The impact of the dimensions of social performance on firm risk

被引：212
|
作者：
Bouslah, Kais [1 ]
Kryzanowski, Lawrence [2 ]
M'Zali, Bouchra [3 ]
机构：
[1] Univ St Andrews, Sch Management, St Andrews KY16 9AJ, Fife, Scotland
[2] Concordia Univ, Dept Finance, Montreal, PQ, Canada
[3] Univ Quebec Montreal, Dept Strategy Social & Environm Responsibil, CRSDD, CEREGMIA, Montreal, PQ, Canada
来源：
JOURNAL OF BANKING & FINANCE | 2013年 / 37卷 / 04期
关键词：
Volatility; Idiosyncratic risk; Social performance; Strengths; Concerns; FINANCIAL PERFORMANCE; STAKEHOLDER MANAGEMENT; CORPORATE GOVERNANCE; IDIOSYNCRATIC RISK; SHAREHOLDER VALUE; CROSS-SECTION; RESPONSIBILITY; MODELS; COST; EQUILIBRIUM;
D O I：
10.1016/j.jbankfin.2012.12.004
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the impact of the individual dimensions of social performance (SP) on firm risk (total and idiosyncratic) using 16,599 firm-year observations over the period 1991-2007. We find that firm risk for S&P500 members is positively affected by Employee, Diversity, and Corporate Governance concerns. On the other hand, Community (Diversity) strengths negatively (positively) affect their risk. As to non-S&P500 members, firm risk is positively affected by Employee concerns and Diversity strengths. However, firm risk of non-S&P500 members is negatively affected by Environment strengths. The direction of causation between firm risk and SP depends on the dimension examined. (C) 2012 Elsevier B.V. All rights reserved.
引用
收藏
页码：1258 / 1273
页数：16
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