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  1. Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. [REVIEW]Hoje Jo & Maretno A. Harjoto - 2011 - Journal of Business Ethics 103 (3):351-383.
    This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and anti- takeover provisions, after controlling for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that (...)
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  2. The Causal Effect of Corporate Governance on Corporate Social Responsibility.Hoje Jo & Maretno A. Harjoto - 2012 - Journal of Business Ethics 106 (1):53-72.
    In this article, we examine the empirical association between corporate governance (CG) and corporate social responsibility (CSR) engagement by investigating their causal effects. Employing a large and extensive US sample, we first find that while the lag of CSR does not affect CG variables, the lag of CG variables positively affects firms’ CSR engagement, after controlling for various firm characteristics. In addition, to examine the relative importance of stakeholder theory and agency theory regarding the associations among CSR, CG, and corporate (...)
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  3.  15
    Corporate Governance and CSR Nexus.Maretno A. Harjoto & Hoje Jo - 2011 - Journal of Business Ethics 100 (1):45 - 67.
    Some argue that managers over-invest in corporate social responsibility (CSR) activities to build their personal reputations as good global citizens. Others claim that CEOs strategically choose CSR activities to reduce the probability of CEO turnover in a future period through indirect support from activists. Still others assert that firms use CSR activities to signal their product quality. We find that firms use governance mechanisms, along with CSR engagement, to reduce conflicts of interest between managers and non-investing stakeholders. Employing a large (...)
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  4.  85
    Doing Well While Doing Bad? CSR in Controversial Industry Sectors.Ye Cai, Hoje Jo & Carrie Pan - 2012 - Journal of Business Ethics 108 (4):467 - 480.
    In this article, we examine the empirical association between firm value and CSR engagement for firms in sinful industries, such as tobacco, gambling, and alcohol, as well as industries involved with emerging environmental, social, or ethical issues, i.e., weapon, oil, cement, and biotech. We develop and test three hypotheses, the window-dressing hypothesis, the value-enhancement hypothesis, and the value-irrelevance hypothesis. Using an extesive US sample from 1995 to 2009, we find that CSR engagement of firms in controversial industries positively affects firm (...)
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  5.  71
    Does CSR Reduce Firm Risk? Evidence From Controversial Industry Sectors.Hoje Jo & Haejung Na - 2012 - Journal of Business Ethics 110 (4):441-456.
    In this paper, we examine the relation between corporate social responsibility (CSR) and firm risk in controversial industry sectors. We develop and test two competing hypotheses of risk reduction and window dressing. Employing an extensive U.S. sample during the 1991-2010 period from controversial industry firms, such as alcohol, tobacco, gambling, and others, we find that CSR engagement inversely affects firm risk after controlling for various firm characteristics. To deal with endogeneity issue, we adopt a system equation approach and difference regressions (...)
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  6.  46
    Vice or Virtue? The Impact of Corporate Social Responsibility on Executive Compensation.Ye Cai, Hoje Jo & Carrie Pan - 2011 - Journal of Business Ethics 104 (2):159-173.
    We empirically examine the impact of corporate social responsibility (CSR) on CEO compensation using a large sample of the US firms from 1996 to 2010. We develop and test two hypotheses, the overinvestment hypothesis based on agency theory and the conflict–resolution hypothesis based on stakeholder theory. We find that the lag of CSR adversely affects both total compensation and cash compensation, after controlling for various firm and board characteristics. Our estimates show that an interquartile increase in CSR is followed by (...)
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  7.  15
    Corporate Environmental Responsibility and Firm Performance in the Financial Services Sector.Hoje Jo, Hakkon Kim & Kwangwoo Park - 2015 - Journal of Business Ethics 131 (2):257-284.
    In this study, we examine whether corporate environmental responsibility plays a role in enhancing operating performance in the financial services sector. Because achieving success with CER investing is often a long-term process, we maintain that by effectively investing in CER, executives can decrease their firms’ environmental costs, thereby enhancing operating performance. By employing a unique environmental dataset covering 29 countries, we find that the reducing of environmental costs takes at least 1 or 2 years before enhancing return on assets. We (...)
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  8.  45
    Ethics and Disclosure: A Study of the Financial Performance of Firms in the Seasoned Equity Offerings Market.Hoje Jo & Yongtae Kim - 2008 - Journal of Business Ethics 80 (4):855-878.
    In this article, we examine the association between ethics and disclosure and the impact of this association on the long-term, post-issue performance of seasoned equity offerings (SEOs). We argue that firms with extensive disclosure are less likely to face information problems, and more likely to lead to an active shareholder monitoring, and therefore, engage in fewer unethical activities, such as aggressive earnings manipulation, and have better long-term, post-issue performance. Consistent with these predictions, this study presents evidence that disclosure is negatively (...)
