Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach

By Caroline Flammer. Management Sciences, 2015

1,636 citations recorded by the source corpus.

Subfields: Accounting, Marketing, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/1269b93b9569db9e0732717734920f4d22e0cf2f

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Citations in the corpus

Corporate Social Responsibility and Sustainable Finance (2020, neutral): “However, most scholars still apply a broader definition of CSR and consider it to be consistent with value maximization (e.g., Edmans, 2011; Flammer, 2015; Ferrell, Liang and Renneboog, 2016; Lins, Servaes, Tamayo, 2017).”
Corporate Goodness and Shareholder Wealth (2015, neutral): “6A notable exception is Flammer (2013b), who studies the passage of close-call CSR-related shareholder proposals and provides causal evidence in favor of the view that CSR enhances shareholder value.”
Green Bonds: Effectiveness and Implications for Public Policy (2019, methodology): “This section is an abbreviated version of Flammer (2018), who studies how corporate green bonds affect firm-level outcomes.”
Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash (2020, positive): “Flammer (2015) employs the regression discontinuity design to show that successful shareholder ESG proposals result in positive abnormal returns.”
Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic (2021, neutral): “2 Some studies document positive valuation effects of CSR (e.g., Deng et al., 2013; Flammer, 2015, 2020; Ferrell et al., 2016; Cao et al., 2019; Dai et al., 2020; Gao et al., 2020); others suggest that CSR is unrelated to firm value, or can even reduce value due to agency costs (e.g., Bénabou and…”
Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility (2015, neutral): “Similar to Mackey et al. (2007), Graff-Zivin and Small (2005), Baron et al.”
Corporate Social Responsibility Performance, Incentives, and Learning Effects (2020, background): “To summarize, NEOs whose compensation contract is linked to CSR goals seem to integrate environmental performance information fully into decision making (Flammer 2015).”
Country-level institutions, firm value, and the role of corporate social responsibility initiatives (2017, background): “…cross-country institutional differences lead to different expectations and different returns to CSR.7 The fact that not many firms have capabilities to invest in CSR in countries with institutional voids also adds to a greater competitive advantage of firms that do invest in CSR (Flammer, 2015).”
Corporate social responsibility and bank financial performance in China: The moderating role of green credit (2021, neutral): “And they formed two completely opposing views on this issue which support both the positive and negative in ﬂ uence of CSR (Edmans 2011; Krüger 2015; Flammer 2015; Saeidi et al. 2015).”
Responsible investing: The ESG-efficient frontier (2020, neutral): “For example, Flammer (2015) and Kruger (2015) provide supportive evidence for valuations/returns, while Dunn, Fitzgibbons, and Pomorski (2018), Ilhan, Sautner, and Vilkov (2018), and Hoepner et al. (2019) show that ESG correlates with risks.”
Corporate Social Responsibility and CEO Risk-Taking Incentives (2016, positive): “Following previous research (Flammer, 2015; Flammer and Luo, 2016; Cheng, Hong and Shue, 2014), we focus on five dimensions of CSR: community activities, diversity, employee relations, environmental policies, and product development.”
Does it pay to be different? Relative CSR and its impact on firm value (2016, methodology): “Robustness A. Curvilinear function As discussed previously and alluded to in previous work (Flammer (2012)), CSR may affect firm value in a curvilinear fashion, perhaps due to marginally reducing returns.”
Does product market competition foster corporate social responsibility? Evidence from trade liberalization (2015, background): “However, recent evidence by Flammer (2014), who relies on exogenous variation in CSR in the form of CSR-related shareholder proposals that pass or fail by a small margin of votes, suggests that the positive link between CSR and financial performance is in fact causal. stock ownership, etc.),…”