1 |
Luo, X., & Bhattacharya, C. B. (2009). The debate over doing good: Corporate social performance, strategic marketing levers, and firm-idiosyncratic risk. Journal of Marketing, 73(6), 198-213. https://doi.org/10.1509/jmkg.73.6.198
DOI
|
2 |
Cormier, D., & Magnan, M. (2014). The impact of social responsibility disclosure and governance on financial analysts' information environment. Corporate Governance (Bingley), 14(4), 467-484. https://doi.org/10.1108/CG-01-2013-0012
DOI
|
3 |
Cui, J., Jo, H., & Na, H. (2016). Does corporate social responsibility affect information asymmetry? Journal of Business Ethics, 148(3), 549-572. https://doi.org/10.1007/s10551-015-3003-8
DOI
|
4 |
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review, 86(1), 59-100. https://doi.org/10.2308/accr.00000005
DOI
|
5 |
Slack, K. (2012). Is mission impossible?: Adopting a CSR-based business model for extractive industries in developing countries. Resources Policy, 37(2), 179-184. https://doi.org/10.1016/j.resourpol.2011.02.003
DOI
|
6 |
Song, B., Wen, J., & Ferguson, M. A. (2020). Toward effective CSR communication in controversial industry sectors. Journal of Marketing Communications, 26(3), 243-267. https://doi.org/10.1080/13527266.2018.1536887
DOI
|
7 |
Spicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. The Accounting, 53(1), 94-111. http://www.jstor.org/stable/245728
|
8 |
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610. https://doi.org/10.5465/amr.1995.9508080331
DOI
|
9 |
Tangngisalu, J., Mappamiring, M., Andayani, W., Yusuf, M., & Putra, A. H. P. K. (2020). CSR and firm reputation from the employee perspective. The Journal of Asian Finance, Economics, and Business, 7(10), 171-182. https://doi.org/10.13106/jafeb.2020.vol7.no10.171
DOI
|
10 |
Thomas, S. E., & Fee, C. E. E. (2005). Corporate diversification, asymmetric information, and firm value: Evidence from stock market trading characteristics. SSRN Electronic Journal, 6(11), 1-10. https://doi.org/10.2139/ssrn.204908
DOI
|
11 |
Vergne, J. P. (2012). Stigmatized categories and public disapproval of organizations: A mixed-methods study of the global arms industry, 1996-2007. Academy of Management Journal, 55(5), 1027-1052. https://doi.org/10.5465/amj.2010.0599
DOI
|
12 |
Minor, D., & Morgan, J. (2011). CSR as reputation insurance. California Management Review, 53(3), 40-59. https://doi.org/10.1525/cmr.2011.53.3.40
DOI
|
13 |
Dierkens, N. (1991). Information asymmetry and equity issues. The Journal of Financial and Quantitative Analysis, 26(2), 181-199. https://doi.org/10.2307/2331264
DOI
|
14 |
Durand, R., & Vergne, J. P. (2015). Asset divestment as a response to media attacks in stigmatized industries. Strategic Management Journal, 36(8), 1205-1223. https://doi.org/10.1002/smj.2280
DOI
|
15 |
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35(9), 2388-2406. https://doi.org/10.1016/j.jbankfin.2011.02.007
DOI
|
16 |
Viveros, H. (2016). Examining stakeholders' perceptions of mining impacts and corporate social responsibility. Corporate Social Responsibility and Environmental Management, 23(1), 50-64. https://doi.org/10.1002/csr.1363
DOI
|
17 |
McAlister, L., Srinivasan, R., & Kim, M. C. (2007). Advertising, research and development, and systematic risk of the firm. Journal of Marketing, 71(1). https://doi.org/10.1509/jmkg.71.1.35
DOI
|
18 |
Michelon, G., Boesso, G., & Kumar, K. (2013). Examining the link between strategic corporate social responsibility and company performance: An analysis of the best corporate citizens. Corporate Social Responsibility and Environmental Management, 20(2), 81-94. https://doi.org/10.1002/csr.1278
DOI
|
19 |
Miller, R., & Michelson, G. (2013). Fixing the game? Legitimacy, morality policy, and research in gambling. Journal of Business Ethics, 116(3), 601-614. https://doi.org/10.1007/s10551-012-1487-z
DOI
|
20 |
Mishra, S., & Modi, S. B. (2013). Positive and negative corporate social responsibility, financial leverage, and idiosyncratic risk. Journal of Business Ethics, 117(2), 431-448. https://doi.org/10.1007/s10551-012-1526-9
DOI
|
21 |
