메뉴 건너뛰기




Volumn 44, Issue 7-8, 2017, Pages 1137-1166

Corporate social responsibility and firm financial risk reduction: On the moderating role of the legal environment

Author keywords

corporate social responsibility; financial risk; institutional context; shareholder oriented countries; stakeholder oriented countries

Indexed keywords


EID: 85019624035     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/jbfa.12251     Document Type: Article
Times cited : (142)

References (71)
  • 1
    • 28044471157 scopus 로고    scopus 로고
    • Informational content of the cost of equity capital: Empirical evidence
    • Abdelghany, K. E. (2005). Informational content of the cost of equity capital: Empirical evidence. Managerial Auditing Journal, 20(9), 928–935.
    • (2005) Managerial Auditing Journal , vol.20 , Issue.9 , pp. 928-935
    • Abdelghany, K.E.1
  • 2
    • 0038711743 scopus 로고    scopus 로고
    • The cross-national diversity of corporate governance: Dimensions and determinants
    • Aguilera, R.V., & Jackson, G. (2003). The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28(3), 447–465.
    • (2003) Academy of Management Review , vol.28 , Issue.3 , pp. 447-465
    • Aguilera, R.V.1    Jackson, G.2
  • 3
    • 0032828017 scopus 로고    scopus 로고
    • Market power, efficiency and the dispersion of systematic risk
    • Alexandre, G. J., & Thistle, R. A. (1999). Market power, efficiency and the dispersion of systematic risk. Review of Industrial Organization, 14, 377–390.
    • (1999) Review of Industrial Organization , vol.14 , pp. 377-390
    • Alexandre, G.J.1    Thistle, R.A.2
  • 6
    • 84896930624 scopus 로고
    • Firm resources and sustained competitive advantage
    • Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 771–792.
    • (1991) Journal of Management , vol.17 , Issue.1 , pp. 771-792
    • Barney, J.1
  • 8
    • 84980102968 scopus 로고
    • Leverage, risk of ruin, and the cost of capital
    • Baxter, N. D. (1967). Leverage, risk of ruin, and the cost of capital. Journal of Finance, 22(3), 395–403.
    • (1967) Journal of Finance , vol.22 , Issue.3 , pp. 395-403
    • Baxter, N.D.1
  • 9
    • 84942028550 scopus 로고    scopus 로고
    • Corporate social responsibility and firm debt maturity
    • Benlemlih, M. (2015). Corporate social responsibility and firm debt maturity. Journal of Business Ethics, https://doi.org/10.1007/s10551-015-2856-1.
    • (2015) Journal of Business Ethics
    • Benlemlih, M.1
  • 11
    • 3142611153 scopus 로고
    • Size, leverage, and dividend record as determinants of equity risk
    • Ben-Zion, U., & Shalit, S. S. (1975). Size, leverage, and dividend record as determinants of equity risk. Journal of Finance, 30(4), 1015–1026.
    • (1975) Journal of Finance , vol.30 , Issue.4 , pp. 1015-1026
    • Ben-Zion, U.1    Shalit, S.S.2
  • 12
    • 35448972139 scopus 로고    scopus 로고
    • What corporate social responsibility activities are valued by the market?
    • Bird, R., Hall, A., Momentè, F., & Reggiani, F. (2007). What corporate social responsibility activities are valued by the market? Journal of Business Ethics, 76, 189–206.
    • (2007) Journal of Business Ethics , vol.76 , pp. 189-206
    • Bird, R.1    Hall, A.2    Momentè, F.3    Reggiani, F.4
  • 13
    • 84873525787 scopus 로고    scopus 로고
    • The impact of the dimensions of social performance on firm risk
    • Bouslah, K., Kryzanowski, L., & M'Zali, B. (2013). The impact of the dimensions of social performance on firm risk. Journal of Banking and Finance, 37, 1258–1273.
    • (2013) Journal of Banking and Finance , vol.37 , 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., & Savaria, P. (2004). Corporate social responsibility and financial risk. Journal of Investing, 13(1), 57–67.
