中国最高军衔>懒人理财4CSRhetoric, Reality, and Reputation: Do CSR and Political Lobbying Protect Shareholder Wealth against Environmental Lawsuits?
期刊名称： Journal of Financial and Quantitative Analysis小数的初步认识教案
作者： Chela Liu,Chee Seng Cheong,Ralf Zurbruegg劝学的翻译
年份： 2020年
期号： 第2期
摘要：We investigate whether firms' corporate social responsibility (CSR) reputations and environmental lobbying efforts protect shareholder wealth in the event of environmental lawsuits. Using a sample of lawsuits filed in United States Federal Courts, we find that firms with superior CSR reputations suffer wor market reactions to environmental allegations. In contrast, lobbying cushions filing-date valuation loss, providing insurance-like protection against lawsuits. Our results are robust to subsample analys, a falsification test, propensity score matching, and alternative empirical proxies and model specifications.
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