The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics
Abstract
We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost they produce pessimistic recommendations for firms with high CSR ratings. Moreover, we theorize that, over time, the emergence of a stakeholder focus shifts the analysts' perceptions of CSR. Using a large sample of publicly traded U.S. firms...
Paper Details
Title
The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics
Published Date
May 4, 2014
Journal
Volume
36
Issue
7
Pages
1053 - 1081
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