메뉴 건너뛰기




Volumn 28, Issue 2, 2016, Pages 29-52

Value-relevance of corporate social responsibility: Evidence from short selling

Author keywords

Corporate social responsibility; Short selling; Sustainability performance; Value relevance

Indexed keywords


EID: 84988383415     PISSN: 10492127     EISSN: 15588033     Source Type: Journal    
DOI: 10.2308/jmar-51439     Document Type: Article
Times cited : (104)

References (78)
  • 1
    • 11544251374 scopus 로고    scopus 로고
    • Short sales are almost instantaneously bad news: Evidence from the Australian Stock Exchange
    • Aitken, M., A. Frino, M. McCorry, and P. Swan. 1998. Short sales are almost instantaneously bad news: Evidence from the Australian Stock Exchange. The Journal of Finance 53: 2205-2223.
    • (1998) The Journal of Finance , vol.53 , pp. 2205-2223
    • Aitken, M.1    Frino, A.2    McCorry, M.3    Swan, P.4
  • 3
    • 0030213196 scopus 로고    scopus 로고
    • Value-relevance of nonfinancial information: The wireless communications industry
    • Amir, E., and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting & Economics 22: 3-30.
    • (1996) Journal of Accounting & Economics , vol.22 , pp. 3-30
    • Amir, E.1    Lev, B.2
  • 4
    • 27244436241 scopus 로고    scopus 로고
    • Short interest, institutional ownership, and stock returns
    • Asquith, P., A. Pathak, and J. Ritter. 2005. Short interest, institutional ownership, and stock returns. Journal of Financial Economics 78: 243-276.
    • (2005) Journal of Financial Economics , vol.78 , pp. 243-276
    • Asquith, P.1    Pathak, A.2    Ritter, J.3
  • 5
    • 0034340136 scopus 로고    scopus 로고
    • Why companies go green: A model of ecological responsiveness
    • Bansal, P., and K. Roth. 2000. Why companies go green: A model of ecological responsiveness. Academy of Management Journal 43 (4): 717-736.
    • (2000) Academy of Management Journal , vol.43 , Issue.4 , pp. 717-736
    • Bansal, P.1    Roth, K.2
  • 6
    • 33750080182 scopus 로고    scopus 로고
    • Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance
    • Barnett, M. L., and R. M. Salomon. 2006. Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance. Strategic Management Journal 27 (11): 1101-1122.
    • (2006) Strategic Management Journal , vol.27 , Issue.11 , pp. 1101-1122
    • Barnett, M.L.1    Salomon, R.M.2
  • 7
    • 14844299824 scopus 로고    scopus 로고
    • Socially responsible investing and portfolio diversification
    • Bello, Z. Y. 2005. Socially responsible investing and portfolio diversification. The Journal of Financial Research 28 (1): 41-57.
    • (2005) The Journal of Financial Research , vol.28 , Issue.1 , pp. 41-57
    • Bello, Z.Y.1
  • 8
    • 0037724997 scopus 로고    scopus 로고
    • The impact of SFAS 131 on information and monitoring
    • Berger, P., and R. Hann. 2003. The impact of SFAS 131 on information and monitoring. Journal of Accounting Research 41: 163-223.
    • (2003) Journal of Accounting Research , vol.41 , pp. 163-223
    • Berger, P.1    Hann, R.2
  • 9
    • 0037702976 scopus 로고    scopus 로고
    • The non-correlation between board independence and long-term firm performance
    • Bhagat, S., and B. Black. 2002. The non-correlation between board independence and long-term firm performance. Journal of Corporation Law 27: 231-273.
    • (2002) Journal of Corporation Law , vol.27 , pp. 231-273
    • Bhagat, S.1    Black, B.2
  • 10
    • 84879170124 scopus 로고    scopus 로고
    • Does earnings quality effect information asymmetry? Evidence from trading costs
    • Bhattacharya, N., H. Desai, and K. Venkataraman. 2013. Does earnings quality effect information asymmetry? Evidence from trading costs. Contemporary Accounting Research 30 (2): 482-516.
    • (2013) Contemporary Accounting Research , vol.30 , Issue.2 , pp. 482-516
    • Bhattacharya, N.1    Desai, H.2    Venkataraman, K.3
  • 11
    • 84872739532 scopus 로고    scopus 로고
    • Short selling and the price discovery process
    • Boehmer, E., and J. Wu. 2013. Short selling and the price discovery process. Review of Financial Studies 26: 287-322.
