Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis

• 成果类型: Article
• 署名作者: Lins, Karl V.; Servaes, Henri; Tamayo, Ane
• 署名单位: Utah System of Higher Education; University of Utah; University of London; London Business School; Center for Economic & Policy Research (CEPR); European Corporate Governance Institute; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12505
• 发表日期: 2017
• 页码: 1785-1823
• 关键词: risk; IMPACT

摘要

During the 2008-2009 financial crisis, firms with high social capital, as measured by corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth, and sales per employee relative to low-CSR firms, and they raised more debt. This evidence suggests that the trust between a firm and both its stakeholders and investors, built through investments in social capital, pays off when the overall level of trust in corporations and markets suffers a negative shock.