Do Investors Value a Firm’s Commitment to Social Activities?
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KeywordsCorporate social responsibility Corporate financial performance Innovation Social dimensions Investor decision making
We would like to thank Daniel Korschun, Anthony Curatola, Cristina Abad, Emiliano Ruiz, Jose A. Gonzalo and participants at the 14th Ethics Symposium, 31st Annual Congress of the European Accounting Association, 2009 Annual Meeting of the American Accounting Association, and the 3rd World Business-Ethics Forum for their helpful discussions and suggestions. We are also grateful to the judge panel of the Social and Environmental Accounting Section of the 31st Annual Congress of European Accounting Association for granting us the Best Paper Award, the 14th Ethics Symposium of 2009 American Accounting Association Annual Conference for the honorable mention, and for the Special Research Mention at the 2010 Spanish Accounting Professors Association Meeting. This study was supported by the National Research Foundation of Korea Grant funded by the Korean Government (NRF-2012-S1A3A2-2012S1A3A2033412). Andrés Guiral acknowledges financial contribution from the Spanish Ministry of Innovation and Science (research projects SEJ2004-00791ECON, SEJ2007-62215/ECON/FEDER, SEJ 2006-14021, ECO2010-17463 ECON-FEDER).
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