Corporate social responsibility: An umbrella or a puddle on a rainy day? Evidence surrounding corporate financial misconduct
研究企业社会责任在财务欺诈前后的声誉作用，发现良好CSR表现能缓冲市场惩罚，而事后加强CSR有助于修复声誉、降低退市风险并提升股票回报。
Abstract We examine the way a fraudulent firm's pre‐ and post‐misconduct corporate social responsibility engagement is associated with its stock performance to investigate the reputational role of corporate social responsibility (CSR). In the short term, firms with good CSR performance suffer smaller market penalties upon the revelation of financial wrongdoing, supporting the buffer effect, as opposed to the backfire effect, of a good social image. We also find that the misbehaving firms’ post‐misconduct CSR efforts are negatively associated with delisting probabilities, and positively with stock returns. These findings support the argument that increasing post‐crisis CSR engagement can be an effective remedy for a damaged reputation.