메뉴 건너뛰기




Volumn 53, Issue 9, 2015, Pages 2175-2199

Is a firm’s financial risk associated with corporate social responsibility?

Author keywords

Accounting information; Financial information; Governance; Social responsibility

Indexed keywords


EID: 84944740389     PISSN: 00251747     EISSN: None     Source Type: Journal    
DOI: 10.1108/MD-02-2015-0047     Document Type: Article
Times cited : (65)

References (78)
  • 2
    • 84884520962 scopus 로고    scopus 로고
    • Financial crisis impact on sustainability reporting
    • Antonia García-Benau, M., Sierra-Garcia, L. and Zorio, A. (2013), “Financial crisis impact on sustainability reporting”, Management Decision, Vol. 51 No. 7, pp. 1528-1542.
    • (2013) Management Decision , vol.51 , Issue.7 , pp. 1528-1542
    • Antonia García-Benau, M.1    Sierra-Garcia, L.2    Zorio, A.3
  • 3
    • 33746863743 scopus 로고    scopus 로고
    • The effects of corporate governance on firms’ credit ratings
    • Ashbaugh-Skaife, H., Collins, D.W. and LaFond, R. (2006), “The effects of corporate governance on firms’ credit ratings”, Journal of Accounting and Economics, Vol. 42 Nos 1-2, pp. 203-243.
    • (2006) Journal of Accounting and Economics , vol.42 , Issue.1-2 , pp. 203-243
    • Ashbaugh-Skaife, H.1    Collins, D.W.2    LaFond, R.3
  • 4
    • 84887615665 scopus 로고    scopus 로고
    • Corporate social responsibility and credit ratings
    • Attig, N., El Ghoul, S., Guedhami, O. and Suh, J. (2013), “Corporate social responsibility and credit ratings”, Journal of Business Ethics, Vol. 117 No. 4, pp. 679-694.
    • (2013) Journal of Business Ethics , vol.117 , Issue.4 , pp. 679-694
    • Attig, N.1    El Ghoul, S.2    Guedhami, O.3    Suh, J.4
  • 6
    • 34247566562 scopus 로고    scopus 로고
    • Understanding changes in corporate credit spreads
    • Avramov, D., Jostova, G. and Philipov, A. (2007), “Understanding changes in corporate credit spreads”, Financial Analysts Journal, Vol. 63 No. 2, pp. 90-105.
    • (2007) Financial Analysts Journal , vol.63 , Issue.2 , pp. 90-105
    • Avramov, D.1    Jostova, G.2    Philipov, A.3
  • 7
    • 84944768611 scopus 로고    scopus 로고
    • )“Corporate social responsibility as a conflict between owners”working paperSimon Fraser UniversityVancouver.
    • Barnea, A. and Rubin, A. (2005), “Corporate social responsibility as a conflict between owners”, working paper, Simon Fraser University, Vancouver.
    • (2005)
    • Barnea, A.1    Rubin, A.2
  • 8
    • 77957993288 scopus 로고    scopus 로고
    • Corporate social responsibility as a conflict between shareholders
    • Barnea, A. and Rubin, A. (2010), “Corporate social responsibility as a conflict between shareholders”, Journal of Business Ethics, Vol. 97 No. 1, pp. 71-86.
    • (2010) Journal of Business Ethics , vol.97 , Issue.1 , pp. 71-86
    • Barnea, A.1    Rubin, A.2
  • 11
    • 84867459383 scopus 로고    scopus 로고
    • Corporate social responsibility and shareholder’s value
    • Becchetti, L., Ciciretti, R., Hasan, I. and Kobeissi, N. (2012), “Corporate social responsibility and shareholder’s value”, Journal of Business Research, Vol. 65 No. 11, pp. 1628-1635.
    • (2012) Journal of Business Research , vol.65 , Issue.11 , pp. 1628-1635
    • Becchetti, L.1    Ciciretti, R.2    Hasan, I.3    Kobeissi, N.4
  • 12
    • 39749084409 scopus 로고    scopus 로고
    • Forecasting default with the Merton distance to default model
    • Bharath, S.T. and Shumway, T. (2008), “Forecasting default with the Merton distance to default model”, Review of Financial Studies, Vol. 21 No. 3, pp. 1339-1369.
