Everywhere? A First Step to Understand the Corporate Social and Financial Performance Link in Latin American Controversial Industries.Pablo Rodrigo, Ignacio J. Duran & Daniel Arenas - 2016 - Business Ethics: A European Review 25 (3):286-309.
    Most research studying the corporate social performance –corporate financial performance link has utilized developed country samples. Also, this literature has generally focused on a wide variety of industries, ignoring the fact that certain sectors – such as controversial industries – have graver social and environmental issues. Hence, a gap exists in this tradition when it comes to emerging markets and controversial industries. This paper attempts to fill this void by providing preliminary evidence and insight on the matter. Based on an (...)
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  14.  22
    Do Personal Values Influence the Propensity for Sustainability Actions? A Policy-Capturing Study.Joel Marcus, Heather A. MacDonald & Lorne M. Sulsky - 2015 - Journal of Business Ethics 127 (2):459-478.
    Using a policy-capturing approach with a broad student sample we examine how individuals’ economic, social and environmental values influence their propensity to engage in a broad range of sustainability-related corporate actions. We employ a multi-dimensional sustainability framework of corporate actions and account for both the positive and negative impacts associated with corporate activity—termed strength and concern actions, respectively. Strong economic values were found to increase the propensity for concern actions and the willingness to work in controversial industries. Individuals with balanced (...)
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  15.  54
    Towards Enforceable Bans on Illicit Businesses: From Moral Relativism to Human Rights.Edmund F. Byrne - 2014 - Journal of Business Ethics 119 (1):119-130.
    Many scholars and activists favor banning illicit businesses, especially given that such businesses constitute a large part of the global economy. But these businesses are commonly operated as if they are subject only to the ethical norms their management chooses to recognize, and as a result they sometimes harm innocent people. This can happen in part because there are no effective legal constraints on illicit businesses, and in part because it seems theoretically impossible to dispose definitively of arguments that support (...)
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  16.  20
    The Heterogeneous Impact of Corporate Social Responsibility Activities That Target Different Stakeholders.Kiyoung Chang, Incheol Kim & Ying Li - 2014 - Journal of Business Ethics 125 (2):1-24.
    We aggregate different dimensions of corporate social responsibility (CSR) activities following the stakeholder framework proposed in Clarkson (Acad Manag Rev 20(1), 92–117, 1995) and present consistent evidence that CSR strengths targeting different stakeholders have their unique impact on firm risk and financial performance. Institutional CSR activities that target secondary stakeholders are negatively associated with firm risk, measured by total risk and systematic risk. Technical CSR that target primary stakeholders are positively associated with firm financial performance, measured by Tobin’s Q, ROA, (...)
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  17.  13
    Is Publicity Always Better Than Advertising? The Role of Brand Reputation in Communicating Corporate Social Responsibility.Siv Skard & Helge Thorbjørnsen - 2014 - Journal of Business Ethics 124 (1):1-12.
    Previous studies on corporate social responsibility (CSR) communication suggest that firms’ social initiatives should be communicated through third-party, non-corporate sources because they are perceived as unbiased and therefore reduce consumer skepticism. In this article, we extend existing research by showing that source effects in the communication of social sponsorships are contingent on the brand’s pre-existing reputation. We argue that the congruence between the credibility and trustworthiness of the message source and the brand helps predict consumer responses to a social sponsorship. (...)
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