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題名 廠商ESG績效、經理人報酬與競爭策略之分析
ESG Performance, Managerial Compensation, and Competition in Differentiated Product Market作者 邱宇彤
Chiu, Yu-Tung貢獻者 何靜嫺
Ho, Shirley J.
邱宇彤
Chiu, Yu-Tung關鍵詞 ESG
研發
廣告
產品差異化
經理人薪酬
ESG
R&D
Advertising
Product Differentiation
ESG-based Compensation日期 2021 上傳時間 2-Sep-2021 17:42:57 (UTC+8) 摘要 本論文研究ESG與市場競爭的策略的三個議題。首先，本文分析ESG與廠商的其他競爭策略（數量，廣告及研發）的影響。其次，本文分析將ESG納入管理薪酬結合所造成的影響。最後，本文分析懲罰機制造成的影響。結果顯示：（1）ESG對廠商其他競爭策略（數量，廣告及研發）影響的效果會因為價格彈性和產品差異化程度減少而增加，但不會因為市場規模或生產效率的改變而有變化。而且當大企業增加ESG活動或小企業減少ESG活動時，市場集中度會增加。此外，我們發現當廠商規模較大、生產更有效率、彈性較低或產品差異化程度較高時，將從事更多的ESG活動。（2）包含ESG的薪酬可以增加或減少均衡產出，取決於廠商薪酬中的ESG成份是否足夠高於對手。（3）我們發現固定懲罰會增加管理者對ESG活動的努力誘因，但對均衡產出的影響將取決於懲罰的相對大小。而且我們發現對產出的影響會隨著ESG績效的不確定性水平增加而降低。此外，我們發現在均衡時，管理者對ESG付出的努力和產出在比例懲罰下更高。
This paper studies three issues of ESG and market competition strategies. First, this paper analyzes the impact of ESG and firms’ other competitive strategies (output, advertising, and R&D). Second, this paper analyzes the impact of incorporating ESG into managerial compensation. Finally, this paper analyzes the impact of the penalty schemes. The results show that: (1) The own ESG effects decrease the own price elasticity and the degree of product differentiation, but not related to market size or production efficiency. We also find that when large firms increase the ESG activities or small firms decrease ESG activities, the degree of concentration will increase. In addition, we find that the firm with larger sizes, the firm with more efficient, the firm with a lower elasticity, and the firm with a higher degree of production differentiation will engage in more ESG activities. (2) We find that the inclusion of ESG-related compensation can increase or decrease the equilibrium output, depending on whether the firm`s ESG component in compensation is sufficiently higher than opponents’. (3) We find that fixed penalties will increase managers’ effort incentive on ESG activities, but the effect on equilibrium outputs will depend on the relative sizes of penalties. And, we find that the effects on outputs will decrease with the level of uncertainty in ESG performance. Moreover, we find that the equilibrium efforts and outputs are higher with the proportional penalties.參考文獻 Ailawadi, K. L., Neslin, S. A., Luan, Y. J., and Taylor, G. A. (2014). Does retailer CSR enhance behavioral loyalty? A case for benefit segmentation. International Journal of research in marketing, 31(2), 156-167.Albuquerque, R., Koskinen, Y., and Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469.Ansari, M. E., and Joloudar, S. Y. E. (2011). An investigation of TV advertisement effects on customers` purchasing and their satisfaction. International Journal of Marketing Studies, 3(4), 175.Auger, P., Burke, P., Devinney, T. M., and Louviere, J. J. (2003). What will consumers pay for social product features? Journal of business ethics, 42(3), 281-304.Bagnoli, M., and Watts, S. G. (2003). Selling to socially responsible consumers: Competition and the private provision of public goods. Journal of Economics & Management Strategy, 12(3), 419-445.Banker, R. D., Lee, S. Y., Potter, G., and Srinivasan, D. (2000). An empirical analysis of continuing improvements following the implementation of a performance-based compensation plan. Journal of Accounting and Economics, 30(3), 315-350.Baron, D. P. (2001). Private politics, corporate social responsibility, and integrated strategy. Journal of Economics & Management Strategy, 10(1), 7-45.Baron, D. P., Harjoto, M. A., and Jo, H. (2011). The economics and politics of corporate social performance. Business and Politics, 13(2), 1-46.Beck, C., Frost, G., and Jones, S. (2018). CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management, 43(4), 517-537.Bernstein, J. I. (1988). Costs of production, intra-and