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Maretno A. Harjoto [9]Maretno Harjoto [4]Maretno Agus Harjoto [1]
  1. The Causal Effect of Corporate Governance on Corporate Social Responsibility.Hoje Jo & Maretno A. Harjoto - 2012 - Journal of Business Ethics 106 (1):53-72.
    In this article, we examine the empirical association between corporate governance (CG) and corporate social responsibility (CSR) engagement by investigating their causal effects. Employing a large and extensive US sample, we first find that while the lag of CSR does not affect CG variables, the lag of CG variables positively affects firms’ CSR engagement, after controlling for various firm characteristics. In addition, to examine the relative importance of stakeholder theory and agency theory regarding the associations among CSR, CG, and corporate (...)
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  2.  52
    Corporate Governance and CSR Nexus.Maretno A. Harjoto & Hoje Jo - 2011 - Journal of Business Ethics 100 (1):45 - 67.
    Some argue that managers over-invest in corporate social responsibility (CSR) activities to build their personal reputations as good global citizens. Others claim that CEOs strategically choose CSR activities to reduce the probability of CEO turnover in a future period through indirect support from activists. Still others assert that firms use CSR activities to signal their product quality. We find that firms use governance mechanisms, along with CSR engagement, to reduce conflicts of interest between managers and non-investing stakeholders. Employing a large (...)
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  3.  53
    Board Diversity and Corporate Social Responsibility.Maretno Harjoto, Indrarini Laksmana & Robert Lee - 2015 - Journal of Business Ethics 132 (4):641-660.
    This study examines the impact of board diversity on firms’ corporate social responsibility performance. Using seven different measures of board diversity across 1,489 U.S. firms from 1999 to 2011, the study finds that board diversity is positively associated with CSR performance. Board diversity is associated with a greater number of areas in which CSR is strong and a fewer number of areas in which CSR is a concern. These findings support the stakeholder theory and are consistent with the view that (...)
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  4.  40
    The Impact of Corporate Social Responsibility on Risk Taking and Firm Value.Maretno Harjoto & Indrarini Laksmana - 2018 - Journal of Business Ethics 151 (2):353-373.
    We hypothesize that CSR serves as a control mechanism to reduce deviations from optimal risk taking, and therefore, CSR curbs excessive risk taking and reduces excessive risk avoidance. Based on the stakeholder theory, firms with CSR focus must balance the interests of multiple stakeholders, and therefore, managers must allocate resources to satisfy both investing and non-investing stakeholders’ interests. Using five measures of corporate risk taking and a sample of 1718 US firms during 1998 to 2011, we find that stronger CSR (...)
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  5.  66
    Legal vs. Normative CSR: Differential Impact on Analyst Dispersion, Stock Return Volatility, Cost of Capital, and Firm Value.Maretno A. Harjoto & Hoje Jo - 2015 - Journal of Business Ethics 128 (1):1-20.
    This study examines how the sell-side analysts interpret firms’ corporate social responsibility activities. Specifically, we examine the differential impact of overall, legal, and normative CSR on the analysts’ earnings forecast dispersion, stock return volatility, cost of equity capital, and firm value. Employing a sample of U.S. public firms during 1993–2009, we find that overall CSR intensities reduce analyst dispersion of earnings forecast, volatility of stock return and cost of capital , and increase firm value. However, its impact is reduced for (...)
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  6.  41
    Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility.Maretno Harjoto, Hoje Jo & Yongtae Kim - 2017 - Journal of Business Ethics 146 (1):77-109.
    This study examines the relation between corporate social responsibility and institutional investor ownership, and the impact of this relation on stock return volatility. We find that institutional ownership does not strictly increase or decrease in CSR; rather, institutional ownership is a concave function of CSR. This evidence suggests that institutional investors do not see CSR as strictly value-enhancing activities. Institutional investors adjust their percentage of ownership when CSR activities go beyond the perceived optimal level. Employing the path analysis, we also (...)
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  7.  33
    Analyst coverage, corporate social responsibility, and firm risk.Hoje Jo & Maretno Harjoto - 2014 - Business Ethics: A European Review 23 (3):272-292.
