JFRM  Vol.7 No.3 , September 2018
A Multi-Dimensional Analysis of Corporate Social Responsibility: The Liquidity Risk Factor
Abstract: This study is an extension to Shalchian et al. (2015) and investigates the effect of the “liquidity” risk factor on the performance of socially responsible investments in different industries and based on different dimensions of corporate social responsibility. Using Pastor and Stambault’s liquidity risk factor, we find that in the mining industry and based on the dimensions of “environment”, “employees’ relations” and “community involvement”, socially responsible investments are relatively less exposed to the liquidity risk factor. Our results also suggest that compared to conventional investments in the manufacturing and service industries, socially responsible investment’s performance is more sensitive to the liquidity risk factor.
Cite this paper: Shalchian, H. , M’Zali, B. and Tebini, H. (2018) A Multi-Dimensional Analysis of Corporate Social Responsibility: The Liquidity Risk Factor. Journal of Financial Risk Management, 7, 241-253. doi: 10.4236/jfrm.2018.73016.

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