    • (2013) Review of Financial Studies , vol.26 , pp. 287-322
    • Boehmer, E.1    Wu, J.2
  • 14
    • 84988348861 scopus 로고    scopus 로고
    • Integrating ESG factors in the investment process
    • January/February
    • Bos, J. 2014. Integrating ESG factors in the investment process. CFA Institute Magazine (January/February): 15-16.
    • (2014) CFA Institute Magazine , pp. 15-16
    • Bos, J.1
  • 16
    • 34547436187 scopus 로고    scopus 로고
    • Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility
    • Campbell, J. 2007. Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review 32: 946-967.
    • (2007) Academy of Management Review , vol.32 , pp. 946-967
    • Campbell, J.1
  • 17
    • 85051070504 scopus 로고    scopus 로고
    • June, Available at
    • CFA Institute. 2015. Environmental, Social and Governance (ESG) Survey. (June). Available at: http://irrcinstitute.org/pdf/FINAL-CFAESG-Study-August-2015.pdf
    • (2015) Environmental, Social and Governance (ESG) Surve
  • 18
    • 0142188077 scopus 로고    scopus 로고
    • Role of speculative short sales in price formation: The case of the weekend effect
    • Chen, H., and V. Singal. 2003. Role of speculative short sales in price formation: The case of the weekend effect. The Journal of Finance 58 (2): 685-706.
    • (2003) The Journal of Finance , vol.58 , Issue.2 , pp. 685-706
    • Chen, H.1    Singal, V.2
  • 21
    • 84988382567 scopus 로고    scopus 로고
    • Cone Communications
    • (May). Boston, MA: Cone Communications LLC
    • Cone Communications. 2013. Cone Communications/Echo Global CSR Study. (May). Boston, MA: Cone Communications LLC.
    • (2013) Cone Communications/Echo Global CSR Study
  • 22
    • 84888315440 scopus 로고    scopus 로고
    • Are red or blue companies more likely to go green? Politics and corporate social responsibility
    • Di Giuli, A., and L. Kostovetsky. 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics 111: 158-180.
    • (2014) Journal of Financial Economics , vol.111 , pp. 158-180
    • Giuli, D.A.1    Kostovetsky, L.2
  • 26
    • 33645571107 scopus 로고    scopus 로고
    • Do short sellers target firms with poor earnings quality? Evidence from earnings restatements
    • Desai, H., S. Krishnamurthy, and K. Venkataraman. 2006. Do short sellers target firms with poor earnings quality? Evidence from earnings restatements. Review of Accounting Studies 11: 71-90.
    • (2006) Review of Accounting Studies , vol.11 , pp. 71-90
    • Desai, H.1    Krishnamurthy, S.2    Venkataraman, K.3
  • 27
    • 0042671323 scopus 로고    scopus 로고
    • An investigation of the informational role of short interest in the NASDAQ market
    • Desai, H., K. Ramesh, S. R. Thiagarajan, and B. Balachandran. 2002. An investigation of the informational role of short interest in the NASDAQ market. The Journal of Finance 57: 2263-2287.
    • (2002) The Journal of Finance , vol.57 , pp. 2263-2287
    • Desai, H.1    Ramesh, K.2    Thiagarajan, S.R.3    Balachandran, B.4
  • 28
    • 79952658642 scopus 로고    scopus 로고
    • Voluntary nonfinancial disclosure and cost of equity capital: The initiation of corporate social responsibility reporting
    • Dhaliwal, D., O. Li, A. Tsang, and Y. Yang. 2011. Voluntary nonfinancial disclosure and cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86: 59-100.
    • (2011) The Accounting Review , vol.86 , pp. 59-100
    • Dhaliwal, D.1    Li, O.2    Tsang, A.3    Yang, Y.4
  • 29
    • 0001675669 scopus 로고
    • Constraints on short-selling and asset price adjustment to private information
    • Diamond, D., and R. Verrecchia. 1987. Constraints on short-selling and asset price adjustment to private information. Journal of Financial Economics 18: 277-311.
    • (1987) Journal of Financial Economics , vol.18 , pp. 277-311
    • Diamond, D.1    Verrecchia, R.2
  • 30
    • 59449089779 scopus 로고    scopus 로고
    • Short sale strategies and return predictability
    • Diether, K., K. Lee, and I. Werner. 2009. Short sale strategies and return predictability. Review of Financial Studies 22: 575-607.
