Social Performance and Firm Risk: Impact of the Financial Crisis

被引：265

作者：

Bouslah, Kais ^{[1
]}

Kryzanowski, Lawrence ^{[2
]}

M'Zali, Bouchra ^{[3
]}

机构：

[1] Univ St Andrews, Sch Management, Ctr Responsible Banking & Finance, St Andrews, Fife, Scotland

[2] Concordia Univ, Senior Concordia Univ Res Chair Finance, Montreal, PQ, Canada

[3] Univ Quebec Montreal, CRSDD ESG UQAM, AICRI, Montreal, PQ, Canada

来源：

JOURNAL OF BUSINESS ETHICS | 2018年 / 149卷 / 03期

关键词：

Financial crisis; Volatility; Idiosyncratic risk; Social performance; Strengths; Concerns; ASSET PRICING-MODELS; CROSS-SECTION; CORPORATE GOVERNANCE; IDIOSYNCRATIC RISK; SHAREHOLDER VALUE; STOCK RETURNS; RESPONSIBILITY; MANAGEMENT; INVESTMENT; COST;

D O I：

10.1007/s10551-016-3017-x

中图分类号：

F [经济];

学科分类号：

020101 [政治经济学];

摘要：

This paper examines the impact of the recent financial crisis (2008-2009) on the relation between a firm's risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991-2012. We find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm's risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment.

引用

页码：643 / 669

页数：27

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