%0 Journal Article
%T A Multi-Dimensional Analysis of Corporate Social Responsibility: The Liquidity Risk Factor
%A Homayoon Shalchian
%A Bouchra M¡¯Zali
%A Hager Tebini
%J Journal of Financial Risk Management
%P 241-253
%@ 2167-9541
%D 2018
%I Scientific Research Publishing
%R 10.4236/jfrm.2018.73016
%X 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 </span></span><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\">of </span></span></span><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\">¡°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.
%K Corporate Social Responsibility
%K Liquidity Risk Factor
%K Financial Performance
%U http://www.scirp.org/journal/PaperInformation.aspx?PaperID=87440