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Social performance and firm risk : impact of the financial crisis

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Bouslah_JBE2016_SocialPerformance_cc.pdf (601.2Kb)
Date
05/2018
Author
Bouslah, Kais
Kryzanowski, Lawrence
M'Zali, Bouchra
Keywords
Financial crisis
Volatility
Idiosyncratic risk
Social performance
Strengths
Concerns
BJ Ethics
HB Economic Theory
HD61 Risk Management
HG Finance
3rd-NDAS
BDC
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Abstract
This paper examines the impact of the recent financial crisis (2008–2009) on the relation between a firm’s risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment.
Citation
Bouslah , K , Kryzanowski , L & M'Zali , B 2018 , ' Social performance and firm risk : impact of the financial crisis ' , Journal of Business Ethics , vol. 149 , no. 3 , pp. 643-669 . https://doi.org/10.1007/s10551-016-3017-x
Publication
Journal of Business Ethics
Status
Peer reviewed
DOI
https://doi.org/10.1007/s10551-016-3017-x
ISSN
0167-4544
Type
Journal article
Rights
© The Author(s) 2016 This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://​creativecommons.​org/​licenses/​by/​4.​0/​), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Description
Bouslah and M’Zali gratefully acknowledge support for this research from the Social Sciences and Humanities Research Council of Canada (SSHRC). Kryzanowski gratefully acknowledges support from the Senior Concordia University Research Chair in Finance, IFM2 and SSHRC. We are also grateful to Robert Sheitoyan Foundation for its support.
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/8244

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