Did India's CSR mandate enhance or diminish firm value?
Gespeichert in:
| Autor*in: |
Panwar, Rajat [verfasserIn] Pandey, Vivek [verfasserIn] Suddaby, Roy [verfasserIn] Vidal, Natalia G. [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2023 |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: Business & society - Thousand Oaks, Calif. [u.a.] : Sage Periodicals Press, 1960, 62(2023), 2 vom: Feb., Seite 401-433 |
|---|---|
| Übergeordnetes Werk: |
volume:62 ; year:2023 ; number:2 ; month:02 ; pages:401-433 |
| Links: |
|---|
| DOI / URN: |
10.1177/00076503221085962 |
|---|
| Katalog-ID: |
1840962240 |
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| 982 | |2 26 |1 00 |x DE-206 |b Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value. | ||
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10.1177/00076503221085962 doi (DE-627)1840962240 (DE-599)KXP1840962240 DE-627 ger DE-627 rda eng Panwar, Rajat verfasserin (DE-588)1238021743 (DE-627)176519833X aut Did India's CSR mandate enhance or diminish firm value? Rajat Panwar, Vivek Pandey, Roy Suddaby, and Natalia G. Vidal 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier corporate social responsibility (CSR) (dpeaa)DE-206 firm value and CSR (dpeaa)DE-206 government and CSR (dpeaa)DE-206 India's CSR law (dpeaa)DE-206 mandated CSR (dpeaa)DE-206 stock market reaction (dpeaa)DE-206 Pandey, Vivek verfasserin (DE-588)171659678 (DE-627)061887390 (DE-576)13243654X aut Suddaby, Roy verfasserin (DE-588)1164027379 (DE-627)1028381972 (DE-576)50831447X aut Vidal, Natalia G. verfasserin aut Enthalten in Business & society Thousand Oaks, Calif. [u.a.] : Sage Periodicals Press, 1960 62(2023), 2 vom: Feb., Seite 401-433 Online-Ressource (DE-627)320492206 (DE-600)2011154-X (DE-576)090898842 1552-4205 nnns volume:62 year:2023 number:2 month:02 pages:401-433 https://journals.sagepub.com/doi/pdf/10.1177/00076503221085962 Verlag lizenzpflichtig https://doi.org/10.1177/00076503221085962 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_95 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_152 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2145 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 62 2023 2 2 401-433 26 01 0206 4300725543 x1z 31-03-23 26 00 DE-206 Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value. |
| spelling |
10.1177/00076503221085962 doi (DE-627)1840962240 (DE-599)KXP1840962240 DE-627 ger DE-627 rda eng Panwar, Rajat verfasserin (DE-588)1238021743 (DE-627)176519833X aut Did India's CSR mandate enhance or diminish firm value? Rajat Panwar, Vivek Pandey, Roy Suddaby, and Natalia G. Vidal 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier corporate social responsibility (CSR) (dpeaa)DE-206 firm value and CSR (dpeaa)DE-206 government and CSR (dpeaa)DE-206 India's CSR law (dpeaa)DE-206 mandated CSR (dpeaa)DE-206 stock market reaction (dpeaa)DE-206 Pandey, Vivek verfasserin (DE-588)171659678 (DE-627)061887390 (DE-576)13243654X aut Suddaby, Roy verfasserin (DE-588)1164027379 (DE-627)1028381972 (DE-576)50831447X aut Vidal, Natalia G. verfasserin aut Enthalten in Business & society Thousand Oaks, Calif. [u.a.] : Sage Periodicals Press, 1960 62(2023), 2 vom: Feb., Seite 401-433 Online-Ressource (DE-627)320492206 (DE-600)2011154-X (DE-576)090898842 1552-4205 nnns volume:62 year:2023 number:2 month:02 pages:401-433 https://journals.sagepub.com/doi/pdf/10.1177/00076503221085962 Verlag lizenzpflichtig https://doi.org/10.1177/00076503221085962 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_95 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_152 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2145 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 62 2023 2 2 401-433 26 01 0206 4300725543 x1z 31-03-23 26 00 DE-206 Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value. |
