메뉴 건너뛰기




Volumn 34, Issue 1, 2009, Pages 21-49

Revisiting the Vexing Question: Does Superior Corporate Social Performance Lead to Improved Financial Performance?

Author keywords

ACCOUNTING PERFORMANCE; CORPORATE SOCIAL PERFORMANCE; CORPORATE SOCIAL RESPONSIBILITY; CORPORATE SUSTAINABILITY; MARKET PERFORMANCE

Indexed keywords


EID: 70349297229     PISSN: 03128962     EISSN: None     Source Type: Journal    
DOI: 10.1177/031289620903400103     Document Type: Article
Times cited : (130)

References (89)
  • 1
    • 84992906558 scopus 로고    scopus 로고
    • An appraisal of socially responsible investments and implications for trustees and other investment fiduciaries
    • Ali, D., & Gold, M. 2002, ‘An appraisal of socially responsible investments and implications for trustees and other investment fiduciaries,’ working paper, University of Melbourne.
    • (2002) working paper, University of Melbourne
    • Ali, D.1    Gold, M.2
  • 3
    • 0037934957 scopus 로고    scopus 로고
    • Does ethical investing impose a cost upon the firm? A theoretical perspective
    • Angel, J. J., & Rivoli, P. 1997, ‘Does ethical investing impose a cost upon the firm? A theoretical perspective’, Journal of Investing, vol. 6, pp. 57–61.
    • (1997) Journal of Investing , vol.6 , pp. 57-61
    • Angel, J.J.1    Rivoli, P.2
  • 4
    • 0000280749 scopus 로고
    • An empirical examination of the relationship between corporate social responsibility and profitability
    • Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. 1985, ‘An empirical examination of the relationship between corporate social responsibility and profitability’, The Academy of Management Journal, vol. 28, pp. 446–63.
    • (1985) The Academy of Management Journal , vol.28 , pp. 446-463
    • Aupperle, K.E.1    Carroll, A.B.2    Hatfield, J.D.3
  • 6
    • 35448973586 scopus 로고    scopus 로고
    • Corporate social responsibility and financial risk
    • Boutin-Dufresne, F. & Savaria, P. 2004, ‘Corporate social responsibility and financial risk’, Journal of Investing, vol. 13, pp. 57–67.
    • (2004) Journal of Investing , vol.13 , pp. 57-67
    • Boutin-Dufresne, F.1    Savaria, P.2
  • 7
    • 0002359324 scopus 로고
    • Is pollution profitable?
    • Bragdon, J. H., & Marlin, J. 1972, ‘Is pollution profitable?’ Risk Management, vol. 19, pp. 9–18.
    • (1972) Risk Management , vol.19 , pp. 9-18
    • Bragdon, J.H.1    Marlin, J.2
  • 8
    • 33750522004 scopus 로고    scopus 로고
    • Corporate social performance and stock returns: UK evidence from disaggregate measures
    • Brammer, S., Brooks, C. & Pavelin, S. 2006, ‘Corporate social performance and stock returns: UK evidence from disaggregate measures’, Financial Management, vol. 35, pp. 97–116.
    • (2006) Financial Management , vol.35 , pp. 97-116
    • Brammer, S.1    Brooks, C.2    Pavelin, S.3
  • 10
    • 0002519023 scopus 로고    scopus 로고
    • Have individual stocks become more volatile? An empirical examination of idiosyncratic risk
    • Campbell, J. Y., Lettau, M., Malkiel, B. G., & Xu, Y. 2001, ‘Have individual stocks become more volatile? An empirical examination of idiosyncratic risk’, Journal of Finance, vol. 56, pp. 1–43.
    • (2001) Journal of Finance , vol.56 , pp. 1-43
    • Campbell, J.Y.1    Lettau, M.2    Malkiel, B.G.3    Xu, Y.4
  • 11
    • 0002624840 scopus 로고    scopus 로고
    • On the persistence in mutual fund performance
    • Carhart, M. M. 1997, ‘On the persistence in mutual fund performance’, Journal of Finance, vol. 52, pp. 57–82.
