Corporate Social Responsibility and Capital Allocation Efficiency: Evidence from Australia and New Zealand
| aut.embargo | No | en_NZ |
| aut.thirdpc.contains | No | en_NZ |
| dc.contributor.advisor | Tourani-Rad, Alireza | |
| dc.contributor.advisor | Garel, Alexandre | |
| dc.contributor.author | Xu, Shengze | |
| dc.date.accessioned | 2018-10-29T23:45:34Z | |
| dc.date.available | 2018-10-29T23:45:34Z | |
| dc.date.copyright | 2018 | |
| dc.date.issued | 2018 | |
| dc.date.updated | 2018-10-29T00:40:35Z | |
| dc.description.abstract | This paper studies the effect of Corporate Social Responsibility on firm’s capital allocation efficiency in Australia and New Zealand. More specifically, I examine whether CSR influences a firm’s investment efficiency. I use ESG ratings to measure CSR. The empirical results show that the overall ESG performance, the environmental dimension performance, and the social dimension performance are not significantly associated with a firm’s investment efficiency. Only CSR policies or initiatives which are essentially costly to a firm are negatively associated with a firm’s investment efficiency. These findings are robust to a battery of robustness checks. The results suggest that when CSR initiatives reduce a firm's capital and other critical resources, those resources are not deployed for identifying and funding growth options, resulting in investment less likely to maximize shareholders’ wealth. | en_NZ |
| dc.identifier.uri | http://hdl.handle.net/10292/11911 | |
| dc.language.iso | en | en_NZ |
| dc.publisher | Auckland University of Technology | |
| dc.rights.accessrights | OpenAccess | |
| dc.subject | corporate investment | en_NZ |
| dc.subject | corporate social responsibility | en_NZ |
| dc.subject | ESG rating | en_NZ |
| dc.subject | investment efficiency | en_NZ |
| dc.title | Corporate Social Responsibility and Capital Allocation Efficiency: Evidence from Australia and New Zealand | en_NZ |
| dc.type | Dissertation | en_NZ |
| thesis.degree.grantor | Auckland University of Technology | |
| thesis.degree.level | Masters Dissertations | |
| thesis.degree.name | Master of Business | en_NZ |