Using Barney's (2018) stakeholder perspective of resource-based theory (SRBT), we arguethat bondholders represent the ultimate fixed claimants who value corporate socialresponsibility (CSR) in relation to the firms' risk. Bondholders' returns and the stakeholders'interests are aligned when firms...

This study examines the relation between corporate social responsibility (CSR) and institutional investor ownership, and the impact of this relation on stock return volatility. We find that institutional ownership does not strictly increase or decrease in CSR; rather, institutional ownership is...

Using the WHO announcement on March 11, 2020 and the Federal Reserve Bank announcement on April 9, 2020 as two events that represent the shock and the stimulus, this study finds that COVID-19 caused a negative shock to the global stock markets, especially in emerging markets and for small firms....

This paper provides an empirical test of a theory that relates corporate financial performance (CFP), corporate social performance (CSP), and social pressure from government and social activist for improved social performance. A three-equation structural model is estimated for a large number of...

This study examines the impact of reputational risk, measured by corporate social irresponsibility (CSI) ratings, on shareholder abnormal returns. Based on 7,368 non-financial companies from 42 countries during 2007-2017, we find that long-short portfolios (buying no reputation risk and selling...

Transitioning into a resource-efficient and low-carbon emission economy is one of the most critical demands in our modern society. Using TRUCOST environmental and Paris alignment data from the S&P Global Market Intelligence, this study examines the firm-level alignment between ESG scores and...

A growing group of institutional investors use divestment strategically to deter misconducts that are harmful for the climate and society. Based on Kantian ethics, we propose that divestment represents investors' universal and absolute moral commitment to socially responsible investing (SRI)....

The Pepperdine Private Capital Markets Project survey for business owners, administered during the spring of 2010, reveals an increasingly important role of friends and family (Friends/Family) to provide capital for privately-held businesses. Examining business owners' perceptions of their...