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.M.1
  • 12
    • 0002498164 scopus 로고
    • Stakeholder thinking in three models of management morality: A perspective with strategic implications
    • J. Nasi, LSR Publications, Helsinki, Finland
    • Carroll, A. B. 1995, ‘Stakeholder thinking in three models of management morality: A perspective with strategic implications’, in Understanding Stakeholder Thinking, J. Nasi, LSR Publications, Helsinki, Finland, pp. 47–74.
    • (1995) Understanding Stakeholder Thinking , pp. 47-74
    • Carroll, A.B.1
  • 14
    • 0036348678 scopus 로고    scopus 로고
    • Managing ethical risk: How investing in ethics adds value’
    • Chami, R., Cosimano, T. F. & Fullenkamp, C. 2002, ‘Managing ethical risk: How investing in ethics adds value’, Journal of Banking & Finance, vol. 26, pp. 1697–718.
    • (2002) Journal of Banking & Finance , vol.26 , pp. 1697-1718
    • Chami, R.1    Cosimano, T.F.2    Fullenkamp, C.3
  • 15
    • 0000243445 scopus 로고
    • Nonlinearity and specification problems in unexpected earnings response regression model
    • Cheng, C. S., Hopwood, W. S., & McKeown, J. C. 1992, ‘Nonlinearity and specification problems in unexpected earnings response regression model’, The Accounting Review, vol. 67, pp. 579–98.
    • (1992) The Accounting Review , vol.67 , pp. 579-598
    • Cheng, C.S.1    Hopwood, W.S.2    McKeown, J.C.3
  • 16
    • 34547731835 scopus 로고    scopus 로고
    • The role of environmental disclosures as tools of legitimacy: A research note
    • Cho, C. H., & Patten, D. M. 2007, ‘The role of environmental disclosures as tools of legitimacy: A research note’, Accounting, Organizations and Society, vol. 32, pp. 639–47.
    • (2007) Accounting, Organizations and Society , vol.32 , pp. 639-647
    • Cho, C.H.1    Patten, D.M.2
  • 20
    • 0002182692 scopus 로고
    • Corporate social responsibility and financial performance
    • Cochran, P. L., & Wood, R. A. 1984, ‘Corporate social responsibility and financial performance’, The Academy of Management Journal, vol. 27, pp. 42–56.
    • (1984) The Academy of Management Journal , vol.27 , pp. 42-56
    • Cochran, P.L.1    Wood, R.A.2
  • 21
    • 34547747254 scopus 로고    scopus 로고
    • Corporate social reporting and stakeholder accountability: The missing link
    • Cooper, S. M., & Owen, D. L. 2007, ‘Corporate social reporting and stakeholder accountability: The missing link’, Accounting, Organizations and Society, vol. 32, pp. 649–67.
    • (2007) Accounting, Organizations and Society , vol.32 , pp. 649-667
    • Cooper, S.M.1    Owen, D.L.2
  • 22
    • 0000088369 scopus 로고
    • Corporate stakeholders and corporate finance
    • Cornell, B., & Shapiro, A. C. 1987, ‘Corporate stakeholders and corporate finance’, Financial Management, vol. 16, pp. 5–14.
    • (1987) Financial Management , vol.16 , pp. 5-14
    • Cornell, B.1    Shapiro, A.C.2
  • 24
    • 0000962356 scopus 로고
    • The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis
    • Cowen, S. S., Ferreri, L. B., & Parker, L. D. 1987, ‘The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis’, Accounting, Organizations and Society, vol. 12, pp. 111–22.
    • (1987) Accounting, Organizations and Society , vol.12 , pp. 111-122
    • Cowen, S.S.1    Ferreri, L.B.2    Parker, L.D.3
  • 25
  • 26
    • 0002348750 scopus 로고
    • A comparison and test of the use of accounting and stock market data in relating corporate social responsibility and financial performance
    • Davidson, W. N., & Worell, D. L. 1990, ‘A comparison and test of the use of accounting and stock market data in relating corporate social responsibility and financial performance’, Akron Business and Economic Review, vol. 21, pp. 7–19.
