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  1.  14
    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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  2.  10
    Mood and Ethical Decision Making: Positive Affect and Corporate Philanthropy.Leon Zolotoy, Don O’Sullivan, Myeong-Gu Seo & Madhu Veeraraghavan - 2021 - Journal of Business Ethics 171 (1):189-208.
    This study examines the influence of mood on corporate philanthropic giving. Drawing on group emotions theory and affect-infused decision theory, we advance the argument that firms allocate greater resources to philanthropy when headquarters-based employees are in a more positive affective state. We also describe three boundary conditions in this relationship—executives’ embeddedness in the firm, executives’ latitude to engage in philanthropic giving, and the firm’s track record of corporate social irresponsibility. We test our arguments using a longitudinal dataset of philanthropic giving (...)
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  3.  8
    The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns.Leon Zolotoy, Don O’Sullivan & Keke Song - 2021 - Journal of Business Ethics 170 (4):721-742.
    Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this study, we examine whether the ethical standards associated with local religious norms influence the M&A announcement returns. We document that the M&A announcement returns of acquirer firms increase with the strength of religious social norms in the area surrounding firms’ headquarters. We also document that the relationship is attenuated when acquirer firms have strong corporate social responsibility credentials, is amplified when public (...)
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