[Home ] [Archive]   [ فارسی ]  
:: Main :: About :: Current Issue :: Archive :: Search :: Submit :: Contact ::
:: Volume 2, Issue 4 (1-2018) ::
aapc 2018, 2(4): 189-214 Back to browse issues page
Investigating the effect of corporate social responsibility on systemic risk and idiosyncratic risk: Using data envelopment analysis model
Hassan Ramezannia 1, Farzin Rezaei 2
1- MSc. student of accounting of Islamic Azad University, ghazvin Branch
2- Associate prof, in accounting, Qazvin Islamic Azad University, Management and accounting faculty (Corresponding author) , farzin.rezaei@qiau.ac.ir
Abstract:   (1130 Views)
The aim of this study is to investigate the influence of social responsibility on systemic risk and idiosyncratic (unsystematic) risk in firms listed in Tehran Stock Exchange. In order to calculate systemic risk and idiosyncratic risk, the market model is used and corporate social responsibility index calculated by using data envelopment analysis (input-oriented and output-oriented); for testing research hypotheses, data of 90 listed companies in Tehran Stock Exchange during 2011 to 2015 were used.  Results showed that input-oriented social responsibility and output-oriented social responsibility have a significant and negative effect on systemic risk and idiosyncratic risk. Social responsibility reduces the risk (systematic and idiosyncratic), because companies with high social capital have a great ability to deal with shocks (domestic or foreign). Particularly suitable relationships among stockholders make such companies secure like insurance, which maintains demand and supply coherently during a crisis and enhances the flexibility in sudden events and facilitates the recycling and stable growth.
Keywords: Data Envelopment Analysis, Social Responsibility, Systematic Risk, Unsystematic Risk
Full-Text [PDF 299 kb]   (1038 Downloads)    
Type of Study: Research | Subject: Special
Received: 2017/06/20 | Accepted: 2017/09/1 | Published: 2018/01/5
1. Azizul Islam, M. (2009). Social and Environmental Reporting Practices Organizations Operating in, or Sourcing Products from, a Developing Country: Evidence from Bangladesh. University of Dhaka.
2. Buckly, M.R.D.S., Beu, D., and Frink, D. (2001). Ethical Issues in Human Resources Systems, Human Resource Management Review, No.11, 11-29.
3. Carroll, A.B. (1979). A Three-dimensional Conceptual Model of Corporate Performance, Academy of Management Review, Vol. 4(4), 497-505.
4. Cheung, A. (2016). Corporate Social Responsibility and Corporate Cash Holdings. Journal of Corporate Finance, DOI: 10.1016/j.jcorpfin.2016.01.008.
5. Deegan, C., and Unerman, J. (2006). Financial Accounting Theory, Maidenhead: McGraw- Hill Education.
6. Fama, E., and French, K. (2007). Disagreement, Tastes, and Asset Prices. Journal of Financial Economics, No. 83, 667–689.
7. Kim, Y., Park, M.S., and Wier, B. (2012). Is Earnings Quality Associated with Corporate Social Responsibility? The Accounting Review, 8(3), 761-796.
8. Kim,Y., Haidan, L., and Siqi, L. (2014). Corporate Social Responsibility and Stock Price Crash Risk. Journal of Banking & Finance, No. 43, 1-13.
9. Luo, X., and Bhattacharya, C. (2009). The Debate Over Doing Good: Corporate Social Performance, Strategic Marketing Levers, and Firm-idiosyncratic Risk. Journal of Marketing, No. 73, 198–213.
10. Orlitzky, M., Schmidt, F.L., and Rynes, S.L. (2003). Corporate Social and Financial Performance: A meta-analysis. Organization Studies, No. 24, 403-441.
11. Rahaman, A.S., Lawrence, S., and Roper, J. (2004). Social and Environmental Reporting at the VRA: Institutionalized Legitimacy or legitimating crisis?
12. Rezaei, F., Mousavi, A., and Shahveysi, F. (2016). Corporate Social Performance and Qualitative Characteristics of Financial Information, Tendenzen, Vol. 25(4), 1725-1749.
13. Serafeim, G., Ioannu, I., and Cheng, B. (2013). Corporate Social Responsibility and Access to Finance. Strategic Management Journal, Vol. 35, Issue 1, 1-23.
14. Soyka, P.A., and Ameer, P.G. (1997). Does Improving Firm's Environmental Management System and Environmental Performance Result in a Higher Stock Price? Journal of Investing, No. 6, 87-97.
Add your comments about this article
Your username or Email:


XML   Persian Abstract   Print

Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Ramezannia H, Rezaei F. Investigating the effect of corporate social responsibility on systemic risk and idiosyncratic risk: Using data envelopment analysis model. aapc. 2018; 2 (4) :189-214
URL: http://aapc.khu.ac.ir/article-1-341-en.html

Volume 2, Issue 4 (1-2018) Back to browse issues page
فصلنامه دستاوردهای حسابداری ارزشی و رفتاری Valued and Behavioral Accountings Achievements
Persian site map - English site map - Created in 0.14 seconds with 30 queries by YEKTAWEB 3741