Social responsibility of business

This study utilized environmental, social, and governance (ESG) data to analyze how institutional investors' strategies relate to the approaches of the private equity (PE) funds they invest in. Using limited partner (LP) investor and general partner (GP) PE fund data from Preqin, I created ESG scores for both LP and PE funds. Ordinary least-squares regression showed a significant, positive relationship between LP/GP ESG strategies. However, the relationship became negative and significant when firm-, fund-, and country-level controls were added. This misalignment between statements and action, often called greenwashing, suggests that firms are driven to ESG reporting due to external factors and do not feel accountable for investment decisions that follow strategic disclosures. Investor environmental (E), social (S), and governance (G) strategies had different relationships with GP ESG approaches. Public institutional investors, fund size, and the presence of a civil law system were positive contributing factors to the LP/GP ESG relationship. Fund performance was negatively associated with the relationship. There was also a significant difference in the LP/GP ESG approach between European PE funds versus those in North America. These findings show that E, S, and G factors may be more accurately analyzed separately than as one combined cluster. The findings also show that local conditions influence ESG strategic alignment between LPs and GPs. They suggest policymakers consider unique country-level attributes and differences in fund-level characteristics when attempting to influence ESG disclosure. ESG rating services could consider including factors that measure alignment between investors’ strategic statements and their investment decisions. The results provide valuable information on corporate social responsibility (CSR) in private markets, which has yet to be broadly studied compared to the extensive CSR literature available on public companies.

This study examines the association between corporate social responsibility (CSR) and director compensation arrangements. I develop two competing hypotheses— based on the optimal contracting and rent extraction frameworks—arguing that CSR could shape director reputation or bargaining power, and consequently director pay structure. I further propose that monitoring or advising needs of the company as well as diversity of the board could moderate the proposed association. Finally, I argue that CSR-induced director compensation changes could have implications for firm performance. I document a positive and significant effect of CSR initiatives on director compensation. I also show that the effect is stronger for boards with greater advising but not monitoring needs. Boardroom gender diversity somewhat diminishes the effect of CSR. Finally, CSR-induced director compensation has mixed implications for firm performance. Overall, my results are more consistent with the rent extraction view of director pay arrangements.

In this work I investigate how executive social connections and executive gender diversity dually affect firm Corporate Social Responsibility (CSR), a set of firm policies implemented to benefit the social, economic, and environmental welfare of all stakeholders, and how the changes in CSR driven by executive social connections and executive gender diversity in turn affect a range of corporate policies. This research adds to the social networks, gender, and CSR literature within finance in multiple ways. First, while much past work examines the impact on corporate policy of executive gender or executive social connections in isolation, no major work to date examines the impact of gender dependent executive social connections on corporate policy. Second, this work definitively ties the dual effects of executive gender diversity and social connections to firm CSR. The dual impact of social connections and gender diversity on CSR is shown to affect major corporate policies. In all, this work provides evidence that CSR helps drive important firm polices, including M&A and executive compensation policy, and that CSR is impacted by both a firm’s executive gender diversity and social network connections.

This study provides an exploratory investigation of the link between Corporate
Social Responsibility (CSR) and Firm Competitive Advantage. It poses two primary
research questions (1) What valuable and rare resource does the firm acquire through
CSR? and 2) How does the firm's approach to stakeholder management influence its
ability to protect and enhance the value of this resource? Corporate Social Reputation,
the perception of the firm by its internal and external stakeholders, is argued to be the
valuable and rare resource that CSR provides. By building positive stakeholder
relationships through CSR the firm is able to positively influence stakeholder assessment
and gain 'reputational capital'. The value of reputational capital lies in its ability to
promote operational efficiency and engender product differentiation, which independently as well as in tandem, grant firms superior performance over their
competitors.
Corporate Social Reputation is also expected to be positively influenced by the finn's
adoption of a 'network' approach to stakeholder management. Two specific network
attributes: extensiveness and consistency are argued to promote reputational capital
growth. Network Extensiveness is determined by the number and diversity of firmstakeholder
relationships, whereas Network Consistency is concerned with the variability
of firm behavior across its entire stakeholder network.
The hypothesized model was evaluated via a longitudinal study of one hundred
and fifty eight firms from multiple industries. Structural Equation Modeling (SEM) was
employed to assess path coefficients as well as the goodness of fit of the measurement
and structural models.
The results provide support for the positive influence of CSR on Corporate Social
Reputation, but no support for a significant relation between either Network
Extensiveness or Network Consistency and Corporate Social Reputation. Also, the results
indicate that Corporate Social Reputation directly, positively and significantly contributes
to a firm's ability to achieve and sustain a Competitive Advantage for both an internal
(Return on Assets) and external (Tobin's q) measure of firm financial performance.
Further, the findings suggest that the contribution of CSR to financial performance may
be indirect and facilitated through a step-wise process which requires the attainment of a
positive and superior Corporate Social Reputation before Competitive Advantage can be
achieved.

I empirically investigate the managements’ decision to voluntarily disclose strategic information. While carrying a benefit of reduced information asymmetry, strategic information disclosure carries a cost of investors disagreeing with managements’ strategy and thus refusing to provide funding to the firm. Using a hand- collected sample of information releases, I identify firm characteristics that affect the likelihood of strategic information disclosure.

This research focuses on obesity and other major risk factors for chronic diseases
such as Type II Diabetes Mellitus, Heart Disease, and Stroke. Worksite wellness
programs have been successful in this realm of health promotion and disease prevention
for heart disease and stroke, but their effectiveness in treating diabetes has been uncertain
partially due to poor patient compliance, lack of stress reduction strategies, poor diet and
lack of persuasive health education on the risk of being obese. Published peer-reviewed
articles were reviewed, coded and analyzed to determine best practices, using a modified
systematic review approach. The findings from these studies yield results that were used
to develop a new employer-sponsored wellness program that is in accordance with the
recently passed Affordable Care Act.

This qualitative study examines whether microblogging illustrates or contradicts the longstanding notion that the Internet allows for greater public participation in important issues, thus potentially expanding public sphere. The study analyzes 5 years of tweets about climate change between ExxonMobil and Greenpeace USA using a new hybrid, or blended methodology that combines Kenneth Burke's rhetorical analysis of cluster-agons with eight physical attributes of the Internet that Marshall Poe identified as influential in pushing societies and ideas in new directions. Clusters are also examined using Grace Poh Lyn's reflexive analysis. Additionally, the analysis also considers the use of agitative and control strategies, discursive tensions between freedom and domination, and the rhetorical use of public vernaculars. Analysis of the tweets reveals that business organizations that at first glance or in theory seem to be at odds actually share common discursive practices. They communicate about the same issues at the same or similar times using the same language for the same primary purpose-survival of the organization-while giving the impression that they are working for the good of their respective publics for environmental causes or the bottom line, or even both. The researcher concludes that although there are specific cases of microblogging in which the public benefits to some extent, those gains are either very short-lived or are more likely to exist in theory rather than practice due to the fluid nature of microblogging as well as continued organizational missteps which I call "corporate ejacking."