    • (2009) Review of Financial Studies , vol.22 , pp. 575-607
    • Diether, K.1    Lee, K.2    Werner, I.3
  • 31
    • 79952645844 scopus 로고    scopus 로고
    • Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers
    • Drake, M. S., L. Rees, and E. P. Swanson. 2011. Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers. The Accounting Review 86 (1): 101-130.
    • (2011) The Accounting Review , vol.86 , Issue.1 , pp. 101-130
    • Drake, M.S.1    Rees, L.2    Swanson, E.P.3
  • 32
    • 79960199333 scopus 로고    scopus 로고
    • Does corporate social responsibility affect the cost of capital?
    • El Ghoul, S., O. Guedhami, C. Y. Kwok, and D. R. Mishra. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance Journal of Banking & Finance (35): 9-2388.
    • (2011) Journal of Banking & Finance , Issue.35 , pp. 9-2388
    • El Ghoul, S.1    Guedhami, O.2    Kwok, C.Y.3    Mishra, D.R.4
  • 34
    • 84894296250 scopus 로고    scopus 로고
    • The unintended effect of corporate social responsibility performance on investors’ estimates of fundamental value
    • Elliott, W. B., K. E. Jackson, M. E. Peecher, and B. J. White. 2014. The unintended effect of corporate social responsibility performance on investors’ estimates of fundamental value. The Accounting Review 89 (2014): 275-302.
    • (2014) The Accounting Review , vol.89 , Issue.2014 , pp. 275-302
    • Elliott, W.B.1    Jackson, K.E.2    Peecher, M.E.3    White, B.J.4
  • 37
    • 84887579351 scopus 로고    scopus 로고
    • Global Reporting Initiative (GRI). 2013. G4 Sustainability Reporting Guidelines. Available at: https://www.globalreporting.org/standards/g4/Pages/default.aspx
    • (2013) G4 Sustainability Reporting Guidelines
  • 38
    • 65449156880 scopus 로고    scopus 로고
    • The relationship between corporate social responsibility and shareholder value and empirical test of the risk management hypothesis
    • Godfrey, P. C., C. B. Merrill, and J. M. Hansen. 2009. The relationship between corporate social responsibility and shareholder value and empirical test of the risk management hypothesis. Strategic Management Journal 30 (4): 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
  • 40
    • 84990334171 scopus 로고    scopus 로고
    • A league of their own? Financial analysts’ responses to restatements and corrective disclosures
    • Griffin, P. A. 2003. A league of their own? Financial analysts’ responses to restatements and corrective disclosures. Journal of Accounting, Auditing & Finance 18 (4): 479-518.
    • (2003) Journal of Accounting, Auditing & Finance , vol.18 , Issue.4 , pp. 479-518
    • Griffin, P.A.1
  • 41
    • 84977725468 scopus 로고
    • Signaling and the pricing of new issues
    • Grinblatt, M., and C. Hwang. 1989. Signaling and the pricing of new issues. The Journal of Finance 44 (2): 393-420.
    • (1989) The Journal of Finance , vol.44 , Issue.2 , pp. 393-420
    • Grinblatt, M.1    Hwang, C.2
  • 43
    • 77957170928 scopus 로고    scopus 로고
    • Short selling around seasoned equity offerings
    • Henry, T. R., and J. L. Koski. 2010. Short selling around seasoned equity offerings. Review of Financial Studies 23 (12): 4389-4418.
    • (2010) Review of Financial Studies , vol.23 , Issue.12 , pp. 4389-4418
    • Henry, T.R.1    Koski, J.L.2
  • 44
    • 0034336790 scopus 로고    scopus 로고
    • The value relevance of nonfinancial measures of air pollution in the electric utility industry
    • Hughes, K. E. 2000. The value relevance of nonfinancial measures of air pollution in the electric utility industry. The Accounting Review 75 (2): 209-228.
    • (2000) The Accounting Review , vol.75 , Issue.2 , pp. 209-228
    • Hughes, K.E.1
  • 46
    • 5444222313 scopus 로고    scopus 로고
    • Are nonfinancial measures leading indicators of financial performance? An analysis of customer satisfaction
    • Ittner, C. D., and D. Larcker. 1998. Are nonfinancial measures leading indicators of financial performance? An analysis of customer satisfaction. Journal of Accounting Research 36 (Supplement): 1-35.