    • (2008) Review of Financial Studies , vol.21 , Issue.3 , pp. 1339-1369
    • Bharath, S.T.1    Shumway, T.2
  • 13
    • 84873525787 scopus 로고    scopus 로고
    • The impact of the dimensions of social performance on firm risk
    • Bouslah, K., Kryzanowski, L. and M’Zali, B. (2013), “The impact of the dimensions of social performance on firm risk”, Journal of Banking & Finance, Vol. 37 No. 4, pp. 1258-1273.
    • (2013) Journal of Banking & Finance , vol.37 , Issue.4 , pp. 1258-1273
    • Bouslah, K.1    Kryzanowski, L.2    M’Zali, B.3
  • 14
    • 35448973586 scopus 로고    scopus 로고
    • Corporate social responsibility and financial risk
    • Boutin-Dufresne, F. and Savaria, P. (2004), “Corporate social responsibility and financial risk”, The Journal of Investing, Vol. 13 No. 1, pp. 57-66.
    • (2004) The Journal of Investing , vol.13 , Issue.1 , pp. 57-66
    • Boutin-Dufresne, F.1    Savaria, P.2
  • 15
    • 84944723840 scopus 로고    scopus 로고
    • The perceived impact of corporate social responsibility on credit rating
    • Butt, M.N.N. and Asghar, M.N. (2013), “The perceived impact of corporate social responsibility on credit rating”, OSR Journal of Business and Management, Vol. 7 No. 3, pp. 5-10.
    • (2013) OSR Journal of Business and Management , vol.7 , Issue.3 , pp. 5-10
    • Butt, M.N.N.1    Asghar, M.N.2
  • 16
    • 84886378344 scopus 로고    scopus 로고
    • Is default probability associated with corporate social responsibility?
    • Chang, T.C., Yan, Y.C. and Chou, L.C. (2013), “Is default probability associated with corporate social responsibility?”, Asia-Pacific Journal of Accounting & Economics, Vol. 20 No. 4, pp. 457-472.
    • (2013) Asia-Pacific Journal of Accounting & Economics , vol.20 , Issue.4 , pp. 457-472
    • Chang, T.C.1    Yan, Y.C.2    Chou, L.C.3
  • 17
    • 84944768612 scopus 로고    scopus 로고
    • )“Corporate social responsibilitycost of equity cost of bank Loan”working paperNational Changhua University of EducationChanghua.
    • Chang, Y., Hsieh, C.H., Wang, T.C. and Hsieh, T.Y. (2013), “Corporate social responsibility, cost of equity and cost of bank Loan”, working paper, National Changhua University of Education, Changhua.
    • (2013)
    • Chang, Y.1    Hsieh, C.H.2    Wang, T.C.3    Hsieh, T.Y.4
  • 18
    • 77951054669 scopus 로고    scopus 로고
    • Distance-to-default in banking: a bridge too far?
    • Chan-Lau, J.A. and Sy, A.N. (2007), “Distance-to-default in banking: a bridge too far?”, Journal of Banking Regulation, Vol. 9 No. 1, pp. 14-24.
    • (2007) Journal of Banking Regulation , vol.9 , Issue.1 , pp. 14-24
    • Chan-Lau, J.A.1    Sy, A.N.2
  • 19
    • 60449120533 scopus 로고    scopus 로고
    • How well do social ratings actually measure corporate social responsibility?
    • Chatterji, A.K., Levine, D.I. and Toffel, M.W. (2009), “How well do social ratings actually measure corporate social responsibility?”, Journal of Economics & Management Strategy, Vol. 18 No. 1, pp. 125-169.
    • (2009) Journal of Economics & Management Strategy , vol.18 , Issue.1 , pp. 125-169
    • Chatterji, A.K.1    Levine, D.I.2    Toffel, M.W.3
  • 20
    • 84872339079 scopus 로고    scopus 로고
    • Corporate social responsibility performance and information asymmetry
    • Cho, S.Y., Lee, C. and Pfeiffer, R.J. Jr (2013), “Corporate social responsibility performance and information asymmetry”, Journal of Accounting and Public Policy, Vol. 32 No. 1, pp. 71-83.
    • (2013) Journal of Accounting and Public Policy , vol.32 , Issue.1 , pp. 71-83
    • Cho, S.Y.1    Lee, C.2    Pfeiffer, R.3
  • 21
    • 0002182692 scopus 로고
    • Corporate social responsibility and financial performance
    • Cochran, P.L. and Wood, R.A. (1984), “Corporate social responsibility and financial performance”, Academy of Management Journal, Vol. 27 No. 1, pp. 42-56.
