Purpose – This paper aims to assess the impact of group affiliation and anticipated expropriation on North American firms' value. Design/methodology/approach – The net impact of firms' affiliation to groups is generally far from evident. While group affiliation can be perceived as positive...

This study fills an important gap in the literature by providing causal evidence of the impact of relaxing financial constraints on corporate social responsibility (CSR). To isolate this causal link, we examine the enactment of anti-recharacterization laws in some U.S. states, an exogenous shock...