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dc.contributor.authorMarhfor, Ahmed
dc.contributor.authorBouslah, Kais
dc.contributor.authorM'Zali, Bouchra
dc.identifier.citationMarhfor , A , Bouslah , K & M'Zali , B 2021 , ' Corporate social responsibility as a managerial learning process ' , Journal of Finance and Risk Perspectives , vol. 10 , pp. 77-94 .
dc.identifier.otherPURE: 274388037
dc.identifier.otherPURE UUID: 110a442b-7b4b-422b-b1a8-54441d826b58
dc.identifier.otherJisc: 2acafb6b28c9432b962103b4616b121e
dc.identifier.otherORCID: /0000-0001-8407-8929/work/94669784
dc.identifier.otherScopus: 85107133489
dc.description.abstractThe purpose of this paper is twofold. 1) We propose for the first time in the literature a theory (managerial learning hypothesis) that may explain why managers engage in corporate social responsibility (CSR). 2) We use an intuitive empirical methodology (Edmans et al. 2017) to test the relevance/irrelevance of our new theory. The idea behind our main contribution is that managers engage in CSR to learn new relevant information from other informed stakeholders. In return, managers will use both the new information and other information they already have to choose the optimal level of firm’s investment (Jayaraman and Wu, 2019). Therefore, we propose to examine whether a strong CSR engagement improves revelatory efficiency (Edmans et al. 2012, 2017). The latter accounts for the extent to which stock prices reveal new information to managers that will help them make value-maximizing choices. Our findings suggest that CSR activities do not allow firm’s managers to extract new information from their stock prices and ultimately improve the efficiency of their investment choices.
dc.relation.ispartofJournal of Finance and Risk Perspectivesen
dc.rightsCopyright © 2021 by the authors. Licensee ACRN Publishing, Austria, Editor in Chief Prof. Dr. Othmar M. Lehner. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY SA) license.en
dc.subjectCorporate social responsibilityen
dc.subjectManagerial learning theoryen
dc.subjectRevelatory efficiencyen
dc.subjectInvestment-price sensitivityen
dc.subjectHD28 Management. Industrial Managementen
dc.titleCorporate social responsibility as a managerial learning processen
dc.typeJournal articleen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews.School of Managementen
dc.contributor.institutionUniversity of St Andrews.Centre for the Study of Philanthropy & Public Gooden
dc.contributor.institutionUniversity of St Andrews.Centre for Responsible Banking and Financeen
dc.description.statusPeer revieweden

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