    • (1990) Akron Business and Economic Review , vol.21 , pp. 7-19
    • Davidson, W.N.1    Worell, D.L.2
  • 27
    • 0000549673 scopus 로고    scopus 로고
    • Earnings management: Reconciling the views of accounting academics, practitioners, and regulators
    • Dechow, P. M., & Skinner, D. J. 2000, ‘Earnings management: Reconciling the views of accounting academics, practitioners, and regulators’, Accounting Horizons, vol. 14, pp. 235–50.
    • (2000) Accounting Horizons , vol.14 , pp. 235-250
    • Dechow, P.M.1    Skinner, D.J.2
  • 28
    • 84986173321 scopus 로고    scopus 로고
    • The legitimising effect of social and environmental disclosures: A theoretical foundation
    • Deegan, C. 2002, ‘The legitimising effect of social and environmental disclosures: A theoretical foundation’, Accounting, Auditing & Accountability Journal, vol. 15, pp. 282–311.
    • (2002) Accounting, Auditing & Accountability Journal , vol.15 , pp. 282-311
    • Deegan, C.1
  • 31
    • 84929566306 scopus 로고    scopus 로고
    • Managing risk exposure of socially screened portfolios
    • http://www.northinfo.com, date accessed 23/05/04.
    • DiBartolomeo, D. & Kurtz, L. 1999, ‘Managing risk exposure of socially screened portfolios’, working paper, Northfield Information Services, http://www.northinfo.com, date accessed 23/05/04.
    • (1999) working paper, Northfield Information Services
    • DiBartolomeo, D.1    Kurtz, L.2
  • 32
    • 70349271860 scopus 로고    scopus 로고
    • A guide to the Dow Jones Global Indexes
    • DJGI, http://www.djindexes.com, date accessed 12/07/03.
    • DJGI 2002, ‘A guide to the Dow Jones Global Indexes’, http://www.djindexes.com, date accessed 12/07/03.
    • (2002)
  • 33
    • 70349290260 scopus 로고    scopus 로고
    • Corporate sustainability
    • http://www.sustainability-indexes.com, date accessed 12/07/03.
    • DJSI, 2002, ‘Corporate sustainability’, http://www.sustainability-indexes.com, date accessed 12/07/03.
    • (2002)
    • DJSI1
  • 34
    • 0003313336 scopus 로고    scopus 로고
    • Is information risk a determinant of asset returns?
    • Easley, D., Hvidkjaer, S., & O'Hara, M. 2002, ‘Is information risk a determinant of asset returns?’ Journal of Finance, vol. 57, pp. 2185–221.
    • (2002) Journal of Finance , vol.57 , pp. 2185-2221
    • Easley, D.1    Hvidkjaer, S.2    O'Hara, M.3
  • 35
    • 0010858944 scopus 로고    scopus 로고
    • The persistence of risk-adjusted mutual fund performance
    • Elton, E. J., Gruber, M. J., & Blake, C. R. 1996, ‘The persistence of risk-adjusted mutual fund performance’, Journal of Business, vol. 69, pp. 133–57.
    • (1996) Journal of Business , vol.69 , pp. 133-157
    • Elton, E.J.1    Gruber, M.J.2    Blake, C.R.3
  • 36
    • 37149018482 scopus 로고    scopus 로고
    • http://www.eurosif.org/publications/sri_studies, date accessed 13/03/07.
    • Eurosif, 2006, European SRI Study 2006, http://www.eurosif.org/publications/sri_studies, date accessed 13/03/07.
    • (2006) European SRI Study 2006
    • Eurosif1
  • 37
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama, E. F., & French, K. R. 1993, ‘Common risk factors in the returns on stocks and bonds’, Journal of Financial Economics, vol. 33, pp. 3–56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 38
    • 0013413658 scopus 로고    scopus 로고
    • Multifactor explanations of asset pricing anomalies
    • Fama, E. F., & French, K. R. 1996, ‘Multifactor explanations of asset pricing anomalies’, Journal of Finance, vol. 51, pp. 55–84.
