This study examines the role of the Corporate Social Responsibility Committee (CSRC) in the adoption of strategic Corporate Social Responsibility (CSR) projects that surpass regulatory requirements and basic stakeholder expectations. Our results demonstrate that the establishment of CSRCs enhances all strategic CSR mechanisms, particularly business reputation, stakeholder interaction, risk mitigation, and innovation. Additionally, strategic CSR practices exhibit a strong correlation with CSRC attributes and organizational characteristics. Specifically, the size of the CSRC is positively associated with all dimensions of strategic CSR. Furthermore, CEO membership is likely to impede risk mitigation and innovation capacity, whereas board chair membership enhances business reputation, stakeholder communication, and innovation potential. In terms of gender diversity, female CSRC members show a greater concern for business reputation and associated risks. Regarding committee functioning, increased meeting frequency has the potential to enhance various aspects of strategic CSR.

This paper empirically investigates the relation between firm performance in corporate social responsibility (CSR) and the need and likelihood of external financing to test the predictions of agency and stakeholder theories. Empirical results from Logit, Linear Probability Model, OLS and Firm fixed effects regressions indicate that CSR is negatively related to the likelihood and level of external financing. Further analysis indicates that CSR has a negative and significant effect on both net equity issued (NEI) and net debt issued (NDI), the two components of external financing. Overall, the empirical results support the predictions of agency theory.

Investors are keenly interested in the risk of informed trading, as it can have an immediate impact on transaction costs imposed by liquidity providers. This paper examines microblogging-based informed trading as a systematic risk for liquidity at both market and firm levels. Assets at firm level were categorized into financial and non-financial perspective. In this context, the study constructed a bank index and non-financial firms (NFF) index within the broader market. In a relative market, the liquidity was priced pessimistically and a higher probability for appearance of spread was noted during pessimism environments. The bank index liquidity was significantly responsive towards systematic bearish and bullish sentiments. In addition, the posterior probability of systematic sentiment risk was considerably higher for bank assets’ liquidity. The NFF index liquidity was not exposed to the systematic bearish and bullish sentiments. Meantime, the posterior probability of systematic sentiment risk was considerably lower for non-financial assets’ liquidity. The relative market’s liquidity was not influenced by changes in past series of bearish and bullish sentiments. Similarly, the sentiments’ lags were not strong enough to impact the firm index liquidity in the short or long run.