Finance and Society: On the Foundations of Corporate ... · 3 Finance and Society: On the Foundations of Corporate Social Responsibility PROEFSCHRIFT ter verkrijging van de graad

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Finance and Society: On the Foundations of Corporate Social Responsibility

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Finance and Society: On the Foundations of Corporate Social Responsibility

PROEFSCHRIFT

ter verkrijging van de graad van doctor aan Tilburg University op gezag van de rector

magnificus, prof. dr. Ph. Eijlander, in het openbaar te verdedigen ten overstaan van een door

het college voor promoties aangewezen commissie in de Ruth First zaal van de Universiteit

op dinsdag 3 Maart 2015 om 10.15 uur

door

Hao Liang

geboren op 4 februari 1986 te Liaoning, China.

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PROMOTOR:

prof. dr. L.D.R. Renneboog (supervisor)

CO-PROMOTOR:

dr. P.C. de Goeij (co-supervisor)

OVERIGE LEDEN VAN DE PROMOTIECOMMISSIE:

prof. dr. O.G. Spalt

dr. L.T.M. Baele

dr. R.G.P. Frehen

dr. A. Manconi

dr. S. Ebert

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Table of Contents Introduction 6 Chapter 1. On the Foundations of Corporate Social Responsibility 12

I. Introduction ........................................................................................................ 13 II. Theories of corporate social responsibility ........................................................ 18 III. Data and empirical strategy ................................................ .............................. 22 IV. Results ................................................ ................................................ ............. 28 V. Robustness ................................................ ................................................ ....... 36 VI. Establishing causality: Quasi-natural experiments ............................................ 38 VII. Shareholder implication of CSR ........................................................................ 43 VIII. Conclusion ......................................................................................................... 46

Chapter 2. Socially Responsible Firms 67 I. Introduction ....................................................................................................... 68 II. Agency theory and CSR: Hypotheses ............................................................... 70 III. Data and methodology ...................................................................................... 73 IV. Results ............................................................................................................... 78 V. Conclusion ........................................................................................................ 86

Chapter 3. Concentrated Wealth and Stakeholder Value 111 I. Introduction ....................................................................................................... 112 II. Family, state, and stakeholder value ................................................................. 115 III. Data and methodology ...................................................................................... 119 IV. Results ............................................................................................................... 121 V. Conclusion ......................................................................................................... 141

Chapter 4. Speaking of Corporate Social Responsibility 171 I. Introduction ....................................................................................................... 172 II. Theory and hypothesis ....................................................................................... 175 III. Methods .............................................................................................................. 186 IV. Results ................................................................................................................ 189 V. Discussion and conclusion ................................................................................. 199

Chapter 5. Finance and Social Responsibility in the Informal Economy: Globalization and Microfinance Interest Rates around the World

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I. Introduction ........................................................................................................ 220 II. Microfinance in developing and emerging economies ...................................... 224 III. Hypothesis development .................................................................................... 226 IV. Data and methodology ....................................................................................... 234 V. Results ............................................................................................................... 239 VI. Discussion and conclusion ................................................................................ 246

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http://scholar.harvard.edu/shleifer/publications/corporate-ownership-around-world

http://scholar.harvard.edu/shleifer/publications/corporate-ownership-around-world

http://scholar.harvard.edu/shleifer/publications/legal-determinants-external-finance

http://scholar.harvard.edu/shleifer/publications/legal-determinants-external-finance

http://scholar.harvard.edu/shleifer/publications/law-and-finance

http://scholar.harvard.edu/shleifer/publications/investor-protection-and-corporate-valuation

http://scholar.harvard.edu/shleifer/publications/investor-protection-and-corporate-valuation

http://scholar.harvard.edu/shleifer/publications/survey-corporate-governance

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!%#The control variables we leave out are Financial constraints, Current ratio, %Foreign assets, CEO gender, CEO international work experience, CEO overseas education experience, and the Hofestede cultural variables. The main reason for leaving out those variables is that the missing observations in these variables will inevitably further reduce our number of observations with CEO change, the fact that there are fewer control variables in Panel B (subsample of CEO change) than in Panel A (the whole sample) is due to the concern of preserving sufficient number of observations in the subsample. If we include the full set of control variables in Panel B as in Panel A, there will be insufficient observations.##

!*)#

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http://www.hbs.edu/faculty/product/37628

http://www.hbs.edu/faculty/product/37628

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Documents

Finance and Society: On the Foundations of Corporate ... · 3 Finance and Society: On the Foundations of Corporate Social Responsibility PROEFSCHRIFT ter verkrijging van de graad