Fombrun, C. J. (2005). A world of reputation research, analysis, and thinking: Building corporate reputation through CSR initiatives: Evolving standards. Corporate Reputation Review, 8(1), 7-12. https://doi.org/10.1057/palgrave.crr.1540235
DOI
|
22 |
Eriandani, R., Anam, S., Prastiwi, D., & Triani, N. N. A. (2020). The impact of foreign direct investment on CO2 emissions in ASEAN countries. International Journal of Energy Economics and Policy, 10(5), 584-592. https://doi.org/10.32479/ijeep.10230
DOI
|
23 |
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of the disclosure. Global Finance Journal, 38, 45-64. https://doi.org/10.1016/j.gfj.2017.03.001
DOI
|
24 |
Flammer, C., & Kacperczyk, A. (2016). The impact of stakeholder orientation on innovation: Evidence from a natural experiment. Management Science, 62(7), 1982-2001. https://doi.org/10.1287/mnsc.2015.2229
DOI
|
25 |
Francis, R., & Armstrong, A. (2003). Ethics as a risk management strategy: The Australian experience. Journal of Business Ethics, 45(4), 375-385. https://doi.org/10.1023/A:1024163831371
DOI
|
26 |
Palazzo, G., & Richter, U. (2005). CSR business as usual? The case of the tobacco industry. Journal of Business Ethics, 61(4), 387-401. https://doi.org/10.1007/s10551-005-7444-3
DOI
|
27 |
Yani-de-Soriano, M., Javed, U., & Yousafzai, S. (2012). Can an industry be socially responsible if its products harm consumers? The case of online gambling. Journal of Business Ethics, 110(4), 481-497. https://doi.org/10.1007/s10551-012-1495-z
DOI
|
28 |
Zeng, H., Zhang, T., Zhou, Z., Zhao, Y., & Chen, X. (2020). Water disclosure and firm risk: Empirical evidence from highly water-sensitive industries in China. Business Strategy and the Environment, 29(1), 17-38. https://doi.org/10.1002/bse.2347
DOI
|
29 |
Nguyen, P., & Nguyen, A. (2015). The effect of corporate social responsibility on firm risk. Social Responsibility Journal, 11(2), 324-339. https://doi.org/10.1108/SRJ-08-2013-0093
DOI
|
30 |
Oikonomou, I., Brooks, C., & Pavelin, S. (2012). The impact of corporate social performance on financial risk and utility: A longitudinal analysis. Financial Management, 41(2), 483-515. https://doi.org/10.1111/j.1755-053X.2012.01190.x
DOI
|
31 |
Pratten, J. D. (2007). Reporting on responsible drinking: a study of the major UK pub-owning companies. Business Ethics: A European Review, 16(1), 62-70. https://doi.org/10.1111/j.1467-8608.2006.00469.x
DOI
|
32 |
Reast, J., Maon, F., Lindgreen, A., & Vanhamme, J. (2013). Legitimacy-seeking organizational strategies in controversial industries: A case study analysis and a bidimensional model. Journal of Business Ethics, 118(1), 139-153. https://doi.org/10.1007/s10551-012-1571-4
DOI
|
33 |
Sachs, J., Schmidt-Traub, G., Kroll, C., Durand-Delacre, D., & Teksoz, K. (2017). SDG index and dashboards report 2017. https://www.sdgindex.org/reports/sdg-index-and-dashboards2017/
|
34 |
Sachs, J., Schmidt-Traub, G., Kroll, C., Lafortune, G., Fuller, G. (2019). Sustainable development report 2019. https://www.sdgindex.org/reports/sustainable-development-report-2019/
|
35 |
Sen, S., & Bhattacharya, C. B. (2001). Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of Marketing Research, 38(2), 225-243. https://doi.org/10.1509/jmkr.38.2.225.18838
DOI
|
36 |
Sharma, S., Durand, R. M., & Gur-Arie, O. (1981). Identification and analysis of moderator variables. Journal of Marketing Research, 18(3), 291-300. https://doi.org/10.2307/3150970
DOI
|
37 |
Aqueveque, C., Rodrigo, P., & Duran, I. J. (2018). Be bad but (still) look good: Can controversial industries enhance corporate reputation through CSR initiatives? Business Ethics, 27(3), 222-237. https://doi.org/10.1111/beer.12183
DOI
|
38 |
Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135-147. https://doi.org/10.1016/j.jclepro.2017.02.180
DOI
|
39 |
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. The Academy of Management Review, 30(4), 777-798. https://doi.org/10.5465/amr.2005.18378878
DOI
|
40 |
Anjani, N., & Astika, I. B. P. (2018). CSR disclosure effects on firm value with liquidity as moderating variable. E-Jurnal Akuntansi, 24(2), 899-928. https://doi.org/10.24843/EJA.2018.v24.i02.p04
DOI
|
41 |
Azheri, B. (2012). Corporate social responsibility : From voluntary to mandatory. Jakarta: RajaGrafindo Persada.
