Firms and social responsibility: A review of ESG and CSR research in corporate finance

By Stuart L. Gillan, Andrew Koch, Laura T. Starks. Journal of Corporate Finance, 2021

2,226 citations recorded by the source corpus.

Abstract We review the financial economics-based research on Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) with an emphasis on corporate finance. In doing so we focus on the most debated and researched issues. Although a firm's ESG/CSR profile and activities are shown to be strongly related to the firm's market, leadership and owner characteristics as well its risk, performance and value, there still exist conflicting hypotheses and results that we show are not resolved, leading to continued questions and a need for more research.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/c09759eaf12ffaf1f00012718832ce8675e43f6e

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In Accounting

1. Alexandre Ziegler
2. Stefano Ramelli
3. Richard J. Zeckhauser
4. Alexander F. Wagner

In Finance

1. Alexandre Ziegler
2. Stefano Ramelli
3. Richard J. Zeckhauser
4. Alexander F. Wagner

Citations in the corpus

• Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections (2021, positive): “See Gillan, Koch, and Starks (2021) for a survey of the literature on shareholder value effects of CSR/ESG. 6 Ilhan, Sautner, and Vilkov (2021), and Pankratz and Schiller (2019).7 Our paper complements this new strand of research by showing that investor rewards to climate-responsible…”