    • (1996) Journal of Finance , vol.51 , pp. 55-84
    • Fama, E.F.1    French, K.R.2
  • 39
    • 0002424045 scopus 로고    scopus 로고
    • Does improving a firm's environmental management system and environmental performance result in a higher stock price?
    • Feldman, S. J., Soyka, P. A., & Ameer, P. G. 1997, ‘Does improving a firm's environmental management system and environmental performance result in a higher stock price?’ Journal of Investing, vol. 6, pp. 87–97.
    • (1997) Journal of Investing , vol.6 , pp. 87-97
    • Feldman, S.J.1    Soyka, P.A.2    Ameer, P.G.3
  • 43
    • 21144462546 scopus 로고
    • A nonlinear model of security price responses to unexpected earnings
    • Freeman, R. N., & Tse, S. Y. 1992, ‘A nonlinear model of security price responses to unexpected earnings’, Journal of Accounting Research, vol. 30, pp. 185–209.
    • (1992) Journal of Accounting Research , vol.30 , pp. 185-209
    • Freeman, R.N.1    Tse, S.Y.2
  • 44
    • 0001788578 scopus 로고
    • The social responsibility of business is to increase its profits
    • Friedman, M. 1970, ‘The social responsibility of business is to increase its profits’, New York Times Magazine, pp. 122–26.
    • (1970) New York Times Magazine , pp. 122-126
    • Friedman, M.1
  • 45
    • 0142168851 scopus 로고    scopus 로고
    • Idiosyncratic risk matters!
    • Goyal, A., & Santa-Clara, P. 2003, ‘Idiosyncratic risk matters!’, Journal of Finance, vol. 58, pp. 975–1008.
    • (2003) Journal of Finance , vol.58 , pp. 975-1008
    • Goyal, A.1    Santa-Clara, P.2
  • 46
    • 34548820215 scopus 로고    scopus 로고
    • Does sustainability reporting improve corporate behaviour?: Wrong question? Right time?
    • Gray, R. 2006, ‘Does sustainability reporting improve corporate behaviour?: Wrong question? Right time?’ Accounting and Business Research, vol. 65, pp. 65–88.
    • (2006) Accounting and Business Research , vol.65 , pp. 65-88
    • Gray, R.1
  • 47
    • 84992831321 scopus 로고    scopus 로고
    • Introducing the 2002 sustainability reporting guidelines
    • GRI, www.globalreporting.org, date accessed 21/02/03.
    • GRI, 2002, ‘Introducing the 2002 sustainability reporting guidelines’, Global Reporting Initiative, www.globalreporting.org, date accessed 21/02/03.
    • (2002) Global Reporting Initiative
  • 48
    • 0000171195 scopus 로고    scopus 로고
    • The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research
    • Griffin, J. J., & Mahon, J. F. 1997, ‘The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research’, Business and Society, vol. 36, pp. 5–31.
    • (1997) Business and Society , vol.36 , pp. 5-31
    • Griffin, J.J.1    Mahon, J.F.2
  • 49
    • 22544452456 scopus 로고    scopus 로고
    • Is there a cost to being socially responsible in investing?
    • Guerard, J. B. 1997, ‘Is there a cost to being socially responsible in investing?’ Journal of Forecasting, vol. 16, pp. 475–90.
    • (1997) Journal of Forecasting , vol.16 , pp. 475-490
    • Guerard, J.B.1
  • 50
    • 84992831327 scopus 로고    scopus 로고
    • Are SRI indices responsible? Portfolio indexes and futures research
    • http://www.db.com, date accessed 04/04/03.
    • Hamid, N. & Sanford, Y. 2002, ‘Are SRI indices responsible? Portfolio indexes and futures research’, Deutsche Bank, http://www.db.com, date accessed 04/04/03.
    • (2002) Deutsche Bank
    • Hamid, N.1    Sanford, Y.2
  • 51
    • 0002878373 scopus 로고
    • Doing well while doing good? The investment performance of socially responsible mutual funds
    • Hamilton, S., Jo, H., & Statman, M. 1993, ‘Doing well while doing good? The investment performance of socially responsible mutual funds’, Financial Analysts Journal, vol. 49, pp. 62–6.
