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Handbook of Environmental and Sustainable Finance by Greg N. Gregoriou, Vikash Ramiah

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Chapter 6

Corporate Social Responsibility and Macroeconomic Uncertainty

Abraham Lioui     Department of Finance, EDHEC Business School, Nice, France

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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