    • (1984) Academy of Management Journal , vol.27 , Issue.1 , pp. 42-56
    • Cochran, P.L.1    Wood, R.A.2
  • 22
  • 23
    • 34548691257 scopus 로고    scopus 로고
    • Are credit ratings valuable information?
    • Czarnitzki, D. and Kraft, K. (2007), “Are credit ratings valuable information?”, Applied Financial Economics, Vol. 17 No. 13, pp. 1061-1070.
    • (2007) Applied Financial Economics , vol.17 , Issue.13 , pp. 1061-1070
    • Czarnitzki, D.1    Kraft, K.2
  • 24
    • 84944768613 scopus 로고    scopus 로고
    • )“Corporate social responsibility the implied cost of equity capital”working paperRSM Erasmus UniversityRotterdam.
    • Derwall, J. and Verwijmeren, P. (2007), “Corporate social responsibility and the implied cost of equity capital”, working paper, RSM Erasmus University, Rotterdam.
    • (2007)
    • Derwall, J.1    Verwijmeren, P.2
  • 25
    • 79952658642 scopus 로고    scopus 로고
    • Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting
    • Dhaliwal, D.S., Li, O.Z., Tsang, A. and Yang, Y.G. (2011), “Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting”, The Accounting Review, Vol. 86 No. 1, pp. 59-100.
    • (2011) The Accounting Review , vol.86 , Issue.1 , pp. 59-100
    • Dhaliwal, D.S.1    Li, O.Z.2    Tsang, A.3    Yang, Y.G.4
  • 26
    • 84944768614 scopus 로고    scopus 로고
    • )“What relationship between corporate social performance the cost of capital”paper presented to the Academy of Management 2007 Annual MeetingPhiladelphiaPAAugust 3-8.
    • Di Giulio, A., Migliavacca, P.O. and Tencati, A. (2007), “What relationship between corporate social performance and the cost of capital”, paper presented to the Academy of Management 2007 Annual Meeting, Philadelphia, PA, August 3-8.
    • (2007)
    • Di Giulio, A.1    Migliavacca, P.O.2    Tencati, A.3
  • 27
    • 74949136197 scopus 로고    scopus 로고
    • Maximizing business returns to corporate social responsibility (CSR): the role of CSR communication
    • Du, S., Bhattacharya, C.B. and Sen, S. (2010), “Maximizing business returns to corporate social responsibility (CSR): the role of CSR communication”, International Journal of Management Reviews, Vol. 12 No. 1, pp. 8-19.
    • (2010) International Journal of Management Reviews , vol.12 , Issue.1 , pp. 8-19
    • Du, S.1    Bhattacharya, C.B.2    Sen, S.3
  • 28
    • 84864102655 scopus 로고    scopus 로고
    • The price of sin in the Pacific-Basin
    • Durand, R.B., Koh, S. and Tan, P.L. (2013), “The price of sin in the Pacific-Basin”, Pacific-Basin Finance Journal, Vol. 21 No. 1, pp. 899-913.
    • (2013) Pacific-Basin Finance Journal , vol.21 , Issue.1 , pp. 899-913
    • Durand, R.B.1    Koh, S.2    Tan, P.L.3
  • 29
    • 79960199333 scopus 로고    scopus 로고
    • Does corporate social responsibility affect the cost of capital?
    • El Ghoul, S., Guedhami, O., Kwok, C.C. and Mishra, D.R. (2011), “Does corporate social responsibility affect the cost of capital?”, Journal of Banking & Finance, Vol. 35 No. 9, pp. 2388-2406.
    • (2011) Journal of Banking & Finance , vol.35 , Issue.9 , pp. 2388-2406
    • El Ghoul, S.1    Guedhami, O.2    Kwok, C.C.3    Mishra, D.R.4
  • 30
    • 4644260419 scopus 로고    scopus 로고
    • Factors affecting the valuation of corporate bonds
    • Elton, E.J., Gruber, M.J., Agrawal, D. and Mann, C. (2004), “Factors affecting the valuation of corporate bonds”, Journal of Banking & Finance, Vol. 28 No. 11, pp. 2747-2767.
    • (2004) Journal of Banking & Finance , vol.28 , Issue.11 , pp. 2747-2767
    • Elton, E.J.1    Gruber, M.J.2    Agrawal, D.3    Mann, C.4
  • 31
    • 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. and Ameer, P.G. (1997), “Does improving a firm’s environmental management system and environmental performance result in a higher stock price?”, The Journal of Investing, Vol. 6 No. 4, pp. 87-97.
