Social Performance and Firm Risk: Impact of the Financial Crisis
研究了1991-2012年美国非金融企业数据，发现金融危机期间社会绩效（尤其是优势部分）能显著降低企业风险波动，且社会绩效与风险的关系在危机前后存在不对称性。
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.