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- W3119228601 endingPage "101288" @default.
- W3119228601 startingPage "101288" @default.
- W3119228601 abstract "This study examines the nonlinear effects of corporate social responsibility (CSR) on firms’ systematic risk and identifies the degree of operating leverage as a channel through which CSR exerts its influence on firm risk. Using a large international sample of firms from 43 countries for the period 2005–2017, we find that the relationship between CSR and firms’ systematic risk is nonlinear, exhibiting an inverted U-shaped pattern. More specifically, our results show that initially risk rises with an increase in CSR but after reaching a threshold level of CSR, firms experience risk reduction as CSR increases. The CSR–risk relationship is moderated by a few country-specific factors, namely national CSR sustainability and legal environment. Our findings are robust to controlling for potential endogeneity of CSR." @default.
- W3119228601 created "2021-01-18" @default.
- W3119228601 creator A5014564554 @default.
- W3119228601 creator A5025380871 @default.
- W3119228601 creator A5053077664 @default.
- W3119228601 creator A5082468260 @default.
- W3119228601 date "2021-03-01" @default.
- W3119228601 modified "2023-10-04" @default.
- W3119228601 title "The non-linear effect of CSR on firms’ systematic risk: International evidence" @default.
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