Prior research documents that asset growth is negatively associated with future firm performance. In contrast, we show that growth financed by product market stakeholders (i.e., “operating growth”) is positively associated with future firm performance. Investors and security analysts...

This study examines whether the source from which nonprofessional investors obtain corporate social responsibility (CSR) disclosure influences their investment-related judgments and decisions and whether that influence depends on the company's financial performance. In an experiment, we find an...