    • (1997) The Journal of Investing , vol.6 , Issue.4 , pp. 87-97
    • Feldman, S.J.1    Soyka, P.A.2    Ameer, P.G.3
  • 32
    • 0000539567 scopus 로고
    • What’s in a name? Reputation building and corporate strategy
    • Fombrun, C. and Shanley, M. (1990), “What’s in a name? Reputation building and corporate strategy”, Academy of management Journal, Vol. 33 No. 2, pp. 233-258.
    • (1990) Academy of management Journal , vol.33 , Issue.2 , pp. 233-258
    • Fombrun, C.1    Shanley, M.2
  • 33
    • 84901607156 scopus 로고    scopus 로고
    • Which dimensions of social responsibility concern financial investors?
    • Girerd-Potin, I., Jimenez-Garcès, S. and Louvet, P. (2014), “Which dimensions of social responsibility concern financial investors?”, Journal of Business Ethics, Vol. 121 No. 4, pp. 559-576.
    • (2014) Journal of Business Ethics , vol.121 , Issue.4 , pp. 559-576
    • Girerd-Potin, I.1    Jimenez-Garcès, S.2    Louvet, P.3
  • 34
    • 65449156880 scopus 로고    scopus 로고
    • The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis
    • Godfrey, P.C., Merrill, C.B. and Hansen, J.M. (2009), “The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis”, Strategic Management Journal, Vol. 30 No. 4, pp. 425-445.
    • (2009) Strategic Management Journal , vol.30 , Issue.4 , pp. 425-445
    • Godfrey, P.C.1    Merrill, C.B.2    Hansen, J.M.3
  • 35
    • 14844326873 scopus 로고    scopus 로고
    • The performance of socially responsible mutual funds: incorporating sociopolitical information in portfolio selection
    • Goldreyer, E.F. and Diltz, J.D. (1999), “The performance of socially responsible mutual funds: incorporating sociopolitical information in portfolio selection”, Managerial Finance, Vol. 25 No. 1, pp. 23-36.
    • (1999) Managerial Finance , vol.25 , Issue.1 , pp. 23-36
    • Goldreyer, E.F.1    Diltz, J.D.2
  • 36
    • 84870555995 scopus 로고    scopus 로고
    • Corporate social responsibility and financial distress
    • Goss, A. (2009), “Corporate social responsibility and financial distress”, ASAC, Vol. 30 No. 29, pp. 25-39.
    • (2009) ASAC , vol.30 , Issue.29 , pp. 25-39
    • Goss, A.1
  • 37
    • 79955612436 scopus 로고    scopus 로고
    • The impact of corporate social responsibility on the cost of bank loans
    • Goss, A. and Roberts, G.S. (2011), “The impact of corporate social responsibility on the cost of bank loans”, Journal of Banking & Finance, Vol. 35 No. 7, pp. 1794-1810.
    • (2011) Journal of Banking & Finance , vol.35 , Issue.7 , pp. 1794-1810
    • Goss, A.1    Roberts, G.S.2
  • 38
    • 84920938547 scopus 로고    scopus 로고
    • Corporate social responsibility and firm value: disaggregating the effects on cash flow, risk and growth
    • Gregory, A., Tharyan, R. and Whittaker, J. (2014), “Corporate social responsibility and firm value: disaggregating the effects on cash flow, risk and growth”, Journal of Business Ethics, Vol. 124 No. 4, pp. 633-657.
    • (2014) Journal of Business Ethics , vol.124 , Issue.4 , pp. 633-657
    • Gregory, A.1    Tharyan, R.2    Whittaker, J.3
  • 39
    • 0000171195 scopus 로고    scopus 로고
    • The corporate social performance and corporate financial performance debate twenty-five years of incomparable research
    • Griffin, J.J. and Mahon, J.F. (1997), “The corporate social performance and corporate financial performance debate twenty-five years of incomparable research”, Business & Society, Vol. 36 No. 1, pp. 5-31.
    • (1997) Business & Society , vol.36 , Issue.1 , pp. 5-31
    • Griffin, J.J.1    Mahon, J.F.2
  • 40
    • 67549131986 scopus 로고    scopus 로고
    • The price of sin: the effects of social norms on markets
    • Hong, H. and Kacperczyk, M. (2009), “The price of sin: the effects of social norms on markets”, Journal of Financial Economics, Vol. 93 No. 1, pp. 15-36.
