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The Effect of Positive CSR Engagement on Firm's Financial Distress Risk in Europe.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The Effect of Positive CSR Engagement on Firm's Financial Distress Risk in Europe./
Author:	Castenholz, Anna Maria.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
Description:	69 p.
Notes:	Source: Dissertations Abstracts International, Volume: 83-09, Section: B.
Contained By:	Dissertations Abstracts International83-09B.
Subject:	Investments. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28991913
ISBN:	9798209806639

The Effect of Positive CSR Engagement on Firm's Financial Distress Risk in Europe.
Castenholz, Anna Maria.

The Effect of Positive CSR Engagement on Firm's Financial Distress Risk in Europe. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 69 p.

Source: Dissertations Abstracts International, Volume: 83-09, Section: B.

Thesis (Master's)--Universidade Catolica Portugesa (Portugal), 2021.

This item must not be sold to any third party vendors.

This study examines the influence of Corporate Social Responsibility on the financial distress risk of a company. The Environmental, Social and Governance (ESG) factors are employed as a proxy for CSR, while three different measures are applied to assess financial distress levels, namely Altman's Z-Score, Ohlson's O-Score and Shumway's Hazard Model. After analyzing a European dataset of 1097 publicly listed firms covering the period from 2002-2018, the results suggest that positive CSR engagement reduces the likelihood of falling into costly financial distress, whilst the findings are even more profess for non-crisis periods as well as environmentally sensitive industries. The results are robust to differences in reporting dates, prior levels of financial distress and reverse causality. Collectively, the findings are in line with the stakeholder view of CSR, suggesting that improving firm-stakeholder relationships decreases a firm's financial distress risk.

ISBN: 9798209806639Subjects--Topical Terms:

566987
Investments.

The Effect of Positive CSR Engagement on Firm's Financial Distress Risk in Europe.
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300 $a 69 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-09, Section: B.
500 $a Advisor: Reis, Ricardo.
502 $a Thesis (Master's)--Universidade Catolica Portugesa (Portugal), 2021.
506 $a This item must not be sold to any third party vendors.
520 $a This study examines the influence of Corporate Social Responsibility on the financial distress risk of a company. The Environmental, Social and Governance (ESG) factors are employed as a proxy for CSR, while three different measures are applied to assess financial distress levels, namely Altman's Z-Score, Ohlson's O-Score and Shumway's Hazard Model. After analyzing a European dataset of 1097 publicly listed firms covering the period from 2002-2018, the results suggest that positive CSR engagement reduces the likelihood of falling into costly financial distress, whilst the findings are even more profess for non-crisis periods as well as environmentally sensitive industries. The results are robust to differences in reporting dates, prior levels of financial distress and reverse causality. Collectively, the findings are in line with the stakeholder view of CSR, suggesting that improving firm-stakeholder relationships decreases a firm's financial distress risk.
520 $a Este estudo examina a influencia da Responsabilidade Social Corporativa (RSC) no risco de crise financeira de uma empresa. Os fatores ambientais, sociais e de governacao (ESG) sao utilizados como substitutos para a RSC, enquanto tres medidas diferentes sao aplicadas para avaliar os niveis de dificuldades financeiras, nomeadamente o Z-Score da Altman, o O-Score da Ohlson e o Modelo de Risco de Shumway. Apos analise de um conjunto de dados europeu de 1097 empresas cotadas na bolsa, abrangendo o periodo de 2002-2018, os resultados sugerem que o envolvimento positivo em termos de RSC reduz a probabilidade de cair em situacoes de dificuldades financeiras dispendiosas, enquanto que os resultados sao ainda mais professos para periodos que nao sejam de crise, bem como para industrias sensiveis do ponto de vista ambiental. Os resultados sao robustos as diferencas nas datas de notificacao, niveis anteriores de dificuldades financeiras e causalidade inversa. Coletivamente, os resultados estao de acordo com a visao de RSC das partes interessadas, sugerindo que a melhoria das relacoes entre as partes interessadas diminui o risco de angustia financeira de uma empresa.
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