Socially Responsible Firms
In the corporate finance tradition, starting with Berle and Means (1932), corporations should generally be run to maximize shareholder value. The...
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Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows
Examining a shock to the salience of the sustainability of the US mutual fund market, we present causal evidence that investors marketwide value...
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Low Carbon Mutual Funds
Climate change poses new challenges for portfolio management. Investors face a trade-off between minimizing climate risk exposure and maximizing the...
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Minimizing Costs, Maximizing Sustainability
Do strong incentives to cut costs lead firms to neglect negative externalities? We find that costcutting incentives can be environmentally friendly....
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Corporate Purpose: Theoretical and Empirical Foundations/Confusions
Does it matter if corporate leaders pursue a broader, social corporate purpose rather than a narrow, shareholder-centric one, and can legal and...
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On the Foundations of Corporate Social Responsibility
A firm's corporate social responsibility (CSR) practice and its country's legal origin are strongly correlated. This relation is valid for various CSR...
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The relationship between public listing, context, multi-nationality and internal CSR
Are MNEs more socially responsible, and where is this more likely to occur? Are rms less responsible in emerging or transitional economies, and what...
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Does Board Gender Diversity Affect Renewable Energy Consumption?
This paper examines the effect of board gender diversity on renewable energy consumption. Using a panel of 11,677 firm-year observations from the USA...
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Should Corporations Have a Purpose?
Corporate purpose is the hot topic in corporate governance. Critics are calling for corporations to shift their purpose away from shareholder value as a...
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Is History Repeating Itself? The (Un)predictable Past of ESG Ratings
The explosion in ESG research has led to a strong reliance on ESG rating providers. We document widespread changes to the historical ratings of a key...
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Outsourcing Climate Change
This paper examines whether and how firms combat climate change. Our study provides robust evidence that firms outsource part of their carbon emissions...
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Does Socially Responsible Investing Change Firm Behavior?
Using micro-level data, we examine the behavior of socially responsible investment (SRI) funds. SRI funds select firms with lower pollution, more...
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