Los invitamos al Seminario Interno FEN que dictará el académico Francisco Marcet:

Título: Illegal Price Fixing and Corporate Social Responsibility

Autores: Daniel Ferres y Francisco Marcet

Resumen: We analyze the Corporate Social Responsibility (CSR) actions of firms that engaged in illegal price fixing schemes. We investigate whether companies that participated in fraudulent collusive activities also engaged in positive CSR initiatives during collusion or in the post collusive years. We provide evidence that companies enhanced their CSR strategies following collusion but not during the collusive years. Specifically, we find that firms more likely to be exposed to a larger reputational cost increased their CSR strengths in the years following cartel break up. Moreover, we find that firms with more intense coverage from financial analysts (external monitoring) enhanced their CSR strengths in the years following cartel break up.  Finally, we analyze the buy-and-hold returns of the colluding firms in the years following cartel break ups as a function of their CSR overall scores and find that the financial returns of those firms with higher overall scores are negative but of an smaller order of magnitude compared to those firms with lower CSR scores. We interpret this result as pointing that CSR actions are associated with enhanced financial performance in fraud firms. 

El seminario se realizará el viernes 31 de mayo a las 13:00 hrs. en la sala T-1002 de la Facultad.

Se solicita confirmar asistencia con Juanita Castillo (jcastillo@unegocios.cl) hasta el jueves 30 de mayo a las 13:00 hrs., pues el seminario contempla almuerzo.