    • (1993) Financial Analysts Journal , vol.49 , pp. 62-66
    • Hamilton, S.1    Jo, H.2    Statman, M.3
  • 53
    • 0000948407 scopus 로고
    • The characteristics of takeover targets: Q and other measures
    • Hasbrouck, J. 1985, ‘The characteristics of takeover targets: Q and other measures’, Journal of Banking & Finance, vol. 9, pp. 351–62.
    • (1985) Journal of Banking & Finance , vol.9 , pp. 351-362
    • Hasbrouck, J.1
  • 54
    • 0001574630 scopus 로고    scopus 로고
    • A review of the earnings management literature and its implications for standard setting
    • Healy, P. M., & Wahlen, J. M. 1999, ‘A review of the earnings management literature and its implications for standard setting’, Accounting Horizons, vol. 13, pp. 365–83.
    • (1999) Accounting Horizons , vol.13 , pp. 365-383
    • Healy, P.M.1    Wahlen, J.M.2
  • 56
    • 38248999290 scopus 로고
    • An investigation of corporate social responsibility reputation and economic performance
    • Herremans, I. M., Akathaporn, P., & McInnes, M. 1993, ‘An investigation of corporate social responsibility reputation and economic performance’, Accounting, Organizations and Society, vol. 18, pp. 587–604.
    • (1993) Accounting, Organizations and Society , vol.18 , pp. 587-604
    • Herremans, I.M.1    Akathaporn, P.2    McInnes, M.3
  • 57
    • 0042016881 scopus 로고    scopus 로고
    • Are there differences in liquidity and solvency measures based on company size?
    • Huff, P. L., Harper, R. M., & Eikner, A. E. 1999, ‘Are there differences in liquidity and solvency measures based on company size?’, American Business Review, vol. 17, pp. 96–106.
    • (1999) American Business Review , vol.17 , pp. 96-106
    • Huff, P.L.1    Harper, R.M.2    Eikner, A.E.3
  • 58
    • 0017097851 scopus 로고
    • Theory of the firm: Managerial behaviour, agency costs and ownership structure
    • Jensen, M. C., & Meckling, W. H. 1976, ‘Theory of the firm: Managerial behaviour, agency costs and ownership structure’, Journal of Financial Economics, vol. 3, pp. 303–60.
    • (1976) Journal of Financial Economics , vol.3 , pp. 303-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 59
    • 0036005189 scopus 로고    scopus 로고
    • Ethical screening in modern financial markets: The conflicting claims underlying socially responsible investment
    • Knoll, M. S. 2002, ‘Ethical screening in modern financial markets: The conflicting claims underlying socially responsible investment’, The Business Lawyer, vol. 57, pp. 681–726.
    • (2002) The Business Lawyer , vol.57 , pp. 681-726
    • Knoll, M.S.1
  • 60
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang, L. H. P. & Stulz, R. M. 1994, ‘Tobin's q, corporate diversification, and firm performance’, Journal of Political Economy, vol. 102, pp. 1248–80.
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.H.P.1    Stulz, R.M.2
  • 61
    • 0010882413 scopus 로고
    • Social investing and the law of trusts
    • Langbein, J. H., & Posner, R. A. 1980, ‘Social investing and the law of trusts’, Michigan Law Review, vol. 79, pp. 72–112.
    • (1980) Michigan Law Review , vol.79 , pp. 72-112
    • Langbein, J.H.1    Posner, R.A.2
  • 62
    • 70349290258 scopus 로고    scopus 로고
    • An analysis of the sustainability investment strategy employing the Dow Jones World Sustainability Index
    • PhD dissertation, Monash University, http://www.business.uq.edu.au/staff/profiles/lee_darren_phd.pdf, date accessed 19/04/07.
    • Lee, D. D. 2007, ‘An analysis of the sustainability investment strategy employing the Dow Jones World Sustainability Index’, PhD dissertation, Monash University, http://www.business.uq.edu.au/staff/profiles/lee_darren_phd.pdf, date accessed 19/04/07.
