Corporate Goodness and Shareholder Wealth

By Philipp Krueger. 2015

1,563 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/738d39b268587ef7b436d68ca4d35e79861a1922

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Citations in the corpus

Institutional shareholders and corporate social responsibility (2020, neutral): “Therefore, it is in their best interest to positively influence portfolio firms’ CSR commitments and minimize their overall exposure to these costs (Chakravarthy, DeHaan, and Rajgopal, 2014; Freeman, Harrison, and Wicks, 2007; Krüger, 2015).”
Divergent ESG Ratings (2020, background): “Rather than looking at correlations, Krüger (2015) identifies 2,116 CSR events from 2001– 07 for 745 U.S. companies from the KLD (now MSCI) database.”
Carbon risk and corporate capital structure (2020, neutral): “…of firm characteristics, it alleviates a concern that a firm may make a decision on the level of carbon risk exposure conditional on its level of financial leverage or both financial leverage and the level of carbon risk exposure may be correlated with other firm characteristics (Krüger 2015).”
Corporate social responsibility and capital allocation efficiency (2017, neutral): “…Friedman's (1970) well-known argument that “the only social responsibility of corporations is to make money”, argues that CSR is a manifestation of agency problems (e.g., Aupperle et al., 1985; Bénabou and Tirole, 2010; Krüger, 2015; McWilliams et al., 2006) and often is costly for shareholders.”
Does the ESG Index Affect Stock Return? Evidence from the Eurostoxx50 (2020, methodology): “Krüger [21] demonstrates that investors respond differently to adverse Corporate Social Responsibility (CSR) events with respect to positive news: this response is weakly negative for positive CSR events, and it is strongly negative to adverse events.”
Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis: Social Capital, Trust, and Firm Performance (2017, neutral): “See also Krüger (2015) for a more detailed description of the process followed by MSCI to construct the CSR ratings. components are seen by investors as measures correlated with the trustworthiness of a firm; hence, we examine this category in robustness tests.”
Climate Change News Risk and Corporate Bond Returns (2020, neutral): “Other studies documenting the effect of ESG factors on firm values include those of Heinkel, Kraus, and Zechner (2001), Krüger (2015), Ferrell, Liang, and Renneboog (2016), Lins, Servaes, and Tamayo (2017), and Albuquerque, Koskinen, and Zhang (2019).”
ESG Ratings and Stock Performance during the COVID-19 Crisis (2021, background): “Some studies have shown that CSR activities are solely a manifestation of agency conflicts between a firm’s shareholders and managers, who particularly benefit from engaging in CSR at the expense of a firm’s shareholders [4,5], while other research has shown that engaging in environmental, social, a”
Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity (2016, background): “Krüger (2015) documents that investors react negatively to negative CSR events and react positively to events associated with improving stakeholder relations.”
Firm Internationalization and Corporate Social Responsibility (2014, neutral): “Murtha and Lenway (1994) suggest that national institutional factors exert great influence on a firm’s non-market behavior and strategies.”