Research Handbook of Finance and Sustainability
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Research Handbook of Finance and Sustainability

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Chapter 7: A survey of corporate social responsibility and corporate governance

Zhichuan (Frank) Li

Abstract

The growing significance of CSR as a phenomenon within financial economics has raised a fundamental question: does CSR enhance shareholder value or is it an agency cost enjoyed by a firm’s top executives at the expense of stockholders? While a substantial number of studies have examined this question from different perspectives, the evidence continues to be conflicting in nature. In this chapter, we investigate the agency cost and the value-enhancing perspectives of CSR. In particular, we focus on the implications of different corporate governance mechanisms on sustainability and corporate social responsibility. These mechanisms include board monitoring, executive compensation, institutional ownership, accounting and auditing, firm culture, and law and regulations. This chapter attempts to survey and summarize all the relevant studies that explore the relationships between corporate governance mechanisms and corporate sustainability.

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