    • (2009) Journal of Financial Economics , vol.93 , Issue.1 , pp. 15-36
    • Hong, H.1    Kacperczyk, M.2
  • 41
    • 84908237659 scopus 로고    scopus 로고
    • Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification
    • Jiraporn, P., Jiraporn, N., Boeprasert, A. and Chang, K. (2014), “Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification”, Financial Management, Vol. 43 No. 3, pp. 505-531.
    • (2014) Financial Management , vol.43 , Issue.3 , pp. 505-531
    • Jiraporn, P.1    Jiraporn, N.2    Boeprasert, A.3    Chang, K.4
  • 42
    • 84867695714 scopus 로고    scopus 로고
    • Does CSR reduce firm risk? Evidence from controversial industry sectors
    • Jo, H. and Na, H. (2012), “Does CSR reduce firm risk? Evidence from controversial industry sectors”, Journal of Business Ethics, Vol. 43 No. 4, pp. 441-456.
    • (2012) Journal of Business Ethics , vol.43 , Issue.4 , pp. 441-456
    • Jo, H.1    Na, H.2
  • 43
    • 84911452040 scopus 로고    scopus 로고
    • Effects of corporate social responsibility and governance on its credit ratings
    • Kim, D.Y. and Kim, J. (2014), “Effects of corporate social responsibility and governance on its credit ratings”, The Scientific World Journal, Vol. 2014 No. 1, pp. 1-6.
    • (2014) The Scientific World Journal , vol.2014 , Issue.1 , pp. 1-6
    • Kim, D.Y.1    Kim, J.2
  • 44
    • 77953596316 scopus 로고    scopus 로고
    • Corporate sustainability performance and idiosyncratic risk: a global perspective
    • Lee, D.D. and Faff, R.W. (2009), “Corporate sustainability performance and idiosyncratic risk: a global perspective”, Financial Review, Vol. 44 No. 2, pp. 213-237.
    • (2009) Financial Review , vol.44 , Issue.2 , pp. 213-237
    • Lee, D.D.1    Faff, R.W.2
  • 45
    • 59749090262 scopus 로고    scopus 로고
    • The impact of corporate social responsibility on financial performance: evidence from business in Taiwan
    • Lin, C.H., Yang, H.L. and Liou, D.Y. (2009), “The impact of corporate social responsibility on financial performance: evidence from business in Taiwan”, Technology in Society, Vol. 31 No. 1, pp. 56-63.
    • (2009) Technology in Society , vol.31 , Issue.1 , pp. 56-63
    • Lin, C.H.1    Yang, H.L.2    Liou, D.Y.3
  • 46
    • 33947265992 scopus 로고    scopus 로고
    • Is corporate sustainability a value-increasing strategy for business?
    • Lo, S.F. and Sheu, H.J. (2007), “Is corporate sustainability a value-increasing strategy for business?”, Corporate Governance: An International Review, Vol. 15 No. 2, pp. 345-358.
    • (2007) Corporate Governance: An International Review , vol.15 , Issue.2 , pp. 345-358
    • Lo, S.F.1    Sheu, H.J.2
  • 47
    • 25844492645 scopus 로고    scopus 로고
    • Corporate yield spreads: default risk or liquidity? New evidence from the credit default swap market
    • Longstaff, F.A., Mithal, S. and Neis, E. (2005), “Corporate yield spreads: default risk or liquidity? New evidence from the credit default swap market”, The Journal of Finance, Vol. 60 No. 5, pp. 2213-2253.
    • (2005) The Journal of Finance , vol.60 , Issue.5 , pp. 2213-2253
    • Longstaff, F.A.1    Mithal, S.2    Neis, E.3
  • 48
    • 70449378048 scopus 로고    scopus 로고
    • The debate over doing good: corporate social performance, strategic marketing levers, and firm-idiosyncratic risk
    • Luo, X. and Bhattacharya, C.B. (2009), “The debate over doing good: corporate social performance, strategic marketing levers, and firm-idiosyncratic risk”, Journal of Marketing, Vol. 73 No. 6, pp. 198-213.
