DOI: 10.7591/9780801469404-001
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Abstract: This paper aims to investigate the effects of separate components of corporate social responsibility-social and environmental efforts in particular-on a firm's operating profit margin, dividends per share and net debt. It also investigates whether such efforts can reduce firm exposure to market risk. One or a combination of these factors may consequently be responsible for lower expected returns on firms with greater ES ratings. For this purpose we study firms on the FTSE-100 and the HDAX from the period 2002-…

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