Corporate social performance and financial risk: Further empirical evidence using higher frequency data

Corporate social performance and financial risk: Further empirical evidence using higher frequency data Using a unique dataset of corporate social responsibility rating – available on a monthly basis – we shed new light on the relationship between corporate social performance (CSP) and firm risk. Where previous studies use annual (at best) measures of CSP, assuming that a change in CSP leads a change in risk, we formally test the direction of the relationship using Granger causality. Looking at...