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The geography of CSR

David K. Ding, Christo Ferreira and Udomsak Wongchoti ()

International Review of Economics & Finance, 2019, vol. 59, issue C, 265-288

Abstract: We regress socio-economic indicators against firm level CSR scores using a sample of over 26,000 firm year observations from 1991 through 2009. We find that a firm's CSR profile is linked to the socio-economic conditions of the firm's geographic headquarters (HQ) location. The study documents that the legal, cultural, economic, and demographic differences across geography significantly explain the variation in CSR means between metropolitan statistical areas, states, and regions. We also find that the relation between CSR and firm performance is conditional on socio-economic factors, which highlight the endogeneity concerns inherent in CSR studies. Lastly, we show that firms that cluster along a CSR continuum experience an increase in firm value.

Keywords: CSR; Geography; Corporate governance; Firm location; Tobin's Q (search for similar items in EconPapers)
JEL-codes: G10 G32 (search for similar items in EconPapers)
Date: 2019
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