Does engagement in corporate social responsibility provide strategic insurance-like effects?
Does engagement in corporate social responsibility provide strategic insurance-like effects?
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DOI：
10.1002/smj.2494
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发表时间：
2017-02
影响因子：
1.1
通讯作者：
Yung-Ming Shiu;Shou-Lin Yang
中科院分区：
文献类型：
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作者：
Yung-Ming Shiu;Shou-Lin Yang
研究总结：本研究旨在探讨企业社会责任（CSR）的公司的股票和债券价格是否可以从负面事件发生时的保险类效应中受益。我们的研究结果表明，在面对负面事件，在持续的，长期的基础上，在企业社会责任的参与提供了保险一样的影响，对股票和债券价格的公司。然而，在第二次或随后的负面事件发生后，这些影响很快就会消失。虽然我们的研究结果清楚地表明，企业需要分配他们的一些可用资源的长期战略CSR活动，管理人员也必须认识到，在危机沟通，他们可能只能使用他们的CSR索赔一次。管理摘要：本文的目的是研究在企业社会责任（CSR）的企业是否可以受益于保险的负面事件发生时的影响。我们发现，在发生负面事件，长期的企业社会责任参与确实有类似保险的效果。我们还发现，这些类似保险的影响可能会很快消失后，发生第二次负面事件。具有悠久企业社会责任活动历史的公司的管理者需要认识到，在危机沟通中，他们可能只能使用一次遵守企业社会责任的声明。版权所有© 2015约翰威利父子有限公司.
Research summary: This study examines whether the stock and bond prices of firms engaging in corporate social responsibility (CSR) can benefit from insurance-like effects during occurrences of negative events. Our results suggest that in the face of negative events, engagement in CSR on a continuous, long-term basis provides insurance-like effects on both the stock and bond prices of firms. Nevertheless, the effects are found to quickly disappear following the occurrence of a second, or subsequent, negative event. Although our results clearly indicate that firms need to allocate some of their available resources to long-term strategic CSR activities, managers must also realize that in a crisis communication, they will probably be able to use their CSR claims on one occasion only. Managerial summary: The purpose of this article is to examine whether firms engaging in corporate social responsibility (CSR) can benefit from insurance-like effects during occurrences of negative events. We find that on the occurrence of a negative event, long-term CSR engagement does have insurance-like effects. We also find that these insurance-like effects may quickly disappear following the occurrence of a second negative event. Managers of firms with a long history of CSR activities need to realize that in a crisis communication, they can probably use their claims of adherence to CSR only once. Copyright © 2015 John Wiley & Sons, Ltd.