    • (2007)
    • Lee, D.D.1
  • 63
    • 77953596316 scopus 로고    scopus 로고
    • Corporate sustainability performance and idiosyncratic risk: A global perspective
    • forthcoming.
    • Lee, D. D., & Faff, R. W. 2009, ‘Corporate sustainability performance and idiosyncratic risk: A global perspective’, The Financial Review, forthcoming.
    • (2009) The Financial Review
    • Lee, D.D.1    Faff, R.W.2
  • 64
    • 0002206621 scopus 로고
    • Tobin's q ratio and industrial organization
    • Lindenberg, E. B., & Ross, S. A. 1981, ‘Tobin's q ratio and industrial organization’, Journal of Business, vol. 54, pp. 1–32.
    • (1981) Journal of Business , vol.54 , pp. 1-32
    • Lindenberg, E.B.1    Ross, S.A.2
  • 66
  • 68
    • 0000253595 scopus 로고    scopus 로고
    • Corporate social responsibility and financial performance: Correlation or misspecification?
    • McWilliams, A., & Siegel, D. 2000, ‘Corporate social responsibility and financial performance: Correlation or misspecification?’ Strategic Management Journal, vol. 2, pp. 603–9.
    • (2000) Strategic Management Journal , vol.2 , pp. 603-609
    • McWilliams, A.1    Siegel, D.2
  • 69
    • 84896928721 scopus 로고    scopus 로고
    • Mercer IC, http://www.merceric.com/srisurvey#mercer, date accessed 10/06/07.
    • Mercer, 2005, Global Fearless Forecast Survey 2005, Mercer IC, http://www.merceric.com/srisurvey#mercer, date accessed 10/06/07.
    • (2005) Global Fearless Forecast Survey 2005
    • Mercer1
  • 70
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton, R. C. 1987, ‘A simple model of capital market equilibrium with incomplete information’, Journal of Finance, vol. 42, pp. 483–510.
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.C.1
  • 71
    • 0002246374 scopus 로고
    • Choosing socially responsible stocks
    • Moskowitz, M. 1972, ‘Choosing socially responsible stocks’, Business and Society Review, vol. 1, pp. 71–5.
    • (1972) Business and Society Review , vol.1 , pp. 71-75
    • Moskowitz, M.1
  • 72
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S. C., & Majluf, N. S. 1984, ‘Corporate financing and investment decisions when firms have information that investors do not have’, Journal of Financial Economics, vol. 13, pp. 187–221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 73
    • 0036993738 scopus 로고    scopus 로고
    • Evidence from auditors about managers’ and auditors’ earnings management decisions
    • Nelson, M. W., Elliott, J. A., & Tarpley, R. L. 2002, ‘Evidence from auditors about managers’ and auditors’ earnings management decisions’, The Accounting Review, vol. 77, pp. 175–202.
    • (2002) The Accounting Review , vol.77 , pp. 175-202
    • Nelson, M.W.1    Elliott, J.A.2    Tarpley, R.L.3
  • 74
    • 0042090748 scopus 로고    scopus 로고
    • Corporate social and financial performance: A meta-analysis
    • Orlitzky, M., Schmidt, F. L. & Rynes, S. L. 2003, ‘Corporate social and financial performance: A meta-analysis’, Organization Studies, vol. 24, pp. 403–41.
    • (2003) Organization Studies , vol.24 , pp. 403-441
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 75
    • 0036837339 scopus 로고    scopus 로고
    • The relation between environmental performance and environmental disclosure: A research note
    • Patten, D. M. 2002, ‘The relation between environmental performance and environmental disclosure: A research note’, Accounting, Organizations and Society, vol. 27, pp. 763–73.
    • (2002) Accounting, Organizations and Society , vol.27 , pp. 763-773
    • Patten, D.M.1
  • 77
    • 84970430097 scopus 로고
    • Strategy as a field of study: Why search for a new paradigm?
    • Prahalad, C. K., & Hamel, G. 1994, ‘Strategy as a field of study: Why search for a new paradigm?’ Strategic Management Journal, vol. 15, pp. 5–16.
