Corporate Social Responsibility and Capital Allocation Efficiency: Evidence from Australia and New Zealand

aut.embargoNoen_NZ
aut.thirdpc.containsNoen_NZ
dc.contributor.advisorTourani-Rad, Alireza
dc.contributor.advisorGarel, Alexandre
dc.contributor.authorXu, Shengze
dc.date.accessioned2018-10-29T23:45:34Z
dc.date.available2018-10-29T23:45:34Z
dc.date.copyright2018
dc.date.issued2018
dc.date.updated2018-10-29T00:40:35Z
dc.description.abstractThis 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.urihttps://hdl.handle.net/10292/11911
dc.language.isoenen_NZ
dc.publisherAuckland University of Technology
dc.rights.accessrightsOpenAccess
dc.subjectcorporate investmenten_NZ
dc.subjectcorporate social responsibilityen_NZ
dc.subjectESG ratingen_NZ
dc.subjectinvestment efficiencyen_NZ
dc.titleCorporate Social Responsibility and Capital Allocation Efficiency: Evidence from Australia and New Zealanden_NZ
dc.typeDissertationen_NZ
thesis.degree.grantorAuckland University of Technology
thesis.degree.levelMasters Dissertations
thesis.degree.nameMaster of Businessen_NZ
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