EconPapers    
Economics at your fingertips  
 

Anti-market sentiment and corporate social responsibility: Evidence from anti-Jewish pogroms

Xianda Liu, Wenxuan Hou and Brian G.M. Main

Journal of Corporate Finance, 2022, vol. 76, issue C

Abstract: This paper examines the impact of anti-market culture on a firm's environmental and social (E&S) outcomes. We use the varying degree of intensity of historical anti-Jewish pogroms in 20 European countries as a quasi-exogenous measure of anti-market sentiment. We show that the historical occurrence of anti-Jewish pogroms in Eastern Europe during the period 1800–1927 generated an enduring anti-market sentiment that continues to influence the E&S performance of present-day firms. This relationship is more pronounced for firms with better corporate governance, which rejects the bad governance view on corporate social responsibilities. Taken together, our results add new evidence in support of the view that corporate social responsibility is responsive to institutional differences and may reflect the presence of an anti-market ideology that has historical roots.

Keywords: Corporate social responsibility; Pogroms; Jews; Social norms (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0929119922001031
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:76:y:2022:i:c:s0929119922001031

DOI: 10.1016/j.jcorpfin.2022.102260

Access Statistics for this article

Journal of Corporate Finance is currently edited by A. Poulsen and J. Netter

More articles in Journal of Corporate Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().

 
Page updated 2024-02-18
Handle: RePEc:eee:corfin:v:76:y:2022:i:c:s0929119922001031