| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18476 |
| 来源ID | Working Paper 18476 |
| Financial Constraints on Corporate Goodness | |
| Harrison Hong; Jeffrey D. Kubik; Jose A. Scheinkman | |
| 发表日期 | 2012-10-18 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | An influential thesis, dubbed "Doing well by doing good," argues that corporate social responsibility is profitable. But heterogeneity in firm financial constraints can induce a spurious correlation between profits and goodness even if the motives for goodness are non-profit in nature. We use two identification strategies to show that financial constraints are indeed an important driver of corporate goodness. First, during the Internet bubble, previously constrained firms experienced a temporary relaxation of their constraints and their goodness temporarily increased relative to their previously unconstrained peers. Second, a constrained firm's sustainability score increases more with its idiosyncratic equity valuation and lower cost of capital than a less-constrained counterpart. In sum, firms are more likely to do good when they do well. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w18476 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576150 |
| 推荐引用方式 GB/T 7714 | Harrison Hong,Jeffrey D. Kubik,Jose A. Scheinkman. Financial Constraints on Corporate Goodness. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18476.pdf（374KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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