Firms and social responsibility: A review of ESG and CSR research in corporate finance

Stuart L. Gillan, Andrew Koch and Laura T. Starks

Journal of Corporate Finance, 2021, vol. 66, issue C

Abstract: We review the financial economics-based research on Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) with an emphasis on corporate finance. In doing so we focus on the most debated and researched issues. Although a firm's ESG/CSR profile and activities are shown to be strongly related to the firm's market, leadership and owner characteristics as well its risk, performance and value, there still exist conflicting hypotheses and results that we show are not resolved, leading to continued questions and a need for more research.

Keywords: Environmental; Social; Governance; ESG; Corporate social responsibility; CSR (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (397)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:66:y:2021:i:c:s0929119921000092

DOI: 10.1016/j.jcorpfin.2021.101889

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