    • (2004) Journal of Investing , vol.13 , Issue.1 , pp. 57-67
    • Boutin-Dufresne, F.1    Savaria, P.2
  • 16
    • 28844476615 scopus 로고    scopus 로고
    • Corporate social responsibility in Asia: Seven-country study of CSR website reporting
    • Chapple, W., & Moon, J. (2005). Corporate social responsibility in Asia: Seven-country study of CSR website reporting. Business & Society, 44(4), 415–441.
    • (2005) Business & Society , vol.44 , Issue.4 , pp. 415-441
    • Chapple, W.1    Moon, J.2
  • 17
    • 84872339079 scopus 로고    scopus 로고
    • Corporate social responsibility performance and information asymmetry
    • Cho, S. Y., Lee, C., & Pfeiffer Jr, R. J. (2013). Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32, 71–83.
    • (2013) Journal of Accounting and Public Policy , vol.32 , pp. 71-83
    • Cho, S.Y.1    Lee, C.2    Pfeiffer, R.J.3
  • 18
    • 57649133353 scopus 로고    scopus 로고
    • Assessing the long-run economic impact of labour law systems: A theoretical reappraisal and analysis of new time series data
    • Deakin, S., & Sarkar, P. (2008). Assessing the long-run economic impact of labour law systems: A theoretical reappraisal and analysis of new time series data. Industrial Relations Journal, 39(6), 453–487.
    • (2008) Industrial Relations Journal , vol.39 , Issue.6 , pp. 453-487
    • Deakin, S.1    Sarkar, P.2
  • 19
    • 79952658642 scopus 로고    scopus 로고
    • Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting
    • Dhaliwal, D., Li, O., Tsang, A., & Yang, G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review, 86(1), 59–100.
    • (2011) Accounting Review , vol.86 , Issue.1 , pp. 59-100
    • Dhaliwal, D.1    Li, O.2    Tsang, A.3    Yang, G.4
  • 20
    • 0003247708 scopus 로고
    • The iron cage revisited: Institutional isomorphism and collective rationality in organizations fields
    • in, W. W. Powell, P. J. DiMaggio, (Eds.),, Chicago, University of Chicago Press
    • DiMaggio, P. J., & Powell, W. W. (1991). The iron cage revisited: Institutional isomorphism and collective rationality in organizations fields, in W. W. Powell and P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis (pp. 63–82). Chicago: University of Chicago Press.
    • (1991) The new institutionalism in organizational analysis , pp. 63-82
    • DiMaggio, P.J.1    Powell, W.W.2
  • 21
    • 77955512557 scopus 로고    scopus 로고
    • Costly arbitrage and idiosyncratic risk: Evidence from short sellers
    • Duan, Y., Hu, G., & McLean, R. D. (2010). Costly arbitrage and idiosyncratic risk: Evidence from short sellers. Journal of Financial Intermediation, 19(4), 564–579.
    • (2010) Journal of Financial Intermediation , vol.19 , Issue.4 , pp. 564-579
    • Duan, Y.1    Hu, G.2    McLean, R.D.3
  • 23
    • 84991211706 scopus 로고    scopus 로고
    • Country-level institutions, firm value, and the role of corporate social responsibility initiatives
    • forthcoming
    • El Ghoul, S., Guedhami, O., & Yongtae, K. (2015). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, forthcoming.
    • (2015) Journal of International Business Studies
    • El Ghoul, S.1    Guedhami, O.2    Yongtae, K.3
  • 24
    • 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, 33, 3–56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 25
    • 0000928969 scopus 로고
    • Risk, return, and equilibrium: empirical tests
    • Fama, E. F., & Macbeth, J. D. (1973). Risk, return, and equilibrium: empirical tests. Journal of Political Economy, 81(3), 607–636.
    • (1973) Journal of Political Economy , vol.81 , Issue.3 , pp. 607-636
    • Fama, E.F.1    Macbeth, J.D.2
  • 29
    • 84901607156 scopus 로고    scopus 로고
    • Which dimensions of social responsibility concern financial investors?
    • Girerd-Potin, I., Jimenez-Garces, S., & Louvet, P. (2014). Which dimensions of social responsibility concern financial investors? Journal of Business Ethics, 121(4), 559–576.
