The impact of climate policy uncertainty on firm value: Does corporate social responsibility engagement matter?

被引：26

作者：

Azimli, Asil ^{[1
]}

机构：

[1] Cyprus Int Univ, Fac Econ & Adm Sci, Dept Accounting & Finance, TR North Cyprus Via Mersin 10, Haspolat, Turkiye

来源：

FINANCE RESEARCH LETTERS | 2023年 / 51卷

关键词：

Climate policy uncertainty; Corporate social responsibility; Firm value;

D O I：

10.1016/j.frl.2022.103456

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines if corporate social responsibility (CSR) engagement can mitigate the negative impact of climate policy uncertainty (CPU) on firm valuation. Using a sample of firms in the Standards & Poor 1500 index over 2002-2021 we show that a higher-CSR-engagement offsets the negative impact of CPU on firms' valuation. Further analyses imply that this insurance-like effect holds among the highest-CSR firms and stronger during the crisis period. Finally, high-CSR firms realize higher growth in operating profitability (OP), which offers a possible source for documented insurance-effect.

引用

页数：9

共 50 条

[1] Joint Impact of Financial Performance and Corporate Social Responsibility on Firm Value: Does Legitimacy Matter?
Daromes, Fransiskus Eduardus
Ng, Suwandi
Legaspi, Korina P.
[J]. INDONESIAN JOURNAL OF SUSTAINABILITY ACCOUNTING AND MANAGEMENT, 2023, 7 (01) : 68 - 76
[2] Corporate social responsibility and firm value: Guiding through economic policy uncertainty
Rjiba, Hatem
Jahmane, Abderrahman
Abid, Ilyes
[J]. FINANCE RESEARCH LETTERS, 2020, 35
[3] The impact of corporate social responsibility on firm financial performance: does corporate governance matter?
Gharbi, Manel
Jarboui, Anis
[J]. INTERNATIONAL JOURNAL OF LAW AND MANAGEMENT, 2024,
[4] Economic policy uncertainty and green innovation: Does corporate social responsibility matter?
Yu, Haiyang
Chen, Haisong
[J]. FINANCE RESEARCH LETTERS, 2023, 58
[5] Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility
Jo, Hoje
Harjoto, Maretno A.
[J]. JOURNAL OF BUSINESS ETHICS, 2011, 103 (03) : 351 - 383
[6] Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility
Hoje Jo
Maretno A. Harjoto
[J]. Journal of Business Ethics, 2011, 103 : 351 - 383
[7] Does corporate social responsibility impact on employee engagement?
Ferreira, Pedro
de Oliveira, Elizabeth Real
[J]. JOURNAL OF WORKPLACE LEARNING, 2014, 26 (3-4) : 232 - +
[8] The impact of corporate social responsibility on firm financial performance: does audit quality matter?
Dakhli, Anissa
[J]. JOURNAL OF APPLIED ACCOUNTING RESEARCH, 2022, 23 (05) : 950 - 976
[9] Related party transactions and firm value in an emerging market: Does corporate social responsibility matter?
Khuong, Nguyen Vinh
Trung Kien, Tran
Bang, Le Ong Tieu
Anh, Dinh Ho Tuyet
Danh, Van Cong
Hung, Pham Xuan
Ngan, Nguyen Ai
[J]. COGENT ECONOMICS & FINANCE, 2023, 11 (01):
[10] Economic policy uncertainty and firm propensity to invest in corporate social responsibility
Ilyas, Muhammad
Mian, Rehman Uddin
Suleman, Muhammad Tahir
[J]. MANAGEMENT DECISION, 2022, 60 (12) : 3232 - 3254

← 1 2 3 4 5 →