Details

Autor(en) / Beteiligte

• LIANG, HAO
• RENNEBOOG, LUC

Titel

On the Foundations of Corporate Social Responsibility

Ist Teil von

• The Journal of finance (New York), 2017-04, Vol.72 (2), p.853-909

Ort / Verlag

Cambridge: Wiley Periodicals, Inc

Erscheinungsjahr

2017

Quelle

Alma/SFX Local Collection

Beschreibungen/Notizen

• Using corporate social responsibility (CSR) ratings for 23,000 companies from 114 countries, we find that a firm's CSR rating and its country's legal origin are strongly correlated. Legal origin is a stronger explanation than "doing good by doing well" factors or firm and country characteristics (ownership concentration, political institutions, and globalization): firms from common law countries have lower CSR than companies from civil law countries, with Scandinavian civil law firms having the highest CSR ratings. Evidence from quasi-natural experiments such as scandals and natural disasters suggests that civil law firms are more responsive to CSR shocks than common law firms.