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8th annual doctoral student conference

8th annual doctoral student conference. Does Corporate Social Responsibility (CSR) Affect Firm Risk? . Presented by: Mohammed Benlemlih Supervisor : Pr . Isabelle Girerd -Potin. 8 th Annual Doctoral Student Conference . Presentation Overview. Definition & context.

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8th annual doctoral student conference

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  1. 8th annual doctoral studentconference

  2. DoesCorporate Social Responsibility (CSR) Affect Firm Risk? Presented by: Mohammed Benlemlih Supervisor: Pr. Isabelle Girerd-Potin 8th Annual Doctoral Student Conference

  3. PresentationOverview Definition & context Research Question Previous literature Hypotheses Study Contribution Data & Methodology 8th annual doctoral studentconference

  4. ‘‘A sociallyresponsiblefirmis one whosemanagerial staff balances a multiplicity of interests. Instead of strivingonly for larger profits for stockholders, a responsible entreprise alsotakesintoaccountemployees, suppliers, dealers, local communities, and the nation.’’ (Johnson, 1971) 8th annual doctoral studentconference

  5. (Booz & Company, 2009) RI : Responsible Investment AUM : Assets Under Management 8th annual doctoral studentconference

  6. Previousliterature on CSR focused on relationshipbetween social performance and financialperformance Whatis the impact of CSR on firm performance? Negative Positive No consensus on thisrelationship 8th annual doctoral studentconference

  7. Whatwillwe do? 8th annual doctoral studentconference

  8. A new researchstream to study the relationshipbetween CSR and financial risk Doescorporate social responsibility affect firm risk? 8th annual doctoral studentconference

  9. American market • Systematic& downside risk A negative and significantrelationshipbetween CSR and financial risk 8th annual doctoral studentconference

  10. Low risk of lawsuits Stable stakeholder relations Customer loyalty • H1: Social rating is negatively related to financial risk Employee support Low risk of financialpenalities 8th annual doctoral studentconference

  11. Corporategovernance • H2:Impact of CSR on risk is better captured when using individual measures for CSR Dimensions of CSR are those of Vigeo Rating 8th annual doctoral studentconference

  12. H3:The negative relationship between corporate social responsibility and financial risk is stronger during times of crisis 8th annual doctoral studentconference

  13. And how ?! 8th annual doctoral studentconference

  14. Twodifferentapproaches: Portfolio approach: Createresponsible andnon-responsibleportfolios. Compare risklevel in each portfolio. Regressionapproach: Estimatea model. Try to explainfirmfinancialrisk by CSR ratings and othervariables. 8th annual doctoral studentconference

  15. Sampleperiod: 01/12/1999 to 01/01/2012European countries CSR measures: Vigeo ratings Risk measures: Systematic & idiosyncratic risk Downside risk Data 8th annual doctoral studentconference

  16. Uncover new pieces of the CSP-FP puzzle 8th annual doctoral studentconference

  17. 8th annual doctoral studentconference

  18. Thankyou for yourattention! Any questions? 8th annual doctoral studentconference

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