The Impact of Social Capital on Firm Value

• Autorzy: Michele Nascimento Jucá , Albert Fishlow
• Języki publikacji: EN

Abstrakty

EN

Social capital and value creation are concepts that have been associated in financial literature for a long time and still remain controversial. Social capital refers to a firm´s attributes, such as trust, civic attitudes, and relationship networks that enable greater economic development. It is also related to corporate social responsibility, corresponding to a voluntary interest by firms in social and environmental issues with effects upon others. The last global financial crisis - which began in the United States in 2007 - is an exogenous event that allows a study of the impact of a higher level of corporate credibility. In other words, we may verify whether attributes such as trust - measured by social capital - create value. Thus, this study aims at verifying if there was a positive relationship between social capital and corporate value, during the last global financial crisis. To this end, a difference-in-difference test was applied to a sample of 418 Latin American firms. The results confirm the hypothesis that in a financial crisis, firms with more social capital have their value less affected. This fact points to practical implications both for investors and capital market regulators. (original abstract)

Słowa kluczowe

PL

Kapitał społeczny; Społeczna odpowiedzialność biznesu; Wartość przedsiębiorstwa; Kryzys finansowy

EN

Social capital; Corporate Social Responsibility (CSR); Enterprise value; Financial crisis

• Czasopismo: Contemporary Economics
• Rocznik: 2022
• Tom: 16
• Numer: nr 2
• Strony: 182-194

Twórcy

autor

Michele Nascimento Jucá

• Mackenzie Presbyterian University

autor

Albert Fishlow

• Columbia University

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Identyfikatory

DOI

10.5709/ce.1897-9254.476