    • (2009) Journal of Marketing , vol.73 , Issue.6 , pp. 198-213
    • Luo, X.1    Bhattacharya, C.B.2
  • 49
    • 0001200270 scopus 로고
    • Corporate social responsibility and firm financial performance
    • McGuire, J.B., Sundgren, A. and Schneeweis, T. (1988), “Corporate social responsibility and firm financial performance”, Academy of Management Journal, Vol. 31 No. 4, pp. 854-872.
    • (1988) Academy of Management Journal , vol.31 , Issue.4 , pp. 854-872
    • McGuire, J.B.1    Sundgren, A.2    Schneeweis, T.3
  • 50
    • 0035529262 scopus 로고    scopus 로고
    • Corporate social responsibility: a theory of the firm perspective
    • McWilliams, A. and Siegel, D. (2001), “Corporate social responsibility: a theory of the firm perspective”, Academy of Management Review, Vol. 26 No. 1, pp. 117-12.
    • (2001) Academy of Management Review , vol.26 , Issue.1 , pp. 112-117
    • McWilliams, A.1    Siegel, D.2
  • 52
    • 57349177031 scopus 로고    scopus 로고
    • The role of identity salience in the effects of corporate social responsibility on consumer behavior
    • Marin, L., Ruiz, S. and Rubio, A. (2009), “The role of identity salience in the effects of corporate social responsibility on consumer behavior”, Journal of Business Ethics, Vol. 84 No. 1, pp. 65-78.
    • (2009) Journal of Business Ethics , vol.84 , Issue.1 , pp. 65-78
    • Marin, L.1    Ruiz, S.2    Rubio, A.3
  • 53
    • 84755161385 scopus 로고    scopus 로고
    • Corporate social responsibility: is it rewarded by the corporate bond market? A critical note
    • Menz, K.M. (2010), “Corporate social responsibility: is it rewarded by the corporate bond market? A critical note”, Journal of Business Ethics, Vol. 96 No. 1, pp. 117-134.
    • (2010) Journal of Business Ethics , vol.96 , Issue.1 , pp. 117-134
    • Menz, K.M.1
  • 54
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: the risk structure of interest rates
    • Merton, R.C. (1974), “On the pricing of corporate debt: the risk structure of interest rates”, The Journal of Finance, Vol. 29 No. 2, pp. 449-470.
    • (1974) The Journal of Finance , vol.29 , Issue.2 , pp. 449-470
    • Merton, R.C.1
  • 55
    • 62749115225 scopus 로고    scopus 로고
    • Corporate social responsibility and financial performance: the ‘virtuous circle’ revisited
    • Nelling, E. and Webb, E. (2009), “Corporate social responsibility and financial performance: the ‘virtuous circle’ revisited”, Review of Quantitative Finance and Accounting, Vol. 32 No. 2, pp. 197-209.
    • (2009) Review of Quantitative Finance and Accounting , vol.32 , Issue.2 , pp. 197-209
    • Nelling, E.1    Webb, E.2
  • 56
    • 84862004835 scopus 로고    scopus 로고
    • The impact of corporate social performance on financial risk and utility: a longitudinal analysis
    • Oikonomou, I., Brooks, C. and Pavelin, S. (2012), “The impact of corporate social performance on financial risk and utility: a longitudinal analysis”, Financial Management, Vol. 41 No. 2, pp. 483-515.
    • (2012) Financial Management , vol.41 , Issue.2 , pp. 483-515
    • Oikonomou, I.1    Brooks, C.2    Pavelin, S.3
  • 57
    • 84892545337 scopus 로고    scopus 로고
    • The effects of corporate social performance on the cost of corporate debt and credit ratings
    • Oikonomou, I., Brooks, C. and Pavelin, S. (2014), “The effects of corporate social performance on the cost of corporate debt and credit ratings”, Financial Review, Vol. 49 No. 1, pp. 49-75.
    • (2014) Financial Review , vol.49 , Issue.1 , pp. 49-75
    • Oikonomou, I.1    Brooks, C.2    Pavelin, S.3
  • 58
    • 84998086198 scopus 로고    scopus 로고
    • Corporate social performance and firm risk: a meta-analytic review
    • Orlitzky, M. and Benjamin, J.D. (2001), “Corporate social performance and firm risk: a meta-analytic review”, Business & Society, Vol. 40 No. 4, pp. 369-396.
