Does engagement in corporate social responsibility provide strategic insurance‐like effects?
研究了长期持续参与企业社会责任的公司在负面事件发生时，其股票和债券价格能否获得类似保险的保护效果，发现这种效果在第二次负面事件后迅速消失。
Research summary : This study examines whether the stock and bond prices of firms engaging in corporate social responsibility ( CSR ) can benefit from insurance‐like effects during occurrences of negative events. Our results suggest that in the face of negative events, engagement in CSR on a continuous, long‐term basis provides insurance‐like effects on both the stock and bond prices of firms. Nevertheless, the effects are found to quickly disappear following the occurrence of a second, or subsequent, negative event. Although our results clearly indicate that firms need to allocate some of their available resources to long‐term strategic CSR activities, managers must also realize that in a crisis communication, they will probably be able to use their CSR claims on one occasion only . Managerial summary : The purpose of this article is to examine whether firms engaging in corporate social responsibility ( CSR ) can benefit from insurance‐like effects during occurrences of negative events. We find that on the occurrence of a negative event, long‐term CSR engagement does have insurance‐like effects. We also find that these insurance‐like effects may quickly disappear following the occurrence of a second negative event. Managers of firms with a long history of CSR activities need to realize that in a crisis communication, they can probably use their claims of adherence to CSR only once . Copyright © 2015 John Wiley & Sons, Ltd.