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高磊|第235期双周学术论坛

作者:     日期:2018-05-20    来源:

  一、主题:Standing out from the crowd via corporate social responsibility: Evidence from non-fundamental-driven price pressure

  二、主讲人:高磊,爱荷华州立大学商学院金融学助理教授。乔治亚大学金融博士毕业。主要研究领域:金融市场、微观结构、资产回报预测、实证公司财务、公司监管、企业文化、文本分析和机器学习等。高磊教授的研究成果发表在Journal of Financial Economics、Journal of Corporate Finance、美国科学院会刊(PNAS)等国外金融界高水平期刊上。

  三、时间:2018年5月22日(周二),12:30-13:30

  四、地点:学院南路校区主教学楼913会议室

  五、主持人:朱一峰,中央财经大学金融学院讲师

 

  论文摘要:Prior literature proposes that firms can use corporate social responsibility (CSR) activities to signal their quality to investors and other stakeholders. We formally test this prediction by identifying situations where firms deem it necessary to signal via CSR. Using two independent quasi-natural experiments that impose non-fundamental-driven negative pressure on firms’ stock prices, we find that firms under such adverse circumstances engage more in CSR than otherwise similar firms. These effects are more pronounced among firms with stronger signaling needs (i.e., those facing a more opaque information environment and more intense product market competition) and among firms with better signaling capabilities (i.e., those with fewer financial constraints and higher profitability). Further, we find supporting evidence that signaling via CSR under downward price pressure helps firms attract more socially responsible investors, indicating benefits of such signaling efforts.