Corporate Social Responsibility and Value-At-Risk; Petrochemical Companies Listed on Tehran Stock Exchange
محل انتشار: فصلنامه بررسی تجارت نفت، دوره: 2، شماره: 1
سال انتشار: 1397
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 194
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شناسه ملی سند علمی:
JR_PBR-2-1_002
تاریخ نمایه سازی: 22 آذر 1399
چکیده مقاله:
It seems that paying attention to social responsibility by companies can lead to a better stakeholder’s view toward the company, thereby increasing their loyalty and trust. Having the ability to obtain more financial resources in times of crisis, due to the greater loyalty of investors, will result in reducing the company risk. In contrast, being overconfident about the loyalty of individuals to the company can lead to keeping a short-term debt structure, thereby increasing the risk of obtaining financial resources. Recently, the negative impacts of petrochemical companies on the environment have made social and environmental groups focus more on this industry, and this focus has pushed companies into involving in more social activities. Considering the potential impact of CSR on the company’s risk, this study examines the relationship between corporate social responsibility and value at risk in petrochemical industry using a sample of 27 companies listed on the Tehran Stock Exchange during the 2010-2017 period. Eviews 10 is used for computing and analyzing the data, and the generalized auto regressive conditional heteroskedasticity (GARCH) model is employed to estimate value at risk. The results indicate a negative and statistically significant relationship between corporate social responsibilities and company value at risk.
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نویسندگان
Mohammad Javad Zare Bahnamiri
Department of Accounting, Faculty of Management and Economic, Qom University, Qom, Iran.
Peiman ghanbarzadeh samakosh
Faculty of Management, Islamic Azad University–Tehran North Branch, Tehran, Iran