    • (1998) Journal of Accounting Research , vol.36 , pp. 1-35
    • Ittner, C.D.1    Larcker, D.2
  • 48
    • 84859821545 scopus 로고    scopus 로고
    • Short selling: The impact of SEC Rule 201 of 2010
    • Jain, C., P. Jain, and T. McInish. 2012. Short selling: The impact of SEC Rule 201 of 2010. Financial Review 47: 37-64.
    • (2012) Financial Review , vol.47 , pp. 37-64
    • Jain, C.1    Jain, P.2    McInish, T.3
  • 49
    • 84986271027 scopus 로고    scopus 로고
    • Value maximization, stakeholder theory, and the corporate objective function
    • Jensen, M. 2001. Value maximization, stakeholder theory, and the corporate objective function. European Financial Management 7: 297- 317.
    • (2001) European Financial Management , vol.7 , pp. 297-317
    • Jensen, M.1
  • 50
    • 84877100059 scopus 로고    scopus 로고
    • Short sale constraints and stock returns
    • Jones, C., and O. Lamont. 2002. Short sale constraints and stock returns. Journal of Financial Economics 66: 207-239.
    • (2002) Journal of Financial Economics , vol.66 , pp. 207-239
    • Jones, C.1    Lamont, O.2
  • 51
    • 77957145679 scopus 로고    scopus 로고
    • Short sellers and financial misconduct
    • Karpoff, J. M., and X. Lou. 2010. Short sellers and financial misconduct. The Journal of Finance 65 (5): 1879-1913.
    • (2010) The Journal of Finance , vol.65 , Issue.5 , pp. 1879-1913
    • Karpoff, J.M.1    Lou, X.2
  • 52
    • 84885978984 scopus 로고    scopus 로고
    • Do short sellers front-run insider sales?
    • Khan, M., and H. Lu. 2013. Do short sellers front-run insider sales? The Accounting Review The Accounting Review (88): 5-1743.
    • (2013) The Accounting Review , Issue.88 , pp. 5-1743
    • Khan, M.1    Lu, H.2
  • 55
    • 84906784218 scopus 로고    scopus 로고
    • Firm litigation risk and the insurance value of corporate social performance
    • Koh, P. S., C. Qian, and H. Wang. 2014. Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal 35 (10): 1464-1482.
    • (2014) Strategic Management Journal , vol.35 , Issue.10 , pp. 1464-1482
    • Koh, P.S.1    Qian, C.2    Wang, H.3
  • 56
    • 84862002058 scopus 로고    scopus 로고
    • What determines the level of short selling activity?
    • Kot, H. W. 2007. What determines the level of short selling activity? Financial Management Financial Management (36): 4-123.
    • (2007) Financial Management , Issue.36 , pp. 4-123
    • Kot, H.W.1
  • 57
    • 27844438137 scopus 로고    scopus 로고
    • Evaluating the performance of ethical and non-SRI funds: A matched pair analysis
    • Kreander, N., G. Gray, D. M. Power, and C. D. Sinclair. 2005. Evaluating the performance of ethical and non-SRI funds: A matched pair analysis. Journal of Business Finance & Accounting 32 (7): 1465-1493.
    • (2005) Journal of Business Finance & Accounting , vol.32 , Issue.7 , pp. 1465-1493
    • Kreander, N.1    Gray, G.2    Power, D.M.3    Sinclair, C.D.4
  • 60
    • 84926204422 scopus 로고    scopus 로고
    • Signaling through corporate accountability reporting
    • Lys, T., J. Naughton, and C. Wang. 2015. Signaling through corporate accountability reporting. Journal of Accounting & Economics 60 (1): 56-72.
    • (2015) Journal of Accounting & Economics , vol.60 , Issue.1 , pp. 56-72
    • Lys, T.1    Naughton, J.2    Wang, C.3
  • 61
    • 34547312349 scopus 로고    scopus 로고
    • Corporate social responsibility and firm performance: Investor preferences and corporate strategies
    • Mackey, A., T. Mackey, and J. Barney. 2007. Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of Management Review 32: 817-835.
    • (2007) Academy of Management Review , vol.32 , pp. 817-835
    • Mackey, A.1    Mackey, T.2    Barney, J.3
  • 62
    • 84903150813 scopus 로고    scopus 로고
    • Firm-value effects of carbon emissions and carbon disclosures
    • Matsumura, E. M., R. Prakash, and S. C. Vera-Mũoz. 2014. Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review 89 (2): 695-724.