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10.1177/00076503221085962 doi (DE-627)1840962240 (DE-599)KXP1840962240 DE-627 ger DE-627 rda eng Panwar, Rajat verfasserin (DE-588)1238021743 (DE-627)176519833X aut Did India's CSR mandate enhance or diminish firm value? Rajat Panwar, Vivek Pandey, Roy Suddaby, and Natalia G. Vidal 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier corporate social responsibility (CSR) (dpeaa)DE-206 firm value and CSR (dpeaa)DE-206 government and CSR (dpeaa)DE-206 India's CSR law (dpeaa)DE-206 mandated CSR (dpeaa)DE-206 stock market reaction (dpeaa)DE-206 Pandey, Vivek verfasserin (DE-588)171659678 (DE-627)061887390 (DE-576)13243654X aut Suddaby, Roy verfasserin (DE-588)1164027379 (DE-627)1028381972 (DE-576)50831447X aut Vidal, Natalia G. verfasserin aut Enthalten in Business & society Thousand Oaks, Calif. [u.a.] : Sage Periodicals Press, 1960 62(2023), 2 vom: Feb., Seite 401-433 Online-Ressource (DE-627)320492206 (DE-600)2011154-X (DE-576)090898842 1552-4205 nnns volume:62 year:2023 number:2 month:02 pages:401-433 https://journals.sagepub.com/doi/pdf/10.1177/00076503221085962 Verlag lizenzpflichtig https://doi.org/10.1177/00076503221085962 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_95 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_152 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2145 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 62 2023 2 2 401-433 26 01 0206 4300725543 x1z 31-03-23 26 00 DE-206 Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value. |
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10.1177/00076503221085962 doi (DE-627)1840962240 (DE-599)KXP1840962240 DE-627 ger DE-627 rda eng Panwar, Rajat verfasserin (DE-588)1238021743 (DE-627)176519833X aut Did India's CSR mandate enhance or diminish firm value? Rajat Panwar, Vivek Pandey, Roy Suddaby, and Natalia G. Vidal 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier corporate social responsibility (CSR) (dpeaa)DE-206 firm value and CSR (dpeaa)DE-206 government and CSR (dpeaa)DE-206 India's CSR law (dpeaa)DE-206 mandated CSR (dpeaa)DE-206 stock market reaction (dpeaa)DE-206 Pandey, Vivek verfasserin (DE-588)171659678 (DE-627)061887390 (DE-576)13243654X aut Suddaby, Roy verfasserin (DE-588)1164027379 (DE-627)1028381972 (DE-576)50831447X aut Vidal, Natalia G. verfasserin aut Enthalten in Business & society Thousand Oaks, Calif. [u.a.] : Sage Periodicals Press, 1960 62(2023), 2 vom: Feb., Seite 401-433 Online-Ressource (DE-627)320492206 (DE-600)2011154-X (DE-576)090898842 1552-4205 nnns volume:62 year:2023 number:2 month:02 pages:401-433 https://journals.sagepub.com/doi/pdf/10.1177/00076503221085962 Verlag lizenzpflichtig https://doi.org/10.1177/00076503221085962 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_95 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_152 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2145 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 62 2023 2 2 401-433 26 01 0206 4300725543 x1z 31-03-23 26 00 DE-206 Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value. |
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10.1177/00076503221085962 doi (DE-627)1840962240 (DE-599)KXP1840962240 DE-627 ger DE-627 rda eng Panwar, Rajat verfasserin (DE-588)1238021743 (DE-627)176519833X aut Did India's CSR mandate enhance or diminish firm value? Rajat Panwar, Vivek Pandey, Roy Suddaby, and Natalia G. Vidal 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier corporate social responsibility (CSR) (dpeaa)DE-206 firm value and CSR (dpeaa)DE-206 government and CSR (dpeaa)DE-206 India's CSR law (dpeaa)DE-206 mandated CSR (dpeaa)DE-206 stock market reaction (dpeaa)DE-206 Pandey, Vivek verfasserin (DE-588)171659678 (DE-627)061887390 (DE-576)13243654X aut Suddaby, Roy verfasserin (DE-588)1164027379 (DE-627)1028381972 (DE-576)50831447X aut Vidal, Natalia G. verfasserin aut Enthalten in Business & society Thousand Oaks, Calif. [u.a.] : Sage Periodicals Press, 1960 62(2023), 2 vom: Feb., Seite 401-433 Online-Ressource (DE-627)320492206 (DE-600)2011154-X (DE-576)090898842 1552-4205 nnns volume:62 year:2023 number:2 month:02 pages:401-433 https://journals.sagepub.com/doi/pdf/10.1177/00076503221085962 Verlag lizenzpflichtig https://doi.org/10.1177/00076503221085962 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_69 GBV_ILN_70 GBV_ILN_95 GBV_ILN_100 GBV_ILN_110 GBV_ILN_120 GBV_ILN_152 GBV_ILN_161 GBV_ILN_165 GBV_ILN_171 GBV_ILN_187 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2043 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2093 GBV_ILN_2098 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2125 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2145 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2158 GBV_ILN_2190 GBV_ILN_2193 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2705 GBV_ILN_2889 GBV_ILN_2890 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 AR 62 2023 2 2 401-433 26 01 0206 4300725543 x1z 31-03-23 26 00 DE-206 Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value. |
