Why Activist Hedge Funds Target Socially Responsible Firms: The Reaction Costs of Signaling Corporate Social Responsibility

Mark R DesJardine
Mark R DesJardine
Emilio Marti
Emilio Marti

Academy of Management Journal, 2020.

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Abstract:

In this paper, we develop and test a theory of how unintended audiences create reaction costs for firms that use corporate social responsibility (CSR) as a signal. Reaction costs are costs that sig...

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