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Corporate Social Responsibility and Managerial Entrenchment

Cespa, Giovanni; Cestone, Giacinta - C.E.P.R. Discussion Papers - 2004

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment strategy for inefficient CEOs. We thus argue that managerial turnover and firm value are increased by the institutionalization of stakeholder...

Persistent link: https://www.econbiz.de/10005504332

Social Capital, Trust, and Firm Performance during the Financial Crisis

Lins, Karl; Servaes, Henri; Tamayo, Ane - C.E.P.R. Discussion Papers - 2015

We study the extent to which a firm’s social capital, as measured by the intensity of a firm’s corporate social responsibility (CSR) activities, affects firm performance during the 2008-2009 financial crisis. We find that high-CSR firms have crisis-period stock returns that are four to five...

Persistent link: https://www.econbiz.de/10011165644

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

Edmans, Alex; Li, Lucius; Zhang, Chendi - C.E.P.R. Discussion Papers - 2014

We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the “Best Companies to Work For” in 14 countries. We show that employee satisfaction is associated with positive abnormal returns in countries with high labor market...

Persistent link: https://www.econbiz.de/10011083605

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence

Albuquerque, Rui; Durnev, Artyom; Koskinen, Yrjö - C.E.P.R. Discussion Papers - 2013

This paper presents an industry equilibrium model where firms can choose to engage in corporate social responsibility (CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk and increases firm value. These effects are stronger...

Persistent link: https://www.econbiz.de/10011083749

Voluntary Corporate Environmental Initiatives and Shareholder Wealth

Fisher-Vanden, Karen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2008

Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two...

Persistent link: https://www.econbiz.de/10005662265

Macroeconomic Consequences of Terror: Theory and the Case of Israel

Eckstein, Zvi; Tsiddon, Daniel - C.E.P.R. Discussion Papers - 2004

and consumption go down as well. Governments can offset terror by putting tax revenues into the production of security …

Persistent link: https://www.econbiz.de/10005504271

The Market for Protection and the Origin of the State

Konrad, Kai A.; Skaperdas, Stergios - C.E.P.R. Discussion Papers - 1999

We examine a stark setting in which security or protection can be provided by self-governing groups of by for …-term viability. Typically, in providing security the stable market structure involves competing lords, a condition that leads to a …

Persistent link: https://www.econbiz.de/10005504400

Are Lives a Substitute for Livelihoods? Terrorism, Security and US Bilateral Imports

Mirza, Daniel; Verdier, Thierry - C.E.P.R. Discussion Papers - 2007

What is the impact of terrorism on trade through higher security at the borders? We set up a theory which shows that … terrorism acts and make security measures more costly for total welfare. In order to identify the true impact of terrorism, our … current security measures at the borders. Our tests suggest that terrorist incidents have a small effect on US imports on …

Persistent link: https://www.econbiz.de/10005504633

Regional Integration as Diplomacy

Schiff, Maurice; Winters, L. Alan - C.E.P.R. Discussion Papers - 1997

Security threats have moved neighbouring countries to form regional integration arrangements (RIAs), including the … that an RIA – together with domestic taxes – is an optimal response to security concerns among neighbouring countries. It …

Persistent link: https://www.econbiz.de/10005666912

International Trade, Security and Transnational Terrorism: Theory and Empirics

Mirza, Daniel; Verdier, Thierry - C.E.P.R. Discussion Papers - 2007

In this paper, we offer a general analytical framework to illustrate the complex two-way interactions between trade and transnational terrorism. We then survey the recent economic literature in light of this framework by pointing to the importance in empirical studies a) to control appropriately...

Persistent link: https://www.econbiz.de/10005791356