interindustry R&D spillovers: Canadian evidence. Canadian Journal of Economics, 324-347.Berrone, P., and Gomez-Mejia, L. R. (2009). Environmental performance and executive compensation: An integrated agency-institutional perspective. Academy of Management Journal, 52(1), 103-126.Biehal, G. J., and Sheinin, D. A. (2007). The influence of corporate messages on the product portfolio. Journal of Marketing, 71(2), 12-25.Bromiley, P., and Washburn, M. (2011). Cost reduction vs innovative search in R&D. Journal of Strategy and Management.Brown, T. J., and Dacin, P. A. (1997). The company and the product: Corporate associations and consumer product responses. Journal of marketing, 61(1), 68-84.Casadesus‐Masanell, R., Crooke, M., Reinhardt, F., and Vasishth, V. (2009). Households` willingness to pay for “green” goods: evidence from Patagonia`s introduction of organic cotton sportswear. Journal of Economics & Management Strategy, 18(1), 203-233.Coombs, J. E., and Gilley, K. M. (2005). Stakeholder management as a predictor of CEO compensation: Main effects and interactions with financial performance. Strategic Management Journal, 26(9), 827-840.Creyer, E. H., and Ross Jr, W. T. (1997). Tradeoffs between price and quality: How a value index affects. Journal of Consumer Affairs, 31(2), 280-302.D’apolito, E., Iannuzzi, A. P., Labini, S. S., and Sica, E. (2019). Sustainable compensation and performance: An empirical analysis of European banks. Journal of Financial Management, Markets, and Institutions, 7(01), 1940004.De Pelsmacker, P., Driesen, L., and Rayp, G. (2005). Do consumers care about ethics? Willingness to pay for fair‐trade coffee. Journal of consumer affairs, 39(2), 363-385.Deng, X., and Cheng, X. (2019). Can ESG Indices Improve the Enterprises’ Stock Market Performance?—An Empirical Study from China. Sustainability, 11(17), 4765.Dixit, A. (1979). Quality and quantity competition. The Review of Economic Studies, 46(4), 587-599.Eccles, R. G., Ioannou, I., and Serafeim, G. (2012). The impact of a corporate culture of sustainability on corporate behavior and performance (Vol. 17950). Cambridge, MA: National Bureau of Economic Research.Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial economics, 101(3), 621-640.El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.Elfenbein, D. W., and McManus, B. (2010). A greater price for a greater good? Evidence that consumers pay more for charity-linked products. American Economic Journal: Economic Policy, 2(2), 28-60.Elfenbein, D. W., Fisman, R., and McManus, B. (2012). Charity as a substitute for reputation: Evidence from an online marketplace. Review of Economic Studies, 79(4), 1441-1468.Fatemi, A., Fooladi, I., and Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.Flammer, C., and Kacperczyk, A. (2016). The impact of stakeholder orientation on innovation: Evidence from a natural experiment. Management Science, 62(7), 1982-2001.HassabElnaby, H. R., Said, A. A., and Wier, B. (2005). The retention of nonfinancial performance measures in compensation contracts. Journal of management accounting research, 17(1), 23-42.Hilger, J., Hallstein, E., Stevens, A. W., and Villas-Boas, S. B. (2019). Measuring willingness to pay for environmental attributes in seafood. Environmental and Resource Economics, 73(1), 307-332.Ho, S. J., and Huang, C. L. (2017). Managerial altruism and governance in charitable donations. Managerial and Decision Economics, 38(7), 1058-1068.Hong, B., Li, Z., and Minor, D. (2016). Corporate governance and executive compensation for corporate social responsibility. Journal of Business Ethics, 136(1), 199-213.Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 43(9), 834-864.Ittner, C. D., Larcker, D. F., and Randall, T. (2003). Performance implications of strategic performance measurement in financial services firms. Accounting, organizations and society, 28(7-8), 715-741.Jones, T. O., and Sasser, W. E. (1995). Why satisfied customers defect. Harvard business review, 73(6), 88.Klassen, R. D., and McLaughlin, C. P. (1996). The impact of environmental management on firm performance. Management science, 42(8), 1199-1214.Lin, W. L., Ho, J. A., Sambasivan, M., Yip, N., and Mohamed, A. B. (2021). Influence of green innovation strategy on brand value: The role of marketing capability and R&D intensity. Technological Forecasting and Social Change, 171, 120946.Lins, K. V., Servaes, H., and Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. the Journal of Finance, 72(4), 1785-1824Luo, X., and Bhattacharya, C. B. (2006). Corporate social responsibility, customer satisfaction, and market value. Journal of marketing, 70(4), 1-18.Luo, X., and Bhattacharya, C. B. (2009). The debate over doing good: Corporate social performance, strategic marketing levers, and firm-idiosyncratic risk. Journal of marketing, 73(6), 198-213.Mahoney, L. S., and Thorn, L. (2006). An examination of the structure of executive compensation and corporate social responsibility: A Canadian investigation. Journal of Business Ethics, 69(2), 149-162.Margolis, J. D., Elfenbein, H. A., and Walsh, J. P. (2009). Does it pay to be good... and does it matter? A meta-analysis of the relationship between corporate social and financial performance. And does it matter.Navarro, P. (1988). Why do corporations give to charity? Journal of business, 65-93.Orlitzky, M. (2013). Corporate social responsibility, noise, and stock market volatility. Academy of Management Perspectives, 27(3), 238-254.Renneboog, L., Ter Horst, J., and Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of banking & finance, 32(9), 1723-1742.Russo, M. V., and Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of management Journal, 40(3), 534-559.Russo, M. V., and Harrison, N. S. (2005). Organizational design and environmental performance: Clues from the electronics industry. Academy of Management Journal, 48(4), 582-593.Said, A. A., HassabElnaby, H. R., and Wier, B. (2003). An empirical investigation of the performance consequences of nonfinancial measures. Journal of management accounting research, 15(1), 193-223.Sen, S., and Bhattacharya, C. B. (2001). Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of marketing Research, 38(2), 225-243.Servaes, H., and Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), 1045-1061.Sharfman, M. P., and Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic management journal, 29(6), 569-592.Siegel, D. S., and Vitaliano, D. F. (2007). An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics & Management Strategy, 16(3), 773-792.Singh, N., and Vives, X. (1984). Price and quantity competition in a differentiated duopoly. The Rand journal of economics, 546-554.Tamimi, N., and Sebastianelli, R. (2017). Transparency among S&P 500 companies: An analysis of ESG disclosure scores. Management Decision.Van Beurden, P., and Gössling, T. (2008). The worth of values–a literature review on the relation between corporate social and financial performance. Journal of business ethics, 82(2), 407-424.Velte, P. (2016). Women on management board and ESG performance. Journal of Global Responsibility.Winschel, J., and Stawinoga, M. (2019). Determinants and effects of sustainable CEO compensation: a structured literature review of empirical evidence. Management Review Quarterly, 69(3), 265-328. 描述 碩士
國立政治大學
經濟學系
