Local CSR, local ownership and firm value
研究了本地和全球企业社会责任活动如何通过影响本地和远程投资者的所有权，进而影响企业价值和股票回报，发现本地所有权的监督作用可防止过度投资，而全球CSR活动短期引发过度反应但长期仍提升基本面。
This paper examines how local/global CSR activity induced local/remote ownership affects firm performance. The results show that local CSR activity generates positive externality to local owners, who in turn increase their ownership, and hence, also their monitoring role in local firms. Global CSR activity builds public image, and thus attract remote investors to local firms, which increases diversification and hence, liquidity of firm stock. The shift in local ownership increases firm value more for global CSR activities that target a broader group of stakeholders. Thus, some monitoring by local owners is necessary to prevent overinvestment in CSR that might lead to the manifestation of agency problems. In the short-run stock returns increase more for positive news on global CSR activities, partly, because of overreaction. In the long-run there is a return reversal, however, stock returns are still positive, indicating that CSR activities not only generate overreaction but also influence firm fundamentals. • Local CSR activity generates positive externality to local owners, who in turn increase their ownership, and hence, also their monitoring role in local firms. • Global CSR activity builds public image, attracting remote investors to local firms, increasing diversification and hence, liquidity of firm stock. • The shift in local ownership increases firm value more for global CSR activities that target a broader group of stakeholders. • Some monitoring by local owners is necessary to prevent overinvestment in CSR. • In the short-run stock returns increase more for positive news on global CSR activities, partly, because of overreaction. • In the long-run there is a return reversal, however, stock returns are still positive, indicating that CSR activities influence firm fundamentals.