Peer Effects of Corporate Social Responsibility
Publication in refereed journal


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摘要We investigate how firms react to their product-market peers’ commitment to and adoption of corporate social responsibility (CSR) using a regression discontinuity design approach. Relying on the passage or failure of CSR proposals by a narrow margin of votes during shareholder meetings, we find the passage of a close-call CSR proposal and its implementation are followed by the adoption of similar CSR practices by peer firms. In addition, peers that have greater difficulty in catching up with the voting firm in CSR experience significantly lower stock returns around the passage, consistent with the notion that the spillover effect of the adoption of CSR is a strategic response to competitive threat. Using alternative definitions of peers and examining underlying mechanisms, we further rule out alternative explanations, such as that based on propagation by financial intermediaries.
出版社接受日期27.03.2018
著者Jie Cao, Hao Liang, Xintong Zhan
期刊名稱Management Science
出版年份2019
月份12
卷號65
期次12
頁次5449 - 5956
國際標準期刊號0025-1909
電子國際標準期刊號1526-5501
語言美式英語
關鍵詞Corporate social responsibility, Peer effects , Shareholder proposal, Regression discontinuity

上次更新時間 2021-25-01 於 02:52