    • (2014) Journal of Business Ethics , vol.121 , Issue.4 , pp. 559-576
    • Girerd-Potin, I.1    Jimenez-Garces, S.2    Louvet, P.3
  • 30
    • 26844435794 scopus 로고    scopus 로고
    • The relationship between corporate philanthropy and shareholder wealth: A risk management perspective
    • Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777–798.
    • (2005) Academy of Management Review , vol.30 , Issue.4 , pp. 777-798
    • Godfrey, P.C.1
  • 32
    • 0000351727 scopus 로고
    • Investigating causal relations by econometric models and cross-spectral methods
    • Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37, 424–438.
    • (1969) Econometrica , vol.37 , pp. 424-438
    • Granger, C.W.J.1
  • 33
    • 84961258501 scopus 로고    scopus 로고
    • Corporate social performance, competitive advantage, earnings persistence and firm value
    • Gregory, A., Whittaker, J., & Yan, X. (2016). Corporate social performance, competitive advantage, earnings persistence and firm value. Journal of Business Finance & Accounting, 43(1-2), 3–30.
    • (2016) Journal of Business Finance & Accounting , vol.43 , Issue.1-2 , pp. 3-30
    • Gregory, A.1    Whittaker, J.2    Yan, X.3
  • 34
    • 0001685353 scopus 로고
    • The effect of the firm's capital structure on the systematic risk of common stock
    • Hamada, R. (1972). The effect of the firm's capital structure on the systematic risk of common stock. Journal of Finance, 27(2), 435–452.
    • (1972) Journal of Finance , vol.27 , Issue.2 , pp. 435-452
    • Hamada, R.1
  • 35
    • 84961238700 scopus 로고    scopus 로고
    • The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation
    • Hoepner, A., Oikonomou, I. Scholtens, B., & Schröder, M. (2016). The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation. Journal of Business Finance & Accounting, 43(1-2), 158–190.
    • (2016) Journal of Business Finance & Accounting , vol.43 , Issue.1-2 , pp. 158-190
    • Hoepner, A.1    Oikonomou, B.2    Scholtens, I.3    Schröder, M.4
  • 37
    • 84870501123 scopus 로고    scopus 로고
    • What drives corporate social performance? The role of nation-level institutions
    • Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 43, 834–864.
    • (2012) Journal of International Business Studies , vol.43 , pp. 834-864
    • Ioannou, I.1    Serafeim, G.2
  • 38
    • 77954537590 scopus 로고    scopus 로고
    • Corporate social responsibility in western Europe: An institutional mirror or substitute?
    • Jackson, G., & Apostolakou, A. (2010). Corporate social responsibility in western Europe: An institutional mirror or substitute? Journal of Business Ethics, 94(3), 371–394.
    • (2010) Journal of Business Ethics , vol.94 , Issue.3 , pp. 371-394
    • Jackson, G.1    Apostolakou, A.2
  • 39
    • 84867695714 scopus 로고    scopus 로고
    • Does CSR reduce firm risk? Evidence from controversial industry sectors
    • Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441–457.
    • (2012) Journal of Business Ethics , vol.110 , Issue.4 , pp. 441-457
    • Jo, H.1    Na, H.2
  • 41
    • 84864295341 scopus 로고    scopus 로고
    • Is earnings quality associated with corporate social responsibility?
    • Kim, Y., Park, M., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? Accounting Review, 87, 761–796.
    • (2012) Accounting Review , vol.87 , pp. 761-796
    • Kim, Y.1    Park, M.2    Wier, B.3
  • 46
    • 77953596316 scopus 로고    scopus 로고
    • Corporate sustainability performance and idiosyncratic risk: A global perspective
    • Lee, D., & Faff, R. W. (2009). Corporate sustainability performance and idiosyncratic risk: A global perspective. Financial Review, 44, 213–237.
    • (2009) Financial Review , vol.44 , pp. 213-237
    • Lee, D.1    Faff, R.W.2
  • 47
    • 0007741128 scopus 로고    scopus 로고
    • The time-series relations among expected return, risk, and book-to-market
    • Lewellen, J. (1999). The time-series relations among expected return, risk, and book-to-market. Journal of Financial Economics, 54(1), 5–43.
