Firms and social responsibility: A review of ESG and CSR research in corporate finance |
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| Institution: | 1. College of Business Administration, University of South Florida Sarasota–Manatee, 8350 North Tamiami Trail, Sarasota, FL 34243, United States;2. Department of Finance and Real Estate, Warrington College of Business Administration, University of Florida, PO Box 117168, Gainesville, FL 32611-7168, United States;1. Harvard Law School, Cambridge, MA 02138, USA;2. Lee Kong Chian School of Business, Singapore Management University, 50 Stamford Road, Singapore 178899, Singapore\n;3. CentER, Tilburg University, 5000 LE Tilburg, The Netherlands;1. School of Economics, Finance & Banking, Universiti Utara Malaysia, Sintok, Kedah, Malaysia;2. School of Economics, Finance and Marketing RMIT University, Melbourne City Campus, Victoria, 3001, Australia |
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| Abstract: | We review the financial economics-based research on Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) with an emphasis on corporate finance. In doing so we focus on the most debated and researched issues. Although a firm's ESG/CSR profile and activities are shown to be strongly related to the firm's market, leadership and owner characteristics as well its risk, performance and value, there still exist conflicting hypotheses and results that we show are not resolved, leading to continued questions and a need for more research. |
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