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26 00 DE-206 Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value Did India's CSR mandate enhance or diminish firm value? Rajat Panwar, Vivek Pandey, Roy Suddaby, and Natalia G. Vidal corporate social responsibility (CSR) (dpeaa)DE-206 firm value and CSR (dpeaa)DE-206 government and CSR (dpeaa)DE-206 India's CSR law (dpeaa)DE-206 mandated CSR (dpeaa)DE-206 stock market reaction (dpeaa)DE-206 |
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Did India's CSR mandate enhance or diminish firm value? |
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Did India's CSR mandate enhance or diminish firm value? Rajat Panwar, Vivek Pandey, Roy Suddaby, and Natalia G. Vidal |
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Did India's CSR mandate enhance or diminish firm value? |
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ind1=" " ind2=" "><subfield code="a">GBV_ILN_4277</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4305</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4306</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4307</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4313</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4322</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4323</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4324</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4325</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4326</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4328</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4333</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4335</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4338</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4346</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4367</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4393</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4753</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">62</subfield><subfield code="j">2023</subfield><subfield code="e">2</subfield><subfield code="c">2</subfield><subfield code="h">401-433</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4300725543</subfield><subfield code="y">x1z</subfield><subfield code="z">31-03-23</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">Can mandated adoption of corporate social responsibility (CSR) improve firm value? Most CSR adoption is purely voluntary. However, governments regularly encourage CSR adoption with soft regulations that vary from simply endorsing and symbolically supporting CSR to requiring the adoption of specific practices. Governments have resisted fully mandating CSR because there is some concern universally that mandated CSR may reduce firm value. There is, however, no empirical clarity as to whether mandated CSR impedes or improves firm value. We address this uncertainty by analyzing the effects of the mandated adoption of CSR that the government of India legislated in 2014. Drawing on a sample of 1,526 publicly traded firms and deploying a combinative analytical framework comprising an event study, regression discontinuity design, and a difference-in-differences technique, we conclude that India's CSR mandate did, in fact, increase value for all firms bound by the mandate. This value-enhancing effect was greater for foreign firms relative to domestic firms. Our results refute previous research showing that India's CSR mandate diminished firm value.</subfield></datafield></record></collection>
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| score |
7.397565 |