108258020資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108258020 資料類型 thesis dc.contributor.advisor 何靜嫺 zh_TW dc.contributor.advisor Ho, Shirley J. en_US dc.contributor.author (Authors) 邱宇彤 zh_TW dc.contributor.author (Authors) Chiu, Yu-Tung en_US dc.creator (作者) 邱宇彤 zh_TW dc.creator (作者) Chiu, Yu-Tung en_US dc.date (日期) 2021 en_US dc.date.accessioned 2-Sep-2021 17:42:57 (UTC+8) - dc.date.available 2-Sep-2021 17:42:57 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2021 17:42:57 (UTC+8) - dc.identifier (Other Identifiers) G0108258020 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/137064 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 108258020 zh_TW dc.description.abstract (摘要) 本論文研究ESG與市場競爭的策略的三個議題。首先，本文分析ESG與廠商的其他競爭策略（數量，廣告及研發）的影響。其次，本文分析將ESG納入管理薪酬結合所造成的影響。最後，本文分析懲罰機制造成的影響。結果顯示：（1）ESG對廠商其他競爭策略（數量，廣告及研發）影響的效果會因為價格彈性和產品差異化程度減少而增加，但不會因為市場規模或生產效率的改變而有變化。而且當大企業增加ESG活動或小企業減少ESG活動時，市場集中度會增加。此外，我們發現當廠商規模較大、生產更有效率、彈性較低或產品差異化程度較高時，將從事更多的ESG活動。（2）包含ESG的薪酬可以增加或減少均衡產出，取決於廠商薪酬中的ESG成份是否足夠高於對手。（3）我們發現固定懲罰會增加管理者對ESG活動的努力誘因，但對均衡產出的影響將取決於懲罰的相對大小。而且我們發現對產出的影響會隨著ESG績效的不確定性水平增加而降低。此外，我們發現在均衡時，管理者對ESG付出的努力和產出在比例懲罰下更高。 zh_TW dc.description.abstract (摘要) This paper studies three issues of ESG and market competition strategies. First, this paper analyzes the impact of ESG and firms’ other competitive strategies (output, advertising, and R&D). Second, this paper analyzes the impact of incorporating ESG into managerial compensation. Finally, this paper analyzes the impact of the penalty schemes. The results show that: (1) The own ESG effects decrease the own price elasticity and the degree of product differentiation, but not related to market size or production efficiency. We also find that when large firms increase the ESG activities or small firms decrease ESG activities, the degree of concentration will increase. In addition, we find that the firm with larger sizes, the firm with more efficient, the firm with a lower elasticity, and the firm with a higher degree of production differentiation will engage in more ESG activities. (2) We find that the inclusion of ESG-related compensation can increase or decrease the equilibrium output, depending on whether the firm`s ESG component in compensation is sufficiently higher than opponents’. (3) We find that fixed penalties will increase managers’ effort incentive on ESG activities, but the effect on equilibrium outputs will depend on the relative sizes of penalties. And, we find that the effects on outputs will decrease with the level of uncertainty in ESG performance. Moreover, we find that the equilibrium efforts and outputs are higher with the proportional penalties. en_US dc.description.tableofcontents List of Figures 21. Introduction 32. Related Literature 62.1 Impacts of ESG on competition 62.2 ESG based CEO compensations 93. The Effects of ESG Performance 113.1 Treating s_i as Exogenous 133.2 Full Equilibrium ( s_i endogenous ) 184. ESG-Based Managerial Compensation 204.1 Equilibrium Comparison ( with vs without θ_i ) 224.2 Equilibrium θ_i 275. Penalty Schemes 295.1 Fixed Penalty 305.2 Proportional penalty 336. Conclusions 35Appendix: The Equilibrium θ_i 38Table of Notations 41References 42 zh_TW dc.format.extent 830922 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108258020 en_US dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 研發 zh_TW dc.subject (關鍵詞) 廣告 zh_TW dc.subject (關鍵詞) 產品差異化 zh_TW dc.subject (關鍵詞) 經理人薪酬 zh_TW dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) R&D en_US dc.subject (關鍵詞) Advertising en_US dc.subject (關鍵詞) Product Differentiation en_US dc.subject (關鍵詞) ESG-based Compensation en_US dc.title (題名) 廠商ESG績效、經理人報酬與競爭策略之分析 zh_TW dc.title (題名) ESG Performance, Managerial Compensation, and Competition in Differentiated Product Market en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ailawadi, K. L., Neslin, S. A., Luan, Y. J., and Taylor, G. A. (2014). Does retailer CSR enhance behavioral loyalty? A case for benefit segmentation. International Journal of research in marketing, 31(2), 156-167.Albuquerque, R., Koskinen, Y., and Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469.Ansari, M. E., and Joloudar, S. Y. E. (2011). An investigation of TV advertisement