Corporate social responsibility and firm performance: Investor preferences and corporate strategies

• 成果类型: Article; Proceedings Paper
• 署名作者: Mackey, Alison; Mackey, Tyson B.; Barney, Jay B.
• 署名单位: University System of Ohio; Ohio State University
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.5465/amr.2007.25275676
• 发表日期: 2007
• 页码: 817-835
• 关键词: FINANCIAL PERFORMANCE; uncertainty; disclosure; EVOLUTION; BUSINESS; BEHAVIOR

摘要

We address the debate about whether firms should engage in socially responsible behavior by proposing a theoretical model in which the supply of and demand for socially responsible investment opportunities determine whether these activities will improve, reduce, or have no impact on a firm's market value. The theory shows that managers in publicly traded firms might fund socially responsible activities that do not maximize the present value of their firm's future cash flows yet still maximize the market value of the firm.