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  9.  24
    The Influence of Christian Religiosity on Managerial Decisions Concerning the Environment.Jinhua Cui, Hoje Jo & Manuel G. Velasquez - 2015 - Journal of Business Ethics 132 (1):203-231.
    The issue of management’s relations to the environment has received a significant amount of attention in the literature on corporate social responsibility. Yet the influence of religion on managers’ environmental decisions has until now remained unexamined despite its known importance. In this article, we examine the empirical association between religion—primarily Christianity—and the environmental practices a firm’s management undertakes by investigating their OLS, principal component, simultaneous, and endogenous effects. Employing a large and extensive U.S. sample, we find a negative association between (...)
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  10.  3
    Christian Religiosity and Corporate Community Involvement.Jinhua Cui, Hoje Jo & Manuel G. Velasquez - 2019 - Business Ethics Quarterly 29 (1):85-125.
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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.  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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  13.  28
    Legal Vs. Normative CSR: Differential Impact on Analyst Dispersion, Stock Return Volatility, Cost of Capital, and Firm Value.Maretno A. Harjoto & Hoje Jo - 2015 - Journal of Business Ethics 128 (1):1-20.
    This study examines how the sell-side analysts interpret firms’ corporate social responsibility activities. Specifically, we examine the differential impact of overall, legal, and normative CSR on the analysts’ earnings forecast dispersion, stock return volatility, cost of equity capital, and firm value. Employing a sample of U.S. public firms during 1993–2009, we find that overall CSR intensities reduce analyst dispersion of earnings forecast, volatility of stock return and cost of capital , and increase firm value. However, its impact is reduced for (...)
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  14.  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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  15.  16
    Analyst Coverage, Corporate Social Responsibility, and Firm Risk.Hoje Jo & Maretno Harjoto - 2014 - Business Ethics: A European Review 23 (3):272-292.
    This article examines the empirical association between analyst coverage and corporate social responsibility (CSR) by investigating their simultaneous and causal effects, and its joint effects of CSR engagement and analyst coverage on firm risk. We find a positive association between the level and change of CSR engagement and the level and change of analyst coverage after considering simultaneity and causality. Based on the first-difference approach, we further find that the change in analyst following from the previous year affects the change (...)
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  16.  22
    Workforce Diversity and Religiosity.Jinhua Cui, Hoje Jo, Haejung Na & Manuel G. Velasquez - 2015 - Journal of Business Ethics 128 (4):743-767.
    Workforce diversity has received increasing amounts of attention from academics and practitioners alike. In this article, we examine the empirical association between a firm’s workforce diversity and the degree of religiosity of the firm’s management by investigating their unidirectional and endogenous effects. Employing a large and extensive U.S. sample of firms from the years 1991–2010, we find a positive association between a measure of the firm’s commitment to diversity and the religiosity of the firm’s management after controlling for various firm (...)
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  17.  12
    Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility.Maretno Harjoto, Hoje Jo & Yongtae Kim - 2017 - Journal of Business Ethics 146 (1):77-109.
    This study examines the relation between corporate social responsibility and institutional investor ownership, and the impact of this relation on stock return volatility. We find that institutional ownership does not strictly increase or decrease in CSR; rather, institutional ownership is a concave function of CSR. This evidence suggests that institutional investors do not see CSR as strictly value-enhancing activities. Institutional investors adjust their percentage of ownership when CSR activities go beyond the perceived optimal level. Employing the path analysis, we also (...)
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  18.  1
    Pray Local and Act Global? Christian Religiosity in the U.S. And Human Rights.Jinhua Cui & Hoje Jo - forthcoming - Business Ethics: A European Review.
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  19.  4
    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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  20.  28
    Corporate Social Responsibility and Insider Trading.Jinhua Cui, Hoje Jo & Yan Li - 2015 - Journal of Business Ethics 130 (4):869-887.
  21.  10
    Do Thinkers Lead Doers?Maretno A. Harjoto & Hoje Jo - 2013 - Business and Professional Ethics Journal 32 (3-4):221-258.
    This study examines whether reputable analysts and brokerage houses as thinker-driven middlemen led corporations to engage in CSR by investigating the causal relation between CSR and analysts and brokerage houses’ reputations. While theory of information asymmetry predicts that corporations with higher level of CSR tend to attract more reputable analysts and brokerage houses such that they can disseminate valuable information to outside investors, the social pressure theory expects corporations, which receive coverage from more reputable analysts and brokerage houses, tend to (...)
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  22. 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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