CSR Performance and the Value of Cash Holdings: International Evidence

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• 作者：Mohamed Arouri ; Guillaume Pijourlet
• 关键词：Corporate social responsibility ; Cash holdings ; Investor protection ; Value of cash
• 刊名：Journal of Business Ethics
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：140
• 期：2
• 页码：263-284
• 全文大小：
• 刊物类别：Humanities, Social Sciences and Law
• 刊物主题：Ethics; Business and Management, general; Management; Business Ethics; Quality of Life Research;
• 出版者：Springer Netherlands
• ISSN：1573-0697
• 卷排序：140

文摘

Using a worldwide sample, we examine whether corporate social responsibility (CSR) performance has an impact on the value of cash holdings. We find that investors assign a higher value to cash held by firms that have a high CSR rating. This result is consistent with the idea that CSR policies are a means for managers to act in the shareholders’ interests by mitigating conflicts with stakeholders. Finally, we reveal that CSR performance has a positive impact on the value of cash holdings only for firms which operate in countries where shareholders are well protected from expropriation by managers and in countries where the institutional quality is high.