Essays on stakeholder relations and firm value

Tamás Barkó

Research output: ThesisDoctoral ThesisScientific

261 Downloads (Pure)

Abstract

This doctoral dissertation consists of three chapters on stakeholder relationships and firm value. The first chapter examines whether corporate social responsibility affects the relative pricing of equity and debt. The chapter shows that responsible firms have lower credit risk, and an arbitrage strategy exploiting short-term variations in credit and equity prices is also improved by taking corporate social responsibility into account. The second chapter turns to analyzing investor activism promoting corporate social responsibility. The chapter shows that activists can induce meaningful changes in targeted firms, and they can also increase their portfolio value through these actions. The last chapter studies firms’ propensity to commit fraud, and stock market reactions to revealed fraud. The main finding of this chapter is that markets heavily penalize fraud, even alleged wrongdoing is followed by large negative returns. Fraudulent companies subsequently readjust their longterm operations and follow a more conservative business plan.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Renneboog, Luc, Promotor
  • Driessen, Joost, Promotor
Award date26 Feb 2018
Place of PublicationTilburg
Publisher
Print ISBNs978 90 5668 553 9
Publication statusPublished - 2018

Fingerprint

Stakeholder relations
Corporate Social Responsibility
Firm value
Fraud
Arbitrage
Equity
Stakeholder relationships
Stock market reaction
Equity prices
Investors
Activism
Relationship value
Debt
Wrongdoing
Business plan
Pricing
Propensity
Credit
Credit risk

Cite this

Barkó, T. (2018). Essays on stakeholder relations and firm value. Tilburg: CentER, Center for Economic Research.
Barkó, Tamás. / Essays on stakeholder relations and firm value. Tilburg : CentER, Center for Economic Research, 2018. 133 p.
@phdthesis{9c748d754f5e4ef0a8b68c4626f9751a,
title = "Essays on stakeholder relations and firm value",
abstract = "This doctoral dissertation consists of three chapters on stakeholder relationships and firm value. The first chapter examines whether corporate social responsibility affects the relative pricing of equity and debt. The chapter shows that responsible firms have lower credit risk, and an arbitrage strategy exploiting short-term variations in credit and equity prices is also improved by taking corporate social responsibility into account. The second chapter turns to analyzing investor activism promoting corporate social responsibility. The chapter shows that activists can induce meaningful changes in targeted firms, and they can also increase their portfolio value through these actions. The last chapter studies firms’ propensity to commit fraud, and stock market reactions to revealed fraud. The main finding of this chapter is that markets heavily penalize fraud, even alleged wrongdoing is followed by large negative returns. Fraudulent companies subsequently readjust their longterm operations and follow a more conservative business plan.",
author = "Tam{\'a}s Bark{\'o}",
note = "CentER Dissertation Series Volume: 552",
year = "2018",
language = "English",
isbn = "978 90 5668 553 9",
series = "CentER Dissertation Series",
publisher = "CentER, Center for Economic Research",
school = "Tilburg University",

}

Barkó, T 2018, 'Essays on stakeholder relations and firm value', Doctor of Philosophy, Tilburg University, Tilburg.

Essays on stakeholder relations and firm value. / Barkó, Tamás.

Tilburg : CentER, Center for Economic Research, 2018. 133 p.

Research output: ThesisDoctoral ThesisScientific

TY - THES

T1 - Essays on stakeholder relations and firm value

AU - Barkó, Tamás

N1 - CentER Dissertation Series Volume: 552

PY - 2018

Y1 - 2018

N2 - This doctoral dissertation consists of three chapters on stakeholder relationships and firm value. The first chapter examines whether corporate social responsibility affects the relative pricing of equity and debt. The chapter shows that responsible firms have lower credit risk, and an arbitrage strategy exploiting short-term variations in credit and equity prices is also improved by taking corporate social responsibility into account. The second chapter turns to analyzing investor activism promoting corporate social responsibility. The chapter shows that activists can induce meaningful changes in targeted firms, and they can also increase their portfolio value through these actions. The last chapter studies firms’ propensity to commit fraud, and stock market reactions to revealed fraud. The main finding of this chapter is that markets heavily penalize fraud, even alleged wrongdoing is followed by large negative returns. Fraudulent companies subsequently readjust their longterm operations and follow a more conservative business plan.

AB - This doctoral dissertation consists of three chapters on stakeholder relationships and firm value. The first chapter examines whether corporate social responsibility affects the relative pricing of equity and debt. The chapter shows that responsible firms have lower credit risk, and an arbitrage strategy exploiting short-term variations in credit and equity prices is also improved by taking corporate social responsibility into account. The second chapter turns to analyzing investor activism promoting corporate social responsibility. The chapter shows that activists can induce meaningful changes in targeted firms, and they can also increase their portfolio value through these actions. The last chapter studies firms’ propensity to commit fraud, and stock market reactions to revealed fraud. The main finding of this chapter is that markets heavily penalize fraud, even alleged wrongdoing is followed by large negative returns. Fraudulent companies subsequently readjust their longterm operations and follow a more conservative business plan.

M3 - Doctoral Thesis

SN - 978 90 5668 553 9

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

ER -

Barkó T. Essays on stakeholder relations and firm value. Tilburg: CentER, Center for Economic Research, 2018. 133 p. (CentER Dissertation Series).