    • (2001) Business & Society , vol.40 , Issue.4 , pp. 369-396
    • Orlitzky, M.1    Benjamin, J.D.2
  • 59
    • 0042090748 scopus 로고    scopus 로고
    • Corporate social and financial performance: a meta-analysis
    • Orlitzky, M., Schmidt, F.L. and Rynes, S.L. (2003), “Corporate social and financial performance: a meta-analysis”, Organization Studies, Vol. 24 No. 3, pp. 403-441.
    • (2003) Organization Studies , vol.24 , Issue.3 , pp. 403-441
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 60
    • 84864752663 scopus 로고    scopus 로고
    • Corporate social responsibility, benchmarking, and organizational performance in the petroleum industry: a quality management perspective
    • Parast, M.M. and Adams, S.G. (2012), “Corporate social responsibility, benchmarking, and organizational performance in the petroleum industry: a quality management perspective”, International Journal of Production Economics, Vol. 139 No. 2, pp. 447-458.
    • (2012) International Journal of Production Economics , vol.139 , Issue.2 , pp. 447-458
    • Parast, M.M.1    Adams, S.G.2
  • 61
    • 74949089590 scopus 로고    scopus 로고
    • The impact of corporate social responsibility on consumer trust: the case of organic food
    • Pivato, S., Misani, N. and Tencati, A. (2008), “The impact of corporate social responsibility on consumer trust: the case of organic food”, Business Ethics: A European Review, Vol. 17 No. 1, pp. 3-12.
    • (2008) Business Ethics: A European Review , vol.17 , Issue.1 , pp. 3-12
    • Pivato, S.1    Misani, N.2    Tencati, A.3
  • 62
    • 84866860574 scopus 로고    scopus 로고
    • The impact of better corporate social responsibility disclosure on the cost of equity capital
    • Reverte, C. (2012), “The impact of better corporate social responsibility disclosure on the cost of equity capital”, Corporate Social Responsibility and Environmental Management, Vol. 19 No. 5, pp. 253-272.
    • (2012) Corporate Social Responsibility and Environmental Management , vol.19 , Issue.5 , pp. 253-272
    • Reverte, C.1
  • 63
    • 0036905213 scopus 로고    scopus 로고
    • Corporate reputation and sustained superior financial performance
    • Roberts, P.W. and Dowling, G.R. (2002), “Corporate reputation and sustained superior financial performance”, Strategic Management Journal, Vol. 23 No. 12, pp. 1077-1093.
    • (2002) Strategic Management Journal , vol.23 , Issue.12 , pp. 1077-1093
    • Roberts, P.W.1    Dowling, G.R.2
  • 64
    • 53649098161 scopus 로고    scopus 로고
    • A note on the interaction between corporate social responsibility and financial performance
    • Scholtens, B. (2008), “A note on the interaction between corporate social responsibility and financial performance”, Ecological Economics, Vol. 68 No. 1, pp. 46-55.
    • (2008) Ecological Economics , vol.68 , Issue.1 , pp. 46-55
    • Scholtens, B.1
  • 65
    • 0001028418 scopus 로고
    • Market response to environmental information produced outside the firm
    • Shane, P.B. and Spicer, B.H. (1983), “Market response to environmental information produced outside the firm”, Accounting Review, Vol. 58 No. 3, pp. 521-538.
    • (1983) Accounting Review , vol.58 , Issue.3 , pp. 521-538
    • Shane, P.B.1    Spicer, B.H.2
  • 66
    • 44149116527 scopus 로고    scopus 로고
    • Environmental risk management and the cost of capital
    • Sharfman, M.P. and Fernando, C.S. (2008), “Environmental risk management and the cost of capital”, Strategic Management Journal, Vol. 29 No. 6, pp. 569-592.
    • (2008) Strategic Management Journal , vol.29 , Issue.6 , pp. 569-592
    • Sharfman, M.P.1    Fernando, C.S.2
  • 67
    • 0002422002 scopus 로고
    • Investors, corporate social performance and information disclosure: an empirical study
    • Spicer, B.H. (1978), “Investors, corporate social performance and information disclosure: an empirical study”, Accounting Review, Vol. 53 No. 1, pp. 94-111.
    • (1978) Accounting Review , vol.53 , Issue.1 , pp. 94-111
    • Spicer, B.H.1
  • 68
    • 84917180706 scopus 로고    scopus 로고
    • EFA keynote speech:‘corporate governance and corporate social responsibility: what do investors care about? What should investors care about?
    • Starks, L.T. (2009), “EFA keynote speech:‘corporate governance and corporate social responsibility: what do investors care about? What should investors care about?”, Financial Review, Vol. 44 No. 4, pp. 461-468.
