| 讲座简介： | Using a sample of 31 major terrorist attacks occurring in the U.S. between 1994 and 2012, this study examines the causal effect of the threat of terrorism on firms’ corporate social responsibility (CSR) activities. Our findings indicate that relative to firms that share similar corporate characteristics but are located in regions that do not experience terrorist attacks, public firms located in close proximity to terrorist attacks (i.e., the impact firms) substantially increase their investment in CSR following terrorist events. We further observe a strengthened association between CSR and firm value for the impact firms in the periods following terrorist events, especially when the CSR efforts of the impact firms are associated with greater media attention. Our additional results reveal that the impact firms tend to commit more resources to enhancing the environment, community, and diversity related dimensions of CSR following terrorist events. Overall, our findings support the conjecture that although firms located in the areas most impacted by terrorist attacks are likely to experience a greater demand for CSR activities, the value of the impact firms’ CSR investments increase because their CSR efforts are likely to gain greater community visibility, especially in the periods following terrorist events. |