    • (1999) Journal of Financial Economics , vol.54 , Issue.1 , pp. 5-43
    • Lewellen, J.1
  • 48
    • 84998926022 scopus 로고    scopus 로고
    • On the foundations of corporate social responsibility
    • forthcoming
    • Liang, H., & Renneboog, L. (2016). On the foundations of corporate social responsibility. Journal of Finance, forthcoming.
    • (2016) Journal of Finance
    • Liang, H.1    Renneboog, L.2
  • 49
    • 25844492185 scopus 로고    scopus 로고
    • Do perceptions of corporate social responsibility contribute to explaining differences in corporate price-earnings ratios?
    • Little, P. L., & Little, B. L. (2000). Do perceptions of corporate social responsibility contribute to explaining differences in corporate price-earnings ratios? Corporate Reputation Review, 3(2), 137–142.
    • (2000) Corporate Reputation Review , vol.3 , Issue.2 , pp. 137-142
    • Little, P.L.1    Little, B.L.2
  • 50
    • 70449378048 scopus 로고    scopus 로고
    • The debate over doing good: Corporate social performance, strategic marketing levers, and firm idiosyncratic risk
    • Luo, X., & Bhattacharya, C. B. (2009). The debate over doing good: Corporate social performance, strategic marketing levers, and firm idiosyncratic risk. Journal of Marketing, 73(6), 198–213.
    • (2009) Journal of Marketing , vol.73 , Issue.6 , pp. 198-213
    • Luo, X.1    Bhattacharya, C.B.2
  • 51
    • 34547312349 scopus 로고    scopus 로고
    • Corporate social responsibility and firm performance: Investor preferences and corporate strategies
    • Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of Management Review, 32(3), 817–835.
    • (2007) Academy of Management Review , vol.32 , Issue.3 , pp. 817-835
    • Mackey, A.1    Mackey, T.B.2    Barney, J.B.3
  • 52
    • 0035285465 scopus 로고    scopus 로고
    • Consumers’ perceptions of corporate social responsibility: A cross-cultural comparison
    • Maignan, I. (2001). Consumers’ perceptions of corporate social responsibility: A cross-cultural comparison. Journal of Business Ethics, 30(1), 57–72.
    • (2001) Journal of Business Ethics , vol.30 , Issue.1 , pp. 57-72
    • Maignan, I.1
  • 53
    • 42249115214 scopus 로고    scopus 로고
    • Implicit’ and ‘explicit’ CSR: A conceptual framework for a comparative understanding of corporate social responsibility
    • Matten, D., & Moon, J. (2008). ‘Implicit’ and ‘explicit’ CSR: A conceptual framework for a comparative understanding of corporate social responsibility. Academy of Management Review, 33, 404–424.
    • (2008) Academy of Management Review , vol.33 , pp. 404-424
    • Matten, D.1    Moon, J.2
  • 55
    • 84885617648 scopus 로고    scopus 로고
    • Positive and negative corporate social responsibility, financial leverage, and idiosyncratic risk
    • Mishra, S., & Modi, S. B. (2013). Positive and negative corporate social responsibility, financial leverage, and idiosyncratic risk. Journal of Business Ethics, 117, 431–448.
    • (2013) Journal of Business Ethics , vol.117 , pp. 431-448
    • Mishra, S.1    Modi, S.B.2
  • 56
    • 62749115225 scopus 로고    scopus 로고
    • Corporate social responsibility and financial performance: The ‘virtuous circle’ revisited
    • Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: The ‘virtuous circle’ revisited. Review of Quantitative Finance and Accounting, 32, 197–209.
    • (2009) Review of Quantitative Finance and Accounting , vol.32 , pp. 197-209
    • Nelling, E.1    Webb, E.2
  • 58
    • 0142188102 scopus 로고    scopus 로고
    • Presidential address: Liquidity and price discovery
    • O'Hara, M. (2003). Presidential address: Liquidity and price discovery. Journal of Finance, 58(4), 1335–1354.
    • (2003) Journal of Finance , vol.58 , Issue.4 , pp. 1335-1354
    • O'Hara, M.1
  • 59
    • 84862004835 scopus 로고    scopus 로고
    • The impact of corporate social performance on financial risk and utility: A longitudinal analysis
    • Oikonomou, I., Brooks, C., & Pavelin, S. (2012). The impact of corporate social performance on financial risk and utility: A longitudinal analysis. Financial Management, 41(2), 483–515.
