CSR and Performance

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Table of contents

Introduction
What Are the Economic Determinants of CSR ?
How Can Firms Succeed on Both Financial and Extra-Financial Levels?
Where Does the Private Equity Industry Stand in Terms of CSR, and Why?
Can Investors Rely on CSR to Identify Performing Firms?
Do Sustainable and Unsustainable Practices Impact the Access to Equity Financing?
1. The Economics of CSR : A Survey
1.1. Introduction
1.2. CSR as Externality Internalization and Public Good Provision
1.2.1. CSR, Public Politics and Regulation Preemption
1.2.2. CSR as a Response to Social Pressure and Private Politics
1.2.3. CSR, Altruism and Pro-social Behaviors
1.3. CSR as a Business Strategy in Imperfect Competition
1.3.1. CSR, Consumer Heterogeneity and Product Differentiation
1.3.2. CSR and Imperfect Market Structures
1.3.3. Information Asymmatry, Reputation and Greenwashing
1.4. CSR as Delegated Responsibility in Imperfect Contracts
1.4.1. CSR and Responsible Investors
1.4.2. CSR as Delegated Responsibility of Employees
1.4.3. CSR as the Delegated Responsibility of Firm Managers
1.5. CSR and Performance
1.5.1. CSR and Corporate Financial Performance
1.5.2. CSR and Extra Financial Performance
1.6. Conclusion
2. Doing Well and Doing Good: A Multi-Dimensional Puzzle
2.1. Introduction
Can Private Equity Funds Foster Corporate Social Responsibility?
2.2. Methodology
2.2.1. Basic Empirical Framework
2.2.2. Model Averaging and Thick Modelling
2.2.3. Inputs and Limits of the Approach
2.3. Data
2.4. Results
2.4.1. CSR Policies Do Not Equally Matter to Do Well and Do Good
2.4.2. Good Business Behaviors with Customers and Suppliers Remain Core
2.4.3. Coexistence of CSR Policies With and Without Optimal Level
2.4.4. Results Robustness
2.4.5. Implications for Corporations Seeking to Do Well and Do Good and For Public Policies
2.5. Conclusion
3. Think Global, Invest Responsible: Why the Private Equity Industry Goes Green
3.1. Introduction
3.2. Private Equity and Responsible Investment: Where Do We Stand?
3.2.1. The Socially Responsible Investment Concept, from Margin to Mainstream
3.2.2. The Surge and Crisis of the Private Equity Industry
3.2.3. Integration of Socially Responsible Practices by Private Equity Investors
3.3. Testable Hypotheses on Characteristics and Drivers of the Responsible Investment Movement in Private Equity
3.3.1. Hypotheses on the Characteristics of Socially Responsible Private Equity
3.3.2. Hypotheses on Strategic Drivers of Socially Responsible Private Equity
3.3.3. Hypothesis on Responsive Drivers of Socially Responsible Private Equity
3.4. Data and Method
3.4.1. The French Private Equity Industry
3.4.2. Sampling and Structural Data
3.4.3. Survey Data
3.5. Multivariate Empirical Analysis
3.5.1. Results on Characteristics of Socially Responsible Private Equity
3.5.2. Results on Strategic Drivers of Socially Responsible Private Equity
3.5.3. Results on Responsive Drivers of Socially Responsible Private Equity
3.5.4. Limits of the Analysis and Further Research Paths
3.6. Discussion
3.6.1. Socially Responsible Private Equity: Responsive or Strategic?
3.6.2. Socially Responsible Private Equity: Engagement or Activism?
3.6.3. Socially Responsible Private Equity: A Stronger Impact than Public Investors
3.7. Conclusion
4. Green Signaling in Experimental Private Equity Negotiations
4.1. Introduction
4.2. Model
4.2.1. Notations
4.2.2. Strategies and Beliefs
4.2.3. Equilibrium Characterization
4.3. Experimental Design
4.3.1. Model Parameters
4.3.2. Equilibrium Predictions
4.3.3. Behavioral Conjecture: Green Versus Brown Signals
4.4. Experimental Procedure
4.5. Results
4.5.1. Results for Prediction 1: Pooling Equilibrium in the Absence of Money Burning Opportunities
4.5.2. Results for Prediction 2: Pooling Equilibrium in Presence of Expensive Money Burning Opportunities
4.5.3. Results for Prediction 3: Equilibrium in Presence of Cheap Money Burning Opportunities
4.6. Discussion
4.6.1. The Money Burning Signal Content Impacts Equilibrium Selection
4.6.2. Green Signals Increase Type Revelation Without Being Used
4.7. Conclusion
5. The Price of Unsustainability: An Experiment with Professional Private Equity Investors
5.1. Introduction
5.2. Experimental Design and Procedures
5.2.1. Design
Can Private Equity Funds Foster Corporate Social Responsibility?
5.2.2. Procedures
5.2.3. Incentives Mechanism
5.3. Results
5.3.1. Participants’ Profile
5.3.2. Results on Firm Valuation
5.3.3. Results on Investors’ Investment Decisions
5.4. Discussion
5.4.1. Sustainability and Private Equity investors
5.4.2. Sustainability and Entrepreneurs
5.5. Conclusion
Conclusion
Main Findings
Implications for Private Equity Investors
Implications for Public Policies
Limits and Further Research Paths
References