|
42 |
Becchetti, L., Ciciretti, R., & Hasan, I. (2015). Corporate social responsibility, stakeholder risk, and idiosyncratic volatility. Journal of Corporate Finance, 35(Dec), 297-309. https://doi.org/10.1016/j.jcorpfin.2015.09.007
DOI
|
43 |
Becker-Olsen, K. L., Cudmore, B. A., & Hill, R. P. (2006). The impact of perceived corporate social responsibility on consumer behavior. Journal of Business Research, 59(1), 46-53. https://doi.org/10.1016/j.jbusres.2005.01.001
DOI
|
44 |
Bhagat, S., & Frost, P. A. (1986). Issuing costs to existing shareholders in competitive and negotiated underwritten public utility equity offerings. Journal of Financial Economics, 15(1-2), 233-259. https://doi.org/10.1016/0304-405X(86)90056-5
DOI
|
45 |
Hudson, B. A. (2008). Against all ODDS: A consideration of core-stigmatized organizations. Academy of Management Review, 33(1), 252-266. https://doi.org/10.5465/AMR.2008.27752775
DOI
|
46 |
Grougiou, V., Dedoulis, E., & Leventis, S. (2016). Corporate social responsibility reporting and organizational stigma: The case of "sin" industries. Journal of Business Research, 69(2), 905-914. https://doi.org/10.1016/j.jbusres.2015.06.041
DOI
|
47 |
Heal, G. M. (2008). When principles pay: Corporate social responsibility and the bottom line. New York, NY: Columbia University Press.
|
48 |
Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15-36. https://doi.org/10.1016/j.jfineco.2008.09.001
DOI
|
49 |
Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441-456. https://doi.org/10.1007/s10551-012-1492-2
DOI
|
50 |
Kim, J. W. (2010). Assessing the long-term financial performance of ethical companies. Journal of Targeting, Measurement, and Analysis for Marketing, 18(3-4), 199-208. https://doi.org/10.1057/jt.2010.8
DOI
|
51 |
Koh, P. S., Qian, C., & Wang, H. (2014). Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal, 35(10). https://doi.org/10.1002/smj.2171
DOI
|
52 |
Choi, B., & La, S. (2013). The impact of corporate social responsibility (CSR) and customer trust on the restoration of loyalty after service failure and recovery. Journal of Services Marketing, 27(3), 223-233. https://doi.org/10.1108/08876041311330717
DOI
|
53 |
Boon, S. D., & Holmes, J. G. (1999). Interpersonal risk and the evaluation of transgressions in close relationships. Personal Relationships, 6, 151-168. https://doi.org/10.1111/j.1475-6811.1999.tb00184.x
DOI
|
54 |
Byrne, E. F. (2010). The US military-industrial complex is circumstantial. Journal of Business Ethics, 95(2), 153-165. https://doi.org/10.2307/40785080
DOI
|
55 |
Kotler, P., & Lee, N. (2008). Corporate social responsibility: Doing the most good for your company and your cause. Hoboken, NJ: John Wiley & Sons, Inc.
|
56 |
KPMG. (2017). The road ahead: KPMG international survey of corporate responsibility reporting 2017. https://assets.kpmg/content/dam/kpmg/xx/pdf/2017/10/kpmg-survey-of-corporateresponsibility-reporting-2017.pdf
|
57 |
Chen, R. C. Y., Hung, S. W., & Lee, C. H. (2018). Corporate social responsibility and firm idiosyncratic risk in different market states. Corporate Social Responsibility and Environmental Management, 25(4), 642-658. https://doi.org/10.1002/csr.1483
DOI
|
58 |
Chen, X., Ma, Z., Shi, J., Tu, B., & Xu, S. (2020). Corporate social responsibility and unsecured debt: Evidence from China. Journal of Asian Finance, Economics, and Business, 7(11), 1-12. https://doi.org/10.13106/jafeb.2020.vol7.no11.001
DOI
|
59 |
Cheng, M., & Christiawan, Y. J. (2011). CSR disclosures impact on abnormal return. Journal of Accounting and Finance, 13(1), 24-36. https://doi.org/10.9744/jak.13.1.24-36
DOI
|
60 |
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469. https://doi.org/10.1287/mnsc.2018.3043
DOI
|
61 |
Ali, I., & Rehman, K. U. (2010). Corporate social responsibility influences, employee commitment, and organizational performance. African Journal of Business Management, 4(12), 2796-2801. https://doi.org/10.5897/AJBM.9000159
DOI
|
62 |
Liu, M., & Lu, W. (2019). Corporate social responsibility, firm performance, and firm risk: The role of firm reputation. Asia-Pacific Journal of Accounting & Economics, 1-21. https://doi.org/10.1080/16081625.2019.1601022
DOI
|
63 |
Lee, J. W. (2020). CSR impact on the firm market value: Evidence from tour and travel companies listed on Chinese stock markets. Journal of Asian Finance, Economics, and Business, 7(7), 159-167. https://doi.org/10.13106/jafeb.2020.vol7.no7.159
DOI
|
64 |
Lin, C. S., Chang, R. Y., & Dang, V. T. (2015). An integrated model to explain how corporate social responsibility affects corporate financial performance. Sustainability (Switzerland), 7(7), 8292-8311. https://doi.org/10.3390/su7078292
DOI
|
65 |
Lindgreen, A., Maon, F., Reast, J., & Yani-de-Soriano, M. (2012). Guest editorial: Corporate social responsibility in controversial industry sectors. Journal of Business Ethics, 110, 393-395. https://doi.org/10.1007/s10551-012-1488-y
DOI
|
66 |
Shiu, Y. M., & Yang, S. L. (2017). Does engagement in corporate social responsibility provide strategic insurance-like effects? Strategic Management Journal, 38(2), 455-470. https://doi.org/10.1002/smj.2494
DOI
|