Corporate Social Responsibility and Macroeconomic Uncertainty
Abstract
Macroeconomic uncertainty plays an important role in financial markets. Historically, it has peaked during recessions (bad times) or just before, and remains at low levels during expansions. It is also likely to affect the impact of corporate social responsibility (CSR) on firm value. We investigate the relationship between the uncertainty surrounding the impact of CSR on firm valuation and prevailing macroeconomic uncertainty. Using several measures of macroeconomic uncertainty, we show that higher macroeconomic uncertainty increases the uncertainty relative to the potential impact of a CSR ...
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