Social capital and idiosyncratic return volatility
Social capital and idiosyncratic return volatility
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DOI：
10.1177/0312896217717573
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发表时间：
2019-02
影响因子：
4.8
通讯作者：
M. Hasan;Ahsan Habib
中科院分区：
文献类型：
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作者：
M. Hasan;Ahsan Habib
我们研究了区域社会资本是否对特质收益波动有任何影响。使用美国的数据，我们发现，公司总部设在高社会资本县表现出显着较低的特质回报波动。在财务报告质量和公司社会责任方面，这种影响更为明显。当我们估计社会资本的直接和间接影响时，我们的研究表明，社会资本的直接影响占总影响的80%左右。这些研究结果表明，公司特定的变量并不能解释所有的公司的特质回报波动，但区域社会资本也发挥了作用。JEL分类：G10、G12、G30、M14
We examine whether regional social capital has any impact on idiosyncratic return volatility. Using US data, we find that firms headquartered in high social capital counties exhibit significantly lower idiosyncratic return volatility. This effect is more pronounced in the presence of financial reporting quality and corporate social responsibility. When we estimate the direct and indirect effects of social capital, our study reveals that the direct effect of social capital captures around 80% of the total effect. These findings suggest that firm-specific variables do not explain all of a firm’s idiosyncratic return volatility, but regional social capital also plays a role. JEL classification: G10, G12, G30, M14