Corporate social responsibility and stock split

Harjoto, Maretno A.; Kim, Dongshin; Laksmana, Indrarini; Walton, Richard

doi:10.1007/s11156-018-0759-9

Cited by 14 publications

(8 citation statements)

References 51 publications

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“…Some researchers have also indicated an insignificant influence of long‐term IO on environmental performance (Walls et al, 2012: USA) and CSR reporting (Hu et al, 2018: China). We also identified some studies that reported an inverse relationship; thus, CSR performance (Harjoto et al, 2019: USA; Oikonomou et al, 2019: USA), green bond issuance announcement (Flammer, 2021: international setting), and environmental expenditures (Li & Lu, 2016: China) increase long‐term IO. Finally, Nofsinger et al (2019) found no impact of ESG performance on long‐term institutions in the USA.…”

Section: Findings Of the Literature Reviewmentioning

confidence: 91%

Which institutional investors drive corporate sustainability? A systematic literature review

Velte

2022

Bus Strat Env

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In this article, we review recent archival research (66 studies) on the influence of institutional ownership (IO) heterogeneity on corporate sustainability. Relying on an agency-theoretical framework, we differentiate between various types of IO and their nature. We found that most prior research concentrates on the impact of IO heterogeneity on corporate sustainability performance. Long-term, sustainable, and foreign IO leads to better ESG/CSR outputs. Based on the business case argument for corporate sustainability, long-term institutional investors moderate the positive link between corporate sustainability and future financial performance. We provide useful recommendations for future research by focusing on endogeneity concerns as methodological challenges and content-related proposals for future research designs.

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Section: Findings Of the Literature Reviewmentioning

confidence: 91%

Which institutional investors drive corporate sustainability? A systematic literature review

Velte

2022

Bus Strat Env

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“…Boubaker et al (2020a) find that CSR can reduce the probability of financial distress, which benefits both the shareholder and the CEO's job security. Consistent with Harjoto et al (2019), Zadeh's (2020 study of CSR and payout policy shows that CSR can act as a mechanism to reduce informational asymmetry and hence that shareholders' interests and other stakeholders' interests are "not necessarily in conflict". Liu et al (2021), on the other hand, show that in some situations, CSR can worsen agency costs.…”

Section: Introductionmentioning

confidence: 83%

What Do the Consequences of Environmental, Social and Governance Failures Tell Us about the Motivations for Corporate Social Responsibility?

Walton

2022

IJFS

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This paper investigates the motivations behind corporate social responsibility (CSR) by considering the consequences of environmental, social and governance (ESG) failures that CSR is intended to avoid. Using data from 2581 public U.S. firms over 2007–2018, this paper finds that such failures are associated with increased CEO turnover. This relationship is driven primarily by CEOs with longer tenures and by environmental issues. These negative events are also found to be associated with declines in the firm’s sales growth, employment growth and equity returns. CSR activities that reduce the incidence of such events therefore benefit both the CEO and the shareholder. Interestingly, replacing the CEO does not mitigate the negative impacts of such events on the firm, nor does it reduce the incidence of such events in subsequent years. The decision to remove the CEO following such failures appears costly to both the CEO and the firm’s shareholders.

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“…If investors buy shares, it means they (investors) buy the company's prospects, and if the company's prospects are good, the Stock Return will increase. Shares are paper with a clear nominal value, company name, followed by rights and obligations that have been explained to each holder (Harjoto et al, 2019), (How & Tsen, 2019), (West et al, 2020), (Li et al, 2017), (Nurdin & Abdani, 2020).…”

Section: Literatur Review and Hypotesismentioning

confidence: 99%

The Role of Return on Asset Mediation in Influencing Corporate Social Responsibility on Stock Returns in Manufacturing Companies

2022

QAS

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The condition of manufacturing companies that experienced a bad impact due to the weak value of operational activities resulted in a decrease in company profits so that the impact on the portion of corporate social responsibility disclosure was reduced. The Covid-19 pandemic has caused several manufacturing companies to be unable to generate profits that have been determined at the General Meeting of Shareholders (GMS) so that the return on investment is lower. This study aims to examine in depth the systematic risk that will affect stock returns in changing the relationship between investor sentiment, trading activity, market factors and stock return responses during the Covid 19 Pandemic. The population used in this study are manufacturing companies listed on the Indonesia Stock Exchange. as many as 169 companies. Of the 169 companies listed on the Indonesia Stock Exchange, there were 39 companies that were delisted during 2020 and 45 companies that did not have complete data on the required research variables, so the number of sample companies used was 85 companies. The data analysis technique uses Structural Equation Modeling (SEM) analysis with PLS smart software. The results of the study show that CSR has a negative effect on ROA with a significance level of 0.000. CSR has a positive effect on stock returns with a significance level of 0.000. ROA has a positive effect on Stock Return with a significance level of 0.000.

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Corporate social responsibility and stock split

Cited by 14 publications

References 51 publications

Which institutional investors drive corporate sustainability? A systematic literature review

Which institutional investors drive corporate sustainability? A systematic literature review

What Do the Consequences of Environmental, Social and Governance Failures Tell Us about the Motivations for Corporate Social Responsibility?

The Role of Return on Asset Mediation in Influencing Corporate Social Responsibility on Stock Returns in Manufacturing Companies

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