The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis

By Paul C. Godfrey, Craig B. Merrill, Jared M. Hansen. 2009

2,910 citations recorded by the source corpus.

Subfields: Accounting, Marketing, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/a667874c7d1326af6f4a7abfff792e64b775b343

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Citations in the corpus

Reputation as a Benefit and a Burden? How Stakeholders’ Organizational Identification Affects the Role of Reputation Following a Negative Event (2016, background): “Social capital develops between an organization and its stakeholders over time, and it can prompt stakeholders to give the benefit of the doubt to the organization (Adler & Kwon, 2002; Das & Teng, 2001; Dore, 1983; Godfrey et al., 2009).”
The Effects of Corporate and Country Sustainability Characteristics on The Cost of Debt: An International Investigation (2014, positive): “Godfrey et al. (2009) have argued that combining distinct features of sustainability to create “a single, monolithic construct” (Godfrey et al., 2009, p. 426) actually dilutes the observable financial effects of unidimensional CSR.”
Analyst Coverage, Corporate Social Responsibility, and Firm Risk (2014, methodology): “Following Hillman & Keim (2001) and Godfrey et al. (2009), we also expand the analysis for the interactions between the change in CSR strength, CSR concern, and CSR components (community, diversity, employee, environment, product, human rights, and corporate governance) indices with change in analys”
A Meta-Analytic Review of Corporate Social Responsibility and Corporate Financial Performance (2016, methodology): “This view was confirmed by many empirical studies conducted in different contexts, such as Barnett and Salomon (2006), Bhattacharya and Sen (2003), Brammer and Millington (2004), and Godfrey et al. (2009).”
When CEO Career Horizon Problems Matter for Corporate Social Responsibility: The Moderating Roles of Industry-Level Discretion and Blockholder Ownership (2016, background): “Recently, increasing criticism has been raised for the operationalization of the construct through combining ‘‘positive’’ (sum of strengths) and ‘‘negative’’ (sum of concerns) dimensions toward CSR (Godfrey et al. 2009; Kacperczyk 2009; Mattingly and Berman 2006).”
The Influence of Board Composition on Sustainable Development Disclosure (2017, background): “…exchange of benefits with stakeholders to facilitate the development of long-term connections (Gray et al., 1995; Cormier et al., 2011; McWilliam and Siegel, 2001; Godfrey et al., 2009), boards’ decision to report on CSR relates to their structure (Jamali et al., 2008; Arora and Dharwadkar, 2011).”
The Impact of Innovation on the Firm Performance and Corporate Social Responsibility of Vietnamese Manufacturing Firms (2019, background): “First, CSR is highly observable, and can raise the awareness from all kinds of stakeholders [57].”
Corporate Social Responsibility and Firm Value: Disaggregating the Effects on Cash Flow, Risk and Growth (2013, background): “…philanthropy) and with evidence that it is the significant and perpetual levels of investment in stakeholder engagement that are associated with superior financial performance (Barnett and Salomon 2012; Choi and Wang 2009; Godfrey et al. 2009; Kim and Statman 2012; Wang and Choi 2013).”
When Does It Pay to be Good? Moderators and Mediators in the Corporate Sustainability–Corporate Financial Performance Relationship: A Critical Review (2017, background): “Primary stakeholders perceive CS activities more as self-serving and related to a firm’s profit-making interests than secondary stakeholders do (Godfrey et al. 2009).”