haku: @all diversity / yhteensä: 845
viite: 12 / 845
Tekijä:Jo, H.
Harjoto, M.A.
Otsikko:Corporate governance and firm value: the impact of corporate social responsibility
Lehti:Journal of Business Ethics
2011 : OCT, VOL. 103:3, p. 351-383
Asiasana:corporate governance
social responsibility
Tiivistelmä:This paper explores 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. The study finds the CSR choice positively related with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and anti-takeover provisions, when controlling for a number of firm characteristics. After correcting for endogeneity and simultaneity issues, the results imply that CSR engagement positively affects firm value measured by industry-adjusted Tobin's q. We find a strong positive effect of analyst following for firms engaging in CSR on firm value, while the board leadership, board independence, blockholders' ownership, and institutional ownership have a relatively weaker role in enhancing firm value. Moreover, it is found that CSR activities addressing internal social enhancement within the firm, such as employees' diversity, firm-employee relationship and product quality, enhance the value of firm more than other CSR subcategories for broader external social enhancement, for example community relation and environmental concerns.
SCIMA tietueen numero: 275558
lisää koriin