| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP10399
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| DP10399 Social Capital, Trust, and Firm Performance during the Financial Crisis |
| Henri Servaes; Ane Tamayo
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| 发表日期 | 2015-02-08
|
| 出版年 | 2015
|
| 语种 | 英语
|
| 摘要 | We study the extent to which a firm?s social capital, as measured by the intensity of a firm?s corporate social responsibility (CSR) activities, affects firm performance during the 2008-2009 financial crisis. We find that high-CSR firms have crisis-period stock returns that are four to five percentage points higher than low-CSR firms, all else equal. In contrast, we find no difference in returns between high- and low-CSR firms either before or after the crisis. During the crisis, high-CSR firms also experience higher profitability, sales growth, and sales per employee and a decline in their accounts receivable relative to low-CSR firms. This evidence is consistent with the view that the trust between the firm and its stakeholders and investors, built through investments in social capital, pays off when the overall level of trust in corporations and markets suffers a negative shock. |
| 主题 | Financial Economics
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| 关键词 | Corporate social responsibility
Financial crisis
Social capital
Trust
|
| URL | https://cepr.org/publications/dp10399
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539230
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推荐引用方式
GB/T 7714 |
Henri Servaes,Ane Tamayo. DP10399 Social Capital, Trust, and Firm Performance during the Financial Crisis. 2015.
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