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How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk

机译:企业社会责任的媒体报道如何增加财务风险

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Research summary: This article explores the relationship between corporate social irresponsibility (CSI) and financial risk. We posit that media coverage of CSI generates risk by providing conditions that increase the potential for stakeholder sanctions. Through analyzing an international panel of 539 firms during 2008-2013, we find that firms receiving higher CSI coverage face higher financial risk. We show that the reach of the reporting media outlet is a critical condition for this relationship. Once the outlet has a high reach, the severity of CSI coverage is a boundary condition that further reinforces the effect. Our findings complement existing theory about the risk-mitigating effect of corporate social responsibility by illuminating the risk-generating effect of CSI coverage. For executives, these insights suggest complementary strategies for corporate risk management.
机译:研究摘要:本文探讨了企业社会责任感(CSI)与财务风险之间的关系。我们认为,媒体对CSI的报道会通过提供增加利益相关者制裁可能性的条件而产生风险。通过对由539家公司组成的国际专家小组进行的分析,我们发现CSI覆盖率较高的公司面临较高的财务风险。我们证明,报告媒体的覆盖范围是这种关系的关键条件。一旦出口到达较高的范围,CSI覆盖的严重性就是进一步增强影响的边界条件。我们的发现通过阐明CSI覆盖的风险产生效应,补充了有关企业社会责任的风险减轻效应的现有理论。对于高管而言,这些见解提出了企业风险管理的补充策略。

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