Bouslah Kais, Kryzanowski Lawrence, M'Zali Bouchra
1Centre for Responsible Banking & Finance, School of Management, University of St Andrews, Scotland, UK.
2Senior Concordia University Research Chair in Finance, Concordia University, Montreal, Canada.
J Bus Ethics. 2018;149(3):643-669. doi: 10.1007/s10551-016-3017-x. Epub 2016 Feb 11.
This paper examines the impact of the recent financial crisis (2008-2009) on the relation between a firm's risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991-2012. We find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm's risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment.
本文以1991 - 2012年期间的美国非金融公司为样本，研究了近期金融危机（2008 - 2009年）对公司风险与社会绩效（SP）之间关系的影响。我们发现，与危机前时期相比，危机时期（危机后时期）SP与风险之间的关系存在显著差异。在金融危机期间，SP降低了波动性。SP的风险降低潜力主要归因于SP的优势部分。由于风险与SP优势的关系比与SP问题的关系更强，这意味着这些SP组成部分与公司风险之间存在不对称关系。具体而言，在不利的经济环境中，优势起到了降低风险的工具作用。
