Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis

被引：1675

作者：

Lins, Karl V. ^{[1
]}

Servaes, Henri ^{[2
,3
,4
]}

Tamayo, Ane ^{[5
]}

机构：

[1] Univ Utah, Salt Lake City, UT 84112 USA

[2] London Business Sch, London, England

[3] CEPR, Washington, DC USA

[4] ECGI, Brussels, Belgium

[5] London Sch Econ & Polit Sci LSE, London, England

来源：

JOURNAL OF FINANCE | 2017年 / 72卷 / 04期

关键词：

RISK; IMPACT;

D O I：

10.1111/jofi.12505

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

During the 2008-2009 financial crisis, firms with high social capital, as measured by corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth, and sales per employee relative to low-CSR firms, and they raised more debt. This evidence suggests that the trust between a firm and both its stakeholders and investors, built through investments in social capital, pays off when the overall level of trust in corporations and markets suffers a negative shock.

引用

页码：1785 / 1823

页数：39

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