The complementarity between corporate governance and corporate social responsibility

Geneva Papers on Risk and Insurance: Issues and Practice

Volumn 30, Issue 3, 2005, Pages 373-386

  Beltratti, Andrea ^a  

^a BOCCONI UNIVERSITY   (Italy)

Author keywords

Corporate governance; Corporate social responsibility; Ethics; Externalities; Stakeholders

Indexed keywords

EID: 23944450332     PISSN: 10185895     EISSN: None     Source Type: Journal    
DOI: 10.1057/palgrave.gpp.2510035     Document Type: Conference Paper

References (45)

1. Alden, F. (2002) 'Structural deception by banks in Enron case', Financial Times, July 24.
2. Anderson, K.L. and Yohn, T.L. (2001) The effect of 10.k restatements on returns and information asymmetry, working paper, Georgetown University.
3. Arora, S. and Gangopadhyay, S. (1995) Toward a theoretical model of voluntary overcompliance', Journal of Economic Behavior and Organization 28: 289-309.
4. Beasley, M.S., Carcello, J.V. and Hermanson, D.R. (1999) Fraudulent financial reporting: 1987-1997: An analysis of public companies, Jersey City, NJ: American Institute of Certified Public Accountants.
5. Becht, M., Bolton, P. and Roell, A. (2003) 'Corporate governance and control', in G. Constantinides, M. Harris and R. Stulz (eds) Handbook of the Economics of Finance, Amsterdam: North-Holland, pp. 1-126.
6. Benston, G., Bromwich, M., Litan, R.E. and Wagenhofer, A. (2003) Following the money, AEI-Brookings Joint Center for Regulatory studies, Washington, DC.
7. Bhagat, S. and Black, B.S. (2001) 'The non-correlation between board independence and long term firm performance', Journal of Corporation Law 27: 231-273.
8. Black, B.S. (1998) 'Shareholder activism and corporate governance in the United States', in P. Newman (eds), The New Palgrave Dictionay of Economics and the Law 3: 459-465.
9. Commission of the European Communities (2002) Communication from the Commission concerning Corporate Social Responsibility: A business contribution to sustainable development, Brussels.
10. Corten, F. (2004) 'Sustainable indices: Risk and return characteristics', Investment & Pensions Europe, SRSI Report (April): 19.
11. Cremers, K.J.M. and Nair, V.B. (2003) Governance mechanisms and equity prices, working paper no. 03-15 Yale International Center for Finance.
12. Drobetz, W., Schillofer, A. and Zimmermann, H. (2003) Corporate governance and expected stock returns: Evidence from Germany, working paper no. 2/03, WWZ Department of Finance.
13. Elayan, F.A., Li, J. and Meyer, T.O. (2002) Accounting irregularities, management compensation structure and information asymmetry, working paper, Massey University.
14. Fama, E.F. and French, K.R. (1996) 'Multifactor explanations of asset pricing anomalies', Journal of Finance 55: 55-84.
15. Financial Executives International (2001) Quantitative measures of the quality of financial reporting, Morristown, NJ: FEI Research Foundation.
16. Francis, J., LaFond, R., Olsson, P. and Schipper, K. (2005) 'The market pricing of accruals quality', Journal of Accounting and Economics 2: 295-327.
17. Geczy, C.C., Stambaugh, R.F. and Levin, D. (2003) Investing in socially responsible mutual funds, working paper, University of Pennsylvania.
18. Gillan, S.L. and Starks, L.T. (1998) 'A survey of shareholder activism: Motivation and empirical evidence', Contemporary Finance Digest 2: 10-34.
19. Gillan, S.L. and Starks, L.T. (2000) 'Corporate governance proposals and shareholder activism: The role of institutional investors', Journal of Financial Economics 57: 275-305.
20. Graham, C., Litan, R. and Sukhtankar, S. (2002) The bigger they are, the harder they fall: An estimate of the cost of the crisis in corporate governance, working paper, The Brookings Institution.
21. Gregory, A., Matatko, J. and Luther, R. (1997) 'Ethical unit trust financial performance: Small company effects and fund size effects', Journal of Business Finance and Accounting 24: 705-725.
22. Grossman, B.R. and Sharpe, W.F. (1986) 'Financial implications of South African divestment', Financial Analysts Journal 42: 15-29.
23. Hamilton, S., Jo, H. and Statman, M. (1993) 'Doing well while doing good? The investment performance of socially responsible mutual funds', Financial Analysts Journal 49: 62-66.
24. Hansmann, H. (1996) The ownership of enterprise, Cambridge, MA: The Belknap Press of Harvard University.
25. Heal, G. (2004) Corporate Social Responsibility - An Economic and Financial Framework, working paper, Columbia Business School.
26. Holmstrom, B. and Kaplan, S.N. (2003) The state of U.S. corporate governance: What's right and what's wrong?, Boston: National Bureau of Economic Research working paper No. 9613.
27. Hopkins, M. (2004) Corporate social responsibility: An issues paper, ILO, Geneva: Working paper No. 27.
28. Jensen, M.C. and Meckling, W.H. (1976) 'Theory of the firm: Managerial behavior, agency costs and ownership structure', Journal of Financial Economics 3: 305-360.
29. Karpoff, J.M. and Lott Jr, J.R. (1993) The reputational penalty firms bear from committing criminal fraud', Journal of Law and Economics 36: 757-802.
30. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2002) 'Investor protection and corporate valuation', Journal of Finance 57: 1147-1170.
31. Leuz, C., Nanda, D. and Wysocki, P.D. (2003) 'Earnings management and investor protection: An international comparison', Journal of Financial Economics 69: 505-527.
32. Mallin, C., Saadouni, B. and Bristol, R. (1995) 'The financial performance of ethical investment trust', Journal of Business Finance and Accounting 22: 483-496.
33. Margolis, J.D. and Walsh, J.P. (2001) People and profits? The search for a link between a company's social and financial performance, Mahwah, NJ: Lawrence Erlbaum Associates.
34. OECD (2003) 'Guidelines for Multinational Enterprises', fromwww.oecd.org/daf/investment/guidelines.
35. Orlitzky, M. and Benjamin, J.D. (2001) 'Corporate social performance and firm risk: A meta-analytic Review', Business & Society 40: 369-396.
36. Orlitzky, M., Schmidt, F.L. and Rynes, S.L. (2003) 'Corporate social and financial performance: A metaanalysis', Business & Society 24: 403-441.
37. Palmrose, Z. and Scholz, S. (2002) The circumstances and legal consequences of non-GAAP reporting: Evidence from restatements, Ontario: Contemporary Accounting Research conference.
38. Palmrose, Z., Richardson, V.J. and Scholz, S. (2001) Determinants of market reactions to restatement announcements, working paper, University of Southern California and University of Kansas.
39. Payne, L. (2003) Value shift: why companies must merge social and financial imperatives to achieve superior performance, New York: McGraw-Hill.
40. Reyes, M. and Grieb, T. (1998) The external performance of socially-responsible mutual funds', American Business Review 16: 1-7.
41. Romano, R. (2001) 'Less is more: Making shareholder activism a valuable mechanism of corporate governance', Yale Journal on Regulation 18: 174-232.
42. Shiller, R.J. (2003) The new financial order, Princeton: Princeton University Press.
43. Shleifer, A. and Vishny, R.W. (1997) 'A survey of corporate governance', Journal of Finance 52: 737-783.
44. Smith, M.P. (1996) 'Shareholder activism by institutional investors: Evidence from CalPERS', Journal of Finance 51: 227-252.
45. Williamson, O.E. (1985) The economic institutions of capitalism, New York: Free Press.