    This article examines the empirical association between analyst coverage and corporate social responsibility (CSR) by investigating their simultaneous and causal effects, and its joint effects of CSR engagement and analyst coverage on firm risk. We find a positive association between the level and change of CSR engagement and the level and change of analyst coverage after considering simultaneity and causality. Based on the first-difference approach, we further find that the change in analyst following from the previous year affects the change (...)
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  8.  16
    Towards theorising corporate social irresponsibility: The Déjà Vu cases of collapsed forestry ventures.Tiffany C. H. Leung, Artie W. Ng, Andreas G. F. Hoepner & Maretno A. Harjoto - 2023 - Business Ethics, the Environment and Responsibility 32 (4):1452-1469.
    Business Ethics, the Environment &Responsibility, Volume 32, Issue 4, Page 1452-1469, October 2023.
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  9. Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. [REVIEW]Hoje Jo & Maretno A. Harjoto - 2011 - Journal of Business Ethics 103 (3):351-383.
    This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and anti- takeover provisions, after controlling for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that (...)
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  10.  36
    Ethics and Banking: Do Banks Divest Their Kind?Diego P. Guisande, Maretno Agus Harjoto, Andreas G. F. Hoepner & Conall O’Sullivan - 2024 - Journal of Business Ethics 192 (1):191-223.
    A growing group of institutional investors use divestment strategically to deter misconducts that are harmful for the climate and society. Based on Kantian ethics, we propose that divestment represents investors’ universal and absolute moral commitment to socially responsible investing (SRI). Following categorical and hypothetical imperatives and reciprocity as a norm, we hypothesize how institutional investors’ commit to SRI through a divestment strategy against ethically reprehensible behaviour of banks, especially when these investors represent banks themselves. Using a hand-collected database of the (...)
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  11.  50
    Insiders' personal stock donations from the lens of stakeholder, stewardship and agency theories.Sudip Ghosh & Maretno A. Harjoto - 2011 - Business Ethics, the Environment and Responsibility 20 (4):342-358.
    This paper studies the relationship between personal stock donation by top executives and board of directors (insiders) of publicly traded corporations and their personal tax, shareholders' returns, and social responsibility. The study finds evidence that the timing of stock donations is driven by personal tax gain. The study further shows, comparing stock gift corporations relative to their non-stock gift cohorts, that personal stock gifts are associated with lower short-term and long-term stock returns to shareholders. This implies that stock donation driven (...)
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  12.  22
    Insiders' personal stock donations from the lens of stakeholder, stewardship and agency theories.Sudip Ghosh & Maretno A. Harjoto - 2011 - Business Ethics: A European Review 20 (4):342-358.
    This paper studies the relationship between personal stock donation by top executives and board of directors (insiders) of publicly traded corporations and their personal tax, shareholders' returns, and social responsibility. The study finds evidence that the timing of stock donations is driven by personal tax gain. The study further shows, comparing stock gift corporations relative to their non‐stock gift cohorts, that personal stock gifts are associated with lower short‐term and long‐term stock returns to shareholders. This implies that stock donation driven (...)
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  13.  38
    Do Thinkers Lead Doers?: The Causal Relation between CSR and Reputation of Analysts and Brokerage Houses.Maretno A. Harjoto & Hoje Jo - 2013 - Business and Professional Ethics Journal 32 (3-4):221-258.
    This study examines whether reputable analysts and brokerage houses as thinker-driven middlemen led corporations to engage in CSR by investigating the causal relation between CSR and analysts and brokerage houses’ reputations. While theory of information asymmetry predicts that corporations with higher level of CSR tend to attract more reputable analysts and brokerage houses such that they can disseminate valuable information to outside investors, the social pressure theory expects corporations, which receive coverage from more reputable analysts and brokerage houses, tend to (...)
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  14.  28
    The Impact of Institutional and Technical Social Responsibilities on the Likelihood of Corporate Fraud.Maretno A. Harjoto - 2017 - Business and Professional Ethics Journal 36 (2):197-228.
    Organizational theory argues that institutional social responsibility, which represents managers’ moral values, ethics, and norms, and technical social responsibility, which represents firms’ relationship with key stakeholders, influence corporate ethical behavior. We examine and compare the impacts of strengths and concerns of institutional and technical social responsibilities on the likelihood of corporate fraud. Using a sample of 152 high-profile corporate fraud cases in the U.S. during the 2000-2010 period, we find that firms’ corporate social responsibility activities reduce the likelihood of corporate (...)
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