Corporate Social Responsibility and Firm Liquidity Risk: US Evidence

被引：2

作者：

Zhao, Hong ^{[1
]}

Jiao, Zixuan ^{[2
]}

Wang, Jianrong ^{[3
]}

Kamar, Amina ^{[4
]}

机构：

[1] Xi An Jiao Tong Univ, Sch Management, Xian 710049, Peoples R China

[2] IIT, Stuart Sch Business, Chicago, IL 60616 USA

[3] East China Normal Univ, Fac Econ & Management, Shanghai 200062, Peoples R China

[4] Amer Univ Beirut, Maroun Semaan Fac Engn & Architecture, Dept Elect & Comp Engn, Beirut 11072020, Lebanon

来源：

SUSTAINABILITY | 2021年 / 13卷 / 22期

关键词：

liquidity risk; liquidity; corporate social responsibility; systematic risk; CROSS-SECTION; STOCK RETURNS; MANAGEMENT; IMPACT; PRICE; COST;

D O I：

10.3390/su132212894

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

In this study, we empirically investigate whether and to what extent corporate social responsibility (CSR) may affect firm liquidity risk. We define liquidity risk as the covariance between market-wide liquidity shocks and individual firms' stock returns and employ two methods to estimate firm liquidity risk. We find a negative association between CSR and firm liquidity risk after controlling for various firm characteristics, i.e., year and industry fixed effects. Our results are robust to possible endogeneity issues when we adopt two-stage lease square estimator and dynamic GMM estimator. In addition, we document that the negative relation between CSR and firm liquidity risk is more pronounced when firms have higher reliance on external financing.

引用

页数：16

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