Corporate social responsibility and idiosyncratic risk in the restaurant industry: does brand diversification matter?

Purpose This study aims to examine the link between corporate social responsibility (CSR) and idiosyncratic risk in the restaurant industry. The study also explores whether brand diversification magnifies the risk reduction effect of CSR in the restaurant industry. Design/methodology/approach The study uses an unbalanced panel of 274 firm-year observations for 43 restaurant firms over the period 1995–2015. Models are estimated via fixed effect...