    • (2009) Financial Review , vol.44 , Issue.4 , pp. 461-468
    • Starks, L.T.1
  • 69
    • 33744513685 scopus 로고    scopus 로고
    • Socially responsible indexes
    • Statman, M. (2006), “Socially responsible indexes”, The Journal of Portfolio Management, Vol. 32 No. 3, pp. 100-109.
    • (2006) The Journal of Portfolio Management , vol.32 , Issue.3 , pp. 100-109
    • Statman, M.1
  • 70
    • 77952165134 scopus 로고    scopus 로고
    • Corporate responsibility and financial performance: the role of intangible resources
    • Surroca, J., Tribó, J.A. and Waddock, S. (2010), “Corporate responsibility and financial performance: the role of intangible resources”, Strategic Management Journal, Vol. 31 No. 5, pp. 463-490.
    • (2010) Strategic Management Journal , vol.31 , Issue.5 , pp. 463-490
    • Surroca, J.1    Tribó, J.A.2    Waddock, S.3
  • 71
    • 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 No. 8, pp. 18-24.
    • (1975) Management Review , vol.64 , Issue.8 , pp. 18-24
    • Vance, S.C.1
  • 72
    • 77649181115 scopus 로고    scopus 로고
    • Employee well-being, firm leverage, and bankruptcy risk
    • Verwijmeren, P. and Derwall, J. (2010), “Employee well-being, firm leverage, and bankruptcy risk”, Journal of Banking & Finance, Vol. 34 No. 5, pp. 956-964.
    • (2010) Journal of Banking & Finance , vol.34 , Issue.5 , pp. 956-964
    • Verwijmeren, P.1    Derwall, J.2
  • 73
    • 0001640778 scopus 로고    scopus 로고
    • The corporate social performance-financial performance link
    • a)“
    • Waddock, S.A. and Graves, S.B. (1997a), “The corporate social performance-financial performance link”, Strategic Management Journal, Vol. 8 No. 4, pp. 303-319.
    • (1997) Strategic Management Journal , vol.8 , Issue.4 , pp. 303-319
    • Waddock, S.A.1    Graves, S.B.2
  • 74
    • 52249092333 scopus 로고    scopus 로고
    • Agency costs, leverage, and corporate social responsibility: a test of causality
    • Webb, E. (2005), “Agency costs, leverage, and corporate social responsibility: a test of causality”, Financial Decisions, Vol. 3 No. 1, pp. 1-19.
    • (2005) Financial Decisions , vol.3 , Issue.1 , pp. 1-19
    • Webb, E.1
  • 75
    • 30344448289 scopus 로고    scopus 로고
    • Corporate social responsibility: views from the frontline
    • Whitehouse, L. (2006), “Corporate social responsibility: views from the frontline”, Journal of Business Ethics, Vol. 63 No. 3, pp. 279-296.
    • (2006) Journal of Business Ethics , vol.63 , Issue.3 , pp. 279-296
    • Whitehouse, L.1
  • 76
    • 77952501900 scopus 로고    scopus 로고
    • Is default risk negatively related to stock returns?
    • Chava, S. and Purnanandam, A. (2010), “Is default risk negatively related to stock returns?”, Review of Financial Studies, Vol. 23 No. 6, pp. 2523-2559.
    • (2010) Review of Financial Studies , vol.23 , Issue.6 , pp. 2523-2559
    • Chava, S.1    Purnanandam, A.2
  • 77
    • 67649661892 scopus 로고    scopus 로고
    • Stock and bond market liquidity: a long-run empirical analysis
    • Goyenko, R.Y. and Ukhov, A.D. (2009), “Stock and bond market liquidity: a long-run empirical analysis”, Journal of Financial and Quantitative Analysis, Vol. 44 No. 1, pp. 189-212.
    • (2009) Journal of Financial and Quantitative Analysis , vol.44 , Issue.1 , pp. 189-212
    • Goyenko, R.Y.1    Ukhov, A.D.2
  • 78
    • 1842663087 scopus 로고    scopus 로고
    • Default risk in equity returns
    • Vassalou, M. and Xing, Y. (2004), “Default risk in equity returns”, The Journal of Finance, Vol. 59 No. 2, pp. 831-868.
    • (2004) The Journal of Finance , vol.59 , Issue.2 , pp. 831-868
    • Vassalou, M.1    Xing, Y.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.