Strange bedfellows? Voluntary corporate social responsibility disclosure and politics

被引：22

作者：

Griffin, Paul A. ^{[1
]}

Sun, Yuan ^{[2
]}

机构：

[1] Univ Calif Davis, Grad Sch Management, Davis, CA 95616 USA

[2] Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

来源：

ACCOUNTING AND FINANCE | 2013年 / 53卷 / 04期

关键词：

Corporate social responsibility; Voluntary disclosure; Stock market response; Corporate individual political contributions; Political action committees; Presidential voting; ENVIRONMENTAL PERFORMANCE; MARKET; COST; SUPPLIERS; COMPANIES; EARNINGS;

D O I：

10.1111/acfi.12033

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show a reliable association between voluntary corporate social responsibility (CSR) disclosure and company political interests, which we proxy by company employees' contributions to political action committees and statewide voting in presidential elections. This relation is most pronounced for the contributions of Democratic employees at companies in states that vote for the Democratic presidential candidate. We also show a positive association between corporate political contributions and excess stock returns. A portfolio strategy of investing based on company size, CSR disclosure intensity and corporate political contributions produces a significant positive mean excess stock return of 4.5 per cent over 3months following CSR disclosure.

引用

页码：867 / 903

页数：37

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