We investigate the roles of legal origins and political institutions – believed to be the fundamental determinants of economic outcomes – in corporate social responsibility (CSR). We argue that CSR is an essential path to economic sustainability, and document strong correlations between...

We investigate the roles of legal origins and political institutions – believed to be the fundamental determinants of economic outcomes – in corporate social responsibility (CSR). We argue that CSR is an essential path to economic sustainability, and document strong correlations between...

A firm's corporate social responsibility (CSR) practice and its country's legal origin are strongly correlated. This relation is valid for various CSR ratings coming from several large datasets that comprise more than 23,000 large companies from 114 countries. We find that CSR is more strongly...

A widely observed phenomenon in the financial market is the irrational herd behavior of investors who tend to move together in stock trading under certain market conditions. While behavioral finance literature tries to explain investors' sentiments and behaviors through psychological factors,...

We revisit the value implications of female representation on boards by exploiting the board diversity campaign announcement by Norges Bank Investment Management (NBIM)—the world’s largest sovereign wealth fund. In February 2021, NBIM required its portfolio firms to have at least 30% female...

Exploiting data on intra-group transactions and unexpected shocks to regional stability in China, I show that the business groups of state-owned enterprises (SOEs) use internal funds to address social unrest. The government allocates more funds to SOEs in areas affected by social unrest, which...