Research

Job Market Paper

CORPORATE SOCIAL RESPONSIBILITY AND FORCED MIGRATION:

A SIGNALING APPROACH

(with Marieke Huysentruyt, winner of the 2022 Carolyn Dexter All-Academy Award)

Question: Does community-level exposure to forced migration affect European firms' CSR portfolio choices?


Theory: Signaling framework wherein high-social-responsibility companies can use low-materiality CSR policies to signal their type to community stakeholders who care about social issues.


Hypothesis: On average, an increase in exposure to forced migration induces firms to shift their CSR portfolios towards policies with lower financial materiality.


Empirical Approach: Event studies using communities' proximity to tragic refugee incidents as a source of variation in the exposure to forced migration.


Results: Firms headquartered in communities where a tragic refugee incident occurs respond by progressively substituting low-materiality CSR policies for high-materiality actions; findings are also consistent with the specific equilibrium patterns suggested by the theoretical framework.

Publications

DOING WELL BY DOING GOOD, UNIQUELY: MATERIALITY AND THE MARKET VALUE OF UNIQUE CSR STRATEGIES

(with Todd Zenger, Sergio Lazzarini, Sandro Cabral)

Strategy Science. 2022. 7(1): 10-26.

(with Sergio Lazzarini and Sandro Cabral)

IN: Handbook on the Business of Sustainability: The Organization, Implementation, and Practice of Sustainable Growth

Edited by Gerry George, Martine Haas, Havovi Joshi, Anita McGahan, and Paul Tracey.