Trust and the value of CSR during the global financial crisis
Berkman, Henk Li, Michelle
Berkman, Henk
Li, Michelle
Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2021
Journal
Accounting & Finance
Book
Publication Volume
61
Publication Issue
3
Publication Begin page
4955
Publication End page
4965
Publication Number of pages
Collections
Abstract
Lins, Servaes and Tamayo (2017) (LST) show that during the Global Financial Crisis (GFC) US firms with high corporate social responsibility (CSR) ratings increased in value relative to firms with low CSR ratings. Our study raises questions about the internal and external validity of the inferences in LST. For a similar sample of US stocks, we find no evidence that high CSR firms outperformed low CSR firms during the GFC when we use a calendar-time portfolio analysis that controls for industry, or uses value-weighted portfolios. For a sample of Japanese stocks, we also fail to confirm the results reported in LST.
Research Projects
Organizational Units
Journal Issue
Keywords
Global Financial Crisis (GFC), Corporate Social Responsibility