effects on customers` purchasing and their satisfaction. International Journal of Marketing Studies, 3(4), 175.Auger, P., Burke, P., Devinney, T. M., and Louviere, J. J. (2003). What will consumers pay for social product features? Journal of business ethics, 42(3), 281-304.Bagnoli, M., and Watts, S. G. (2003). Selling to socially responsible consumers: Competition and the private provision of public goods. Journal of Economics & Management Strategy, 12(3), 419-445.Banker, R. D., Lee, S. Y., Potter, G., and Srinivasan, D. (2000). An empirical analysis of continuing improvements following the implementation of a performance-based compensation plan. Journal of Accounting and Economics, 30(3), 315-350.Baron, D. P. (2001). Private politics, corporate social responsibility, and integrated strategy. Journal of Economics & Management Strategy, 10(1), 7-45.Baron, D. P., Harjoto, M. A., and Jo, H. (2011). The economics and politics of corporate social performance. Business and Politics, 13(2), 1-46.Beck, C., Frost, G., and Jones, S. (2018). CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management, 43(4), 517-537.Bernstein, J. I. (1988). Costs of production, intra-and interindustry R&D spillovers: Canadian evidence. Canadian Journal of Economics, 324-347.Berrone, P., and Gomez-Mejia, L. R. (2009). Environmental performance and executive compensation: An integrated agency-institutional perspective. Academy of Management Journal, 52(1), 103-126.Biehal, G. J., and Sheinin, D. A. (2007). The influence of corporate messages on the product portfolio. Journal of Marketing, 71(2), 12-25.Bromiley, P., and Washburn, M. (2011). Cost reduction vs innovative search in R&D. Journal of Strategy and Management.Brown, T. J., and Dacin, P. A. (1997). The company and the product: Corporate associations and consumer product responses. Journal of marketing, 61(1), 68-84.Casadesus‐Masanell, R., Crooke, M., Reinhardt, F., and Vasishth, V. (2009). Households` willingness to pay for “green” goods: evidence from Patagonia`s introduction of organic cotton sportswear. Journal of Economics & Management Strategy, 18(1), 203-233.Coombs, J. E., and Gilley, K. M. (2005). Stakeholder management as a predictor of CEO compensation: Main effects and interactions with financial performance. Strategic Management Journal, 26(9), 827-840.Creyer, E. H., and Ross Jr, W. T. (1997). Tradeoffs between price and quality: How a value index affects. Journal of Consumer Affairs, 31(2), 280-302.D’apolito, E., Iannuzzi, A. P., Labini, S. S., and Sica, E. (2019). Sustainable compensation and performance: An empirical analysis of European banks. Journal of Financial Management, Markets, and Institutions, 7(01), 1940004.De Pelsmacker, P., Driesen, L., and Rayp, G. (2005). Do consumers care about ethics? Willingness to pay for fair‐trade coffee. Journal of consumer affairs, 39(2), 363-385.Deng, X., and Cheng, X. (2019). Can ESG Indices Improve the Enterprises’ Stock Market Performance?—An Empirical Study from China. Sustainability, 11(17), 4765.Dixit, A. (1979). Quality and quantity competition. The Review of Economic Studies, 46(4), 587-599.Eccles, R. G., Ioannou, I., and Serafeim, G. (2012). The impact of a corporate culture of sustainability on corporate behavior and performance (Vol. 17950). Cambridge, MA: National Bureau of Economic Research.Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial economics, 101(3), 621-640.El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.Elfenbein, D. W., and McManus, B. (2010). A greater price for a greater good? Evidence that consumers pay more for charity-linked products. American Economic Journal: Economic Policy, 2(2), 28-60.Elfenbein, D. W., Fisman, R., and McManus, B. (2012). Charity as a substitute for reputation: Evidence from an online marketplace. Review of Economic Studies, 79(4), 1441-1468.Fatemi, A., Fooladi, I., and Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.Flammer, C., and Kacperczyk, A. (2016). The impact of stakeholder orientation on innovation: Evidence from a natural experiment. Management Science, 62(7), 1982-2001.HassabElnaby, H. R., Said, A. A., and Wier, B. (2005). The retention of nonfinancial performance measures in compensation contracts. Journal of management accounting research, 17(1), 23-42.Hilger, J., Hallstein, E., Stevens, A. W., and Villas-Boas, S. B. (2019). Measuring willingness to pay for environmental attributes in seafood. Environmental and Resource Economics, 73(1), 307-332.Ho, S. J., and Huang, C. L. (2017). Managerial altruism and governance in charitable donations. Managerial and Decision Economics, 38(7), 1058-1068.Hong, B., Li, Z., and Minor, D. (2016). Corporate governance and executive compensation for corporate social responsibility. Journal of Business Ethics, 136(1), 199-213.Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 43(9), 834-864.Ittner, C. D., Larcker, D. F., and Randall, T. (2003). Performance implications of strategic performance measurement in financial services firms. Accounting, organizations and society, 28(7-8), 715-741.Jones, T. O., and Sasser, W. E. (1995). Why satisfied customers defect. Harvard business review, 73(6), 88.Klassen, R. D., and McLaughlin, C. P. (1996). The impact of environmental management on firm performance. Management science, 42(8), 1199-1214.Lin, W. L., Ho, J. A., Sambasivan, M., Yip, N., and Mohamed, A. B. (2021). Influence of green innovation strategy on brand value: The role of marketing capability and R&D intensity. Technological Forecasting and Social Change, 171, 120946.Lins, K. V., Servaes, H., and Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. the Journal of Finance, 72(4), 1785-1824Luo, X., and Bhattacharya, C. B. (2006). Corporate social responsibility, customer satisfaction, and market value. Journal of marketing, 70(4), 1-18.Luo, X., and Bhattacharya, C. B. (2009). The debate over doing good: Corporate social performance, strategic marketing levers, and firm-idiosyncratic risk. Journal of marketing, 73(6), 198-213.Mahoney, L. S., and Thorn, L. (2006). An examination of the structure of executive compensation and corporate social responsibility: A Canadian investigation. Journal of Business Ethics, 69(2), 149-162.Margolis, J. D., Elfenbein, H. A., and Walsh, J. P. (2009). Does it pay to be good... and does it matter? A meta-analysis of the relationship between corporate social and financial performance. And does it matter.Navarro, P. (1988). Why do corporations give to charity? Journal of business, 65-93.Orlitzky, M. (2013). Corporate social responsibility, noise, and stock market volatility. Academy of Management Perspectives, 27(3), 238-254.Renneboog, L., Ter Horst, J., and Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of banking & finance, 32(9), 1723-1742.Russo, M. V., and Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of management Journal, 40(3), 534-559.Russo, M. V., and Harrison, N. S. (2005). Organizational design and environmental performance: Clues from the electronics industry. Academy of Management Journal, 48(4), 582-593.Said, A. A., HassabElnaby, H. R., and Wier, B. (2003). An empirical investigation of the performance consequences of nonfinancial measures. Journal of management accounting research, 15(1), 193-223.Sen, S., and Bhattacharya, C. B. (2001). Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of marketing Research, 38(2), 225-243.Servaes, H., and Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), 1045-1061.Sharfman, M. P., and Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic management journal, 29(6), 569-592.Siegel, D. S., and Vitaliano, D. F. (2007). 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