    • (2012) Financial Management , vol.41 , Issue.2 , pp. 483-515
    • Oikonomou, I.1    Brooks, C.2    Pavelin, S.3
  • 60
    • 84998086198 scopus 로고    scopus 로고
    • Corporate social performance and firm risk: A meta-analytic review
    • Orlitzky, M., & Benjamin, J. D. (2001). Corporate social performance and firm risk: A meta-analytic review. Business & Society, 40(4), 369–396.
    • (2001) Business & Society , vol.40 , Issue.4 , pp. 369-396
    • Orlitzky, M.1    Benjamin, J.D.2
  • 61
    • 0142250349 scopus 로고    scopus 로고
    • Stock valuation and learning about profitability
    • Pastor, L., & Veronesi, P. (2003). Stock valuation and learning about profitability. Journal of Finance, 58, 1749–1789.
    • (2003) Journal of Finance , vol.58 , pp. 1749-1789
    • Pastor, L.1    Veronesi, P.2
  • 63
    • 84951999414 scopus 로고    scopus 로고
    • A bi-directional examination of the relationship between corporate social responsibility ratings and company financial performance in the European context
    • Quéré, B., Nouyrigat, G., & Baker, R. (2015). A bi-directional examination of the relationship between corporate social responsibility ratings and company financial performance in the European context. Journal of Business Ethics. https://doi.org/10.1007/s10551-015-2998-1.
    • (2015) Journal of Business Ethics
    • Quéré, B.1    Nouyrigat, G.2    Baker, R.3
  • 64
    • 79951517242 scopus 로고    scopus 로고
    • Financial reporting quality and idiosyncratic return volatility
    • Rajgopal, S., & Venkatachalam, M. (2011). Financial reporting quality and idiosyncratic return volatility. Journal of Accounting and Economics, 51, 1–20.
    • (2011) Journal of Accounting and Economics , vol.51 , pp. 1-20
    • Rajgopal, S.1    Venkatachalam, M.2
  • 65
    • 80054867005 scopus 로고    scopus 로고
    • Does community and environmental responsibility affect firm risk? Evidence from UK panel data 1994–2006
    • Salama, A., Anderson, K. & Toms, S. (2011). Does community and environmental responsibility affect firm risk? Evidence from UK panel data 1994–2006. Business Ethics: A European Review, 20(2), 192–204.
    • (2011) Business Ethics: A European Review , vol.20 , Issue.2 , pp. 192-204
    • Salama, A.1    Anderson, K.2    Toms, S.3
  • 66
    • 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, 68, 46–55.
    • (2008) Ecological Economics , vol.68 , pp. 46-55
    • Scholtens, B.1
  • 68
    • 44149116527 scopus 로고    scopus 로고
    • Environmental risk management and the cost of capital
    • Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, 29, 569–592.
    • (2008) Strategic Management Journal , vol.29 , pp. 569-592
    • Sharfman, M.P.1    Fernando, C.S.2
  • 69
    • 76549092594 scopus 로고    scopus 로고
    • The ‘antidirector rights index’ revisited
    • Spamann, H. (2010). The ‘antidirector rights index’ revisited. Review of Financial Studies, 23, 467–486.
    • (2010) Review of Financial Studies , vol.23 , pp. 467-486
    • Spamann, H.1
  • 70
    • 77649181115 scopus 로고    scopus 로고
    • Employee well-being, firm leverage, and bankruptcy risk
    • Verwijmeren, P., & Derwall, J. (2010). Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking and Finance, 34, 956–964.
    • (2010) Journal of Banking and Finance , vol.34 , pp. 956-964
    • Verwijmeren, P.1    Derwall, J.2
  • 71
    • 30744469688 scopus 로고    scopus 로고
    • Why did individual stocks become more volatile?
    • Wei, Steven X., & Zhang, Chu (2006). Why did individual stocks become more volatile? Journal of Business, 79(1), 259–292.
    • (2006) Journal of Business , vol.79 , Issue.1 , pp. 259-292
    • Wei, S.X.1    Zhang, C.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.