59
ko
’
rsatkichlari namunasiga asoslanib, ushbu tadqiqot firmalarning korporativ faoliyati
moliyaviy tanglik bilan salbiy bog'liqligini ko'rsatadi.
Bundan tashqari, biz korporativ
samaradorlik va moliyaviy tanglik ehtimoli o'rtasidagi salbiy bog'liqlik yuqori darajadagi
riskga ega bo'lgan firmalar uchun aniqroq ekanligini kuzatishimiz mumkin.
Ushbu maqola
o
’
rganilgan muammo bo
’
yicha tadqiqotlarga bir necha jihatdan hissa qo'shadi. Birinchidan,
biz korporativ samaradorlik va moliyaviy tanglik o'rtasidagi bog'liqlik bo'yicha tadqiqotlarni
kengaytirib, firmalarning korporativ faoliyatini o'rganamiz va yaxshi korporativ samaradorlik
past moliyaviy tanglik bilan bog'liq ekanligi haqida empirik dalillar keltiramiz.
Ikkinchidan,
bizning tadqiqotimiz moliyaviy inqirozlar va tangliklarning oldingi sabablarini o'rganadigan
tadqiqotlarga qo'shimcha qiladi. Uchinchidan, biz korporativ samaradorlikni firma riski bilan
bog'laymiz va korporativ samaradorlik va firmalarning moliyaviy tangligi o'rtasidagi salbiy
bog'liqlik yuqori darajadagi riskga ega bo'lgan firmalar uchun aniqroq ekanligini ko
’
rishimiz
mumkin bo
’
ladi.
Foydalanilgan adabiyotlar ro’yxati
1.
Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. The Journal of
finance, 63(6), 2899-2939.
2.
Orlitzky, M., & Benjamin, J. D. (2001). Corporate social performance and firm risk: A meta-
analytic review. Business & Society, 40(4), 369-396.
3.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social
responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic
management journal, 30(4), 425-445.
4.
Harjoto, M., & Laksmana, I. (2018). The impact of corporate social responsibility on risk taking
and firm value. Journal of Business Ethics, 151, 353-373.
5.
Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of
capital. Strategic management journal, 29(6), 569-592.
6.
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social
responsibility affect the cost of capital? Journal of banking & finance, 35(9), 2388-2406.
7.
Ambec, S., & Lanoie, P. (2008). Innovation at the service of the environment and business
performance. INRA Sciences Sociales, 2007(910-2016-71672).
8.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence
from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233.
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