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Lean against the wind: the effect of policy uncertainty on a firm's corporate social responsibility strategy
journal contribution
posted on 2023-06-07, 08:03 authored by Daoju Peng, Gonal ColakGonal Colak, Jianfu ShenWe examine the effect of policy uncertainty on firms' strategy of corporate social responsibility (CSR). During uncertain times, firms strategically increase their commitment to CSR causes. Policy uncertainty is positively associated with CSR performance regardless of the estimation method. CSR strategy can substitute for lobbying when firms attempt to manage policy uncertainty. Improved CSR performance can reduce firms' exposure to policy uncertainty which indicates that CSR commitment can deliver insurance-like benefits. The findings highlight the value of CSR commitments during uncertain times.
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Publication status
- Published
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- Published version
Journal
Journal of Corporate FinanceISSN
0929-1199Publisher
ElsevierExternal DOI
Volume
79Page range
a102376 1-19Department affiliated with
- Accounting and Finance Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2023-02-10First Open Access (FOA) Date
2023-02-10First Compliant Deposit (FCD) Date
2023-02-09Usage metrics
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