Risk management and corporate social responsibility

杠杆(统计) 企业社会责任 波动性(金融) 业务 风险管理 精算学 会计 经济 财务 生态学 计算机科学 生物 机器学习
作者
Sol Kim,Geul Lee,Hyoung‐Goo Kang
出处
期刊:Strategic Management Journal [Wiley]
卷期号:42 (1): 202-230 被引量:138
标识
DOI:10.1002/smj.3224
摘要

Abstract Research Summary We introduce an innovative method of identifying the risk‐management benefit of corporate social responsibility (CSR). Option‐implied volatility captures the financial markets' expectations of a firm's future risk, so if CSR is related to risk‐management benefits, it should be related to lower implied volatility. We find that CSR is associated with low implied volatility and that CSR's insurance benefit is larger for firms that have high leverage, growth opportunities, or uncertainty. However, CSR as an insurance mechanism is less beneficial to firms that are already sound (i.e., those that have high market value and good accounting and financial performance). The results reveal the “terms” of a CSR‐as‐insurance contract, confirm that CSR creates risk‐management benefits, and suggest that financial markets price this benefit in economically significant ways. Managerial Summary We suggest a practical technique of evaluating a firm's CSR policy. For example, a manager would simply check how a firm's implied volatility changes as its CSR policy changes. Or, the manager can compare a firm's and its comparable firms' implied volatilities to knowhow financial markets perceive the firm's CSR differently. Option implied volatilities could guide a firm to identify proper CSR‐based risk‐management policies because they have the advantage of being ex ante, real‐time, and objectively observable market‐pricing information in identifying the risk‐management benefit of CSR. Our results also illustrate how a financial expert can use the valuable insight of strategic management literature about CSR‐as‐insurance to price derivative contracts.
最长约 10秒,即可获得该文献文件

科研通智能强力驱动
Strongly Powered by AbleSci AI
更新
PDF的下载单位、IP信息已删除 (2025-6-4)

科研通是完全免费的文献互助平台,具备全网最快的应助速度,最高的求助完成率。 对每一个文献求助,科研通都将尽心尽力,给求助人一个满意的交代。
实时播报
刚刚
研友_Lw4Ngn完成签到,获得积分10
刚刚
慕青应助iFaceDOG采纳,获得10
刚刚
从容安柏发布了新的文献求助10
1秒前
天天快乐应助jinxixi采纳,获得10
1秒前
niupotr完成签到,获得积分10
1秒前
2秒前
Ava应助Tong123采纳,获得10
2秒前
烟花应助淡淡宛采纳,获得10
3秒前
Weilang完成签到,获得积分10
3秒前
zz完成签到,获得积分10
4秒前
dll完成签到 ,获得积分10
4秒前
十六完成签到,获得积分10
4秒前
5秒前
快乐冰淇淋完成签到,获得积分20
5秒前
丸子_2025000完成签到,获得积分10
5秒前
Lucas应助OKOK采纳,获得10
6秒前
猫科动物完成签到,获得积分10
6秒前
samchen完成签到,获得积分10
6秒前
星辰大海应助开心小猪采纳,获得10
7秒前
7秒前
科研杂役发布了新的文献求助10
7秒前
CX发布了新的文献求助10
7秒前
9秒前
9秒前
温柔体贴阿尔法完成签到,获得积分10
9秒前
10秒前
xue发布了新的文献求助10
10秒前
ll应助苏苏采纳,获得10
10秒前
秦从露完成签到 ,获得积分10
10秒前
asdfghjkl发布了新的文献求助10
11秒前
11秒前
Fwisme完成签到,获得积分10
12秒前
12秒前
南昌黑人完成签到,获得积分10
13秒前
13秒前
SimonJay发布了新的文献求助10
13秒前
能干雁凡完成签到,获得积分10
13秒前
zjl900111发布了新的文献求助10
15秒前
小余同学发布了新的文献求助10
15秒前
高分求助中
A new approach to the extrapolation of accelerated life test data 1000
Technical Brochure TB 814: LPIT applications in HV gas insulated switchgear 1000
ACSM’s Guidelines for Exercise Testing and Prescription, 12th edition 500
Picture Books with Same-sex Parented Families: Unintentional Censorship 500
Nucleophilic substitution in azasydnone-modified dinitroanisoles 500
不知道标题是什么 500
A Preliminary Study on Correlation Between Independent Components of Facial Thermal Images and Subjective Assessment of Chronic Stress 500
热门求助领域 (近24小时)
化学 材料科学 医学 生物 工程类 有机化学 生物化学 物理 内科学 纳米技术 计算机科学 化学工程 复合材料 遗传学 基因 物理化学 催化作用 冶金 细胞生物学 免疫学
热门帖子
关注 科研通微信公众号,转发送积分 3970394
求助须知:如何正确求助?哪些是违规求助? 3515139
关于积分的说明 11177107
捐赠科研通 3250335
什么是DOI,文献DOI怎么找? 1795254
邀请新用户注册赠送积分活动 875732
科研通“疑难数据库(出版商)”最低求助积分说明 805054