Essays on Corporate Social Responsibility and Financial Performance
In the final essay, I explore the link between CSR and financial distress. Using both multivariate regressions, simultaneous non-linear equations and a discrete time hazard model, I find that the level of CSR in a firm, is a significant determinant of distress, even after controlling for previously identified drivers of firm distress. The relationship is robust to the endogeneity of CSR investments and free cash flow. The near monotonic relationship between CSR investments and distress suggests that there is informational value in extra financial metrics. However, I find no evidence that higher levels of social responsibility cause decreases in firm risk.In the final essay, I explore the link between CSR and financial distress.
| Title | : | Essays on Corporate Social Responsibility and Financial Performance |
| Author | : | |
| Publisher | : | ProQuest - 2007 |
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