    • (1994) Strategic Management Journal , vol.15 , pp. 5-16
    • Prahalad, C.K.1    Hamel, G.2
  • 78
    • 0035486086 scopus 로고    scopus 로고
    • Social disclosure, financial disclosure and the cost of equity capital
    • Richardson, A. J., & Welker, M. 2001, ‘Social disclosure, financial disclosure and the cost of equity capital’, Accounting, Organizations and Society, vol. 26, pp. 597–616.
    • (2001) Accounting, Organizations and Society , vol.26 , pp. 597-616
    • Richardson, A.J.1    Welker, M.2
  • 79
    • 0002878655 scopus 로고
    • Commentary on earnings management
    • Schipper, K. 1989, ‘Commentary on earnings management’, Accounting Horizons, vol. 3, pp. 91–102.
    • (1989) Accounting Horizons , vol.3 , pp. 91-102
    • Schipper, K.1
  • 81
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer, A., & Vishny, R. W. 1997, ‘A survey of corporate governance’, Journal of Finance, vol. 52, pp. 737–83.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 82
    • 84992788167 scopus 로고    scopus 로고
    • Report on socially responsible investing trends in the United States
    • SIF, http://www.socialinvest.org, date accessed 30/04/07.
    • SIF, 2006, ‘Report on socially responsible investing trends in the United States’, Social Investment Forum, http://www.socialinvest.org, date accessed 30/04/07.
    • (2006) Social Investment Forum
  • 83
    • 21344493415 scopus 로고
    • The combined effects of free cash flow and financial slack on bidder and target stock returns
    • Smith, R. L., & Kim, J. H. 1994, ‘The combined effects of free cash flow and financial slack on bidder and target stock returns’, Journal of Business, vol. 67, pp. 281–310.
    • (1994) Journal of Business , vol.67 , pp. 281-310
    • Smith, R.L.1    Kim, J.H.2
  • 84
    • 0009333581 scopus 로고    scopus 로고
    • Socially responsible mutual funds
    • Statman, M. 2000, ‘Socially responsible mutual funds’, Financial Analysts Journal, vol. 56, pp. 30–9.
    • (2000) Financial Analysts Journal , vol.56 , pp. 30-39
    • Statman, M.1
  • 85
    • 21344444983 scopus 로고    scopus 로고
    • Uncertain precision and price reactions to information
    • Subramanyam, K. R. 1996, ‘Uncertain precision and price reactions to information’, The Accounting Review, vol. 71, pp. 207–20.
    • (1996) The Accounting Review , vol.71 , pp. 207-220
    • Subramanyam, K.R.1
  • 86
    • 0001062886 scopus 로고
    • Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of U.S. firms
    • Ullmann, A. A. 1985, ‘Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of U.S. firms’, The Academy of Management Review, vol. 10, pp. 540–57.
    • (1985) The Academy of Management Review , vol.10 , pp. 540-557
    • Ullmann, A.A.1
  • 87
    • 0002453048 scopus 로고
    • Are socially responsible corporations good investment risks?
    • Vance, S. C. 1975, ‘Are socially responsible corporations good investment risks? Management Review, vol. 64, pp. 18–24.
    • (1975) Management Review , vol.64 , pp. 18-24
    • Vance, S.C.1
  • 88
    • 0001640778 scopus 로고    scopus 로고
    • The corporate social performance-financial performance link
    • Waddock, S. A., & Graves, S. B. 1997, ‘The corporate social performance-financial performance link’, Strategic Management Journal, vol. 18, pp. 303–19.
    • (1997) Strategic Management Journal , vol.18 , pp. 303-319
    • Waddock, S.A.1    Graves, S.B.2
  • 89
    • 84992880407 scopus 로고
    • Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance
    • Wood, D. J., & Jones, R. E. 1995, ‘Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance’, International Journal of Organizational Analysis, vol. 3, pp. 229–67.
    • (1995) International Journal of Organizational Analysis , vol.3 , pp. 229-267
    • Wood, D.J.1    Jones, R.E.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.