    • (2014) The Accounting Review , vol.89 , Issue.2 , pp. 695-724
    • Matsumura, E.M.1    Prakash, R.2    Vera-Mũoz, S.C.3
  • 63
    • 0000513419 scopus 로고
    • Good news and bad news: Representation theorems and applications
    • Autumn
    • Milgrom, P. R. 1981. Good news and bad news: Representation theorems and applications. Bell Journal of Economics (Autumn): 380- 391.
    • (1981) Bell Journal of Economics , pp. 380-391
    • Milgrom, P.R.1
  • 64
    • 84916929634 scopus 로고
    • Risk, uncertainty, and divergence of opinion
    • Miller, E. 1977. Risk, uncertainty, and divergence of opinion. The Journal of Finance 32: 1151-1168.
    • (1977) The Journal of Finance , vol.32 , pp. 1151-1168
    • Miller, E.1
  • 65
    • 84940530548 scopus 로고    scopus 로고
    • Business sustainability performance and cost of equity capital
    • Ng, A. C., and Z. Rezaee. 2015. Business sustainability performance and cost of equity capital. Journal of Corporate Finance 34: 128- 149.
    • (2015) Journal of Corporate Finance , vol.34 , pp. 128-149
    • Ng, A.C.1    Rezaee, Z.2
  • 66
    • 84984180909 scopus 로고
    • Earnings, book values and dividends in security valuation
    • Ohlson, J. 1995. Earnings, book values and dividends in security valuation. Contemporary Accounting Research 11: 661-687.
    • (1995) Contemporary Accounting Research , vol.11 , pp. 661-687
    • Ohlson, J.1
  • 67
    • 84983041635 scopus 로고    scopus 로고
    • PricewaterhouseCoopers (PwC), Available at
    • PricewaterhouseCoopers (PwC). 2014. Sustainability Goes Mainstream: Insights into Investor Views. Available at:http://www.pwc.com/ us/en/governance-insights-center/publications/sustainability-goes-mainstream-investor-views.html
    • (2014) Sustainability Goes Mainstream: Insights into Investor Views
  • 68
    • 0012265838 scopus 로고    scopus 로고
    • The value relevance of network advantages: The case of e-commerce firms
    • Rajgopal, S., M. Venkatachalam, and S. Kotha. 2003. The value relevance of network advantages: The case of e-commerce firms. Journal of Accounting Research 41 (1): 135-162.
    • (2003) Journal of Accounting Research , vol.41 , Issue.1 , pp. 135-162
    • Rajgopal, S.1    Venkatachalam, M.2    Kotha, S.3
  • 70
    • 0035486086 scopus 로고    scopus 로고
    • Social disclosure, financial disclosure and the cost of equity capital
    • Richardson, A., and M. Welker. 2001. Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society 26: 597-616.
    • (2001) Accounting, Organizations and Society , vol.26 , pp. 597-616
    • Richardson, A.1    Welker, M.2
  • 71
    • 84971937990 scopus 로고
    • Short-sale restrictions and market reaction to short interest announcements
    • Senchack, A., and L. Starks. 1993. Short-sale restrictions and market reaction to short interest announcements. Journal of Financial and Quantitative Analysis 28: 177-194.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , pp. 177-194
    • Senchack, A.1    Starks, L.2
  • 74
    • 78149500334 scopus 로고    scopus 로고
    • Simple formulas for standard errors that cluster by both firm and time
    • Thompson, S. B. 2011. Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics 99: 1-10.
    • (2011) Journal of Financial Economics , vol.99 , pp. 1-10
    • Thompson, S.B.1
  • 77
    • 84902809988 scopus 로고    scopus 로고
    • United Nations Global Compact (UNGC). 2013b. Global Corporate Sustainability Report 2013. Available at: https://www.unglobalcompact.org/docs/about_the_gc/Global_Corporate_Sustainability_Report2013.pdf
    • (2013) Global Corporate Sustainability Report 2013
  • 78
    • 46749138315 scopus 로고    scopus 로고
    • The business case for corporate social responsibility: A company-level measurement approach for CSR
    • Weber, M. 2008. The business case for corporate social responsibility: A company-level measurement approach for CSR. European Management Journal 26: 247-261.
    • (2008) European Management Journal , vol.26 , pp. 247-261
    • Weber, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.