On the Foundations of Corporate Social Responsibility

• 成果类型: Article
• 署名作者: Liang, Hao; Renneboog, Luc
• 署名单位: Singapore Management University; Tilburg University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12487
• 发表日期: 2017
• 页码: 853-910
• 关键词: FINANCIAL PERFORMANCE; culture; philanthropy

摘要

Using corporate social responsibility (CSR) ratings for 23,000 companies from 114 countries, we find that a firm's CSR rating and its country's legal origin are strongly correlated. Legal origin is a stronger explanation than doing good by doing well factors or firm and country characteristics (ownership concentration, political institutions, and globalization): firms from common law countries have lower CSR than companies from civil law countries, with Scandinavian civil law firms having the highest CSR ratings. Evidence from quasi-natural experiments such as scandals and natural disasters suggests that civil law firms are more responsive to CSR shocks than common law firms.