75. Joshua D. Margolis and James P. Walsh, Misery Loves Companies: Rethinking Social Initiatives by Business. – Administrative Science Quarterly, 48, 2003. – PP. 268–305.
76. Marc Orlitzky, Frank L. Schmidt and Sara L. Rynes, Corporate Social and Financial Performance: A Meta-Analysis. – Organization Studies, 24(3), 2003. – PP. 403–41.
77. Alex Edmans, Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices. – Journal of Financial Economics, 101, 2011. – PP. 621–40.
78. Alex Edmans, The Link between Job Satisfaction and Firm Value, with Implications for Corporate Social Responsibility. – Academy of Management Perspectives, 26, 2012. – PP. 1–19.
79. Russell A. Hill and Robert A. Barton, Psychology: Red Enhances Human Performance in Contests. – Nature, 435, 2005. – P. 293.
80. Andrew J. Elliot, Markus A. Maier, Arlen C. Moller and Jorg Meinhardt, Color and Psychological Functioning: The Effect of Red on Performance Attainment. – Journal of Experimental Psychology: General, 136, 2007. – PP. 154–68.
81. См., например, https://youtu.be/ippgKYA5nJk, Роберт Молтби, управляющий директор Millennium Asset Management.
82. Robert Novy-Marx, Predicting Anomaly Performance with Politics, the Weather, Global Warming, Sunspots, and the Stars. – Journal of Financial Economics, 112, 2014. – PP. 137–46.
83. Rolf W. Banz, The Relationship between Return and Market Value of Common Stocks. – Journal of Financial Economics, 9, 1981, PP. 3–18. Clifford S. Asness et al., Size Matters When You Control Your Junk. – Journal of Financial Economics, 129, 2018. – PP. 479–509.
84. Costco не подает заявление на включение в список лучших работодателей, но считается хорошим местом работы. Например, журнал Forbes включил компанию в список лучших работодателей США в 2017 г.
85. Aaron Taube, Why Costco Pays Its Retail Employees $20 an Hour. – Business Insider, October 23, 2014.
86. Amy Tsao, A Showdown at the Checkout for Costco. – Business Week, August 28, 2003.
87. Nina Shapiro, Company for the People. – Seattle Weekly, October 9, 2006.
88. Ann Zimmerman, Costco’s Dilemma: Be Kind to Its Workers, or Wall Street? – Wall Street Journal, March 26, 2004.
89. Ingrid Smithey Fulmer, Barry Gerhart and Kimberley S. Scott, Are the 100 Best Better? An Empirical Investigation of the Relationship between Being a “Great Place to Work” and Firm Performance. – Personnel Psychology, 56(4), 2003. – PP. 965–93.
90. Is Wal-Mart Good for America? – Frontline, November 16, 2004.
91. Wayne F. Cascio, Costing Human Resources: The Financial Impact of Behavior in Organizations. – Cincinnati, OH: South-Western, 2000.
92. Daniel H. Simon and Jed DeVaro, Do the Best Companies to Work for Provide Better Customer Satisfaction? – Managerial and Decision Economics, 27, 2006. – PP. 667–83.
93. Эти результаты не были указаны в окончательной опубликованной версии работы из-за ограничений по количеству символов.
94. Claes Fornell, Sunil Mithas, Forrest V. Morgeson III and M. S. Krishnan, Customer Satisfaction and Stock Prices: High Returns, Low Risk. – Journal of Marketing, 70, 2006. – PP. 3–14. Три компонента индекса – ожидания клиентов, представления о качестве и представления о ценности (отношение качества к цене).
95. Jeroen Derwall, Nadja Guenster, Rob Bauer and Kees Koedijk, The Eco-Efficiency Premium Puzzle. – Financial Analysts Journal, 61, 2005. PP. 51–63.
96. Mozaffar Khan, George Serafeim and Aaron Yoon, Corporate Sustainability: First Evidence on Materiality. – Accounting Review, 91, 2016. – PP. 1697–724. Они рассматривают изменения в рейтинге KLD после учета характеристик фирм.
97. Michael Halling, Jin Yu and Josef Zechner, Primary Corporate Bond Markets and Social Responsibility. – Social Science Research Network, 2020.
98. Robert Eccles, Ioannis Ioannou and George Serafeim, The Impact of Corporate Sustainability on Organizational Processes and Performance. – Management Science, 60, 2014. – PP. 2835–57.
99. From Fringe to Mainstream: Companies Integrate CSR Initiatives into Everyday Business. – Knowledge at Wharton, May 23, 2012.
100. Jennifer Thompson, Smart Beta Funds Pass $1trn in Assets. – Financial Times, December 27, 2017.
101. Jen Wieczner, How Buying Stock in the “Best Companies to Work for” Helped This Investor Crush the Market. – Fortune, March 9, 2017.
102. Karl Lins, Henri Servaes and Ane Tamayo, Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility During the Financial Crisis. – Journal of Finance, 72, 2017. – PP. 1785–824.
103. Альбукерке и соавторы (2020) обнаружили, что фирмы с высокими баллами по экологическому и социальному управлению демонстрируют высокие результаты, но Демерс и соавторы (2020) показали, что при учете прочих переменных это не так. Динг и соавторы (2020) обнаружили, что рейтинг корпоративной социальной ответственности компании нивелирует влияние эпидемии COVID на доходность акций, но этот эффект имеет статистическую значимость только на уровне 10 % (т. е. существует 10-процентная возможность того, что эта связь объясняется случайностью). Обычно, чтобы результат считался надежным, требуется уровень значимости в 5 %. Rui A. Albuquerque, Yrjo Koskinen, Shuai Yang and Chendi Zhang, Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash. – Review of Corporate Finance Studies, 9, 2020. – PP. 593–621.
Elizabeth Demers, Jurian Hendrikse, Philip Joos and Baruch Lev, ESG Didn’t Immunize Stocks against the COVID-19 Market Crash. – Journal of Business Finance & Accounting, 48, 2021. – PP. 433–62.
Wenzhi Ding, Ross Levine, Chen Lin and Wensi Xie, Corporate Immunity tothe COVID-19 Pandemic. – Journal of Financial Economics, 141, 2021. – PP. 802–830.
104. Philipp Krüger, Corporate Goodness and Shareholder Wealth. – Journal of Financial Economics, 115, 2015. – PP. 304–29.
105. Caroline Flammer, Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. – Academy of Management Journal, 56, 2013. – PP. 758–81.
106. Процитированы убытки от даты события до самой низкой цены в течение следующего месяца.
107. Caroline Flammer, Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. – Management Science, 61, 2015. – PP. 2549–68.
108. Shareholder Proposal Developments During the 2018 Proxy Season. – Gibson Dunn, 2018.
109. Голосование по предложению HCC было проведено 10 мая 2007 г.; голосование по предложению Lear было проведено 11 мая 2006 г.
110. Ronald W. Masulis and Syed Walid Reza, Agency Problemsof Corporate Philanthropy. – Review of Financial Studies, 28, 2015. – PP. 592–636.
111. Ye Cai, Jin Xu and Jun Yang, Paying by Donating: Corporate Donations Affiliated with Independent Directors. – Review of Financial Studies, 34, 2021. – PP. 618–660.
112. Luc Renneboog, Jenke Ter Horst and Chendi Zhang, The Price of Ethics and Stakeholder Governance: The Performance of Socially Responsible Mutual Funds. – Journal of Corporate Finance, 14, 2008. – PP. 302–22.
113. Luc Renneboog, Jenke Ter Horst and Chendi Zhang, Socially Responsible Investments: Institutional Aspects, Performance, and Investor Behavior. – Journal of Banking and Finance, 32, 2008. – PP. 1723–42.
114. Brad M. Barber, Adair Morse and Ayako Yasuda, Impact Investing. – Journal of Financial Economics, 139, 2021. – PP. 162–85.
115. James Kynge, The Ethical Investment Boom. – Financial Times, September 3, 2017.
116. Dina Medland, “From Stockholder to Stakeholder” Means “No” to Short-Termism for Better Results. – Forbes, September 15, 2014.
117. Lauren Cohen, Umit Gurun and Quoc Nguyen, The ESG-Innovation Disconnect: Evidence from Green Patenting. – Social Science Research Network, 2021.
118. Apple “Failing to Protect Chinese Factory Workers”. – BBC, December 18, 2014. Life and Death in Apple’s Forbidden City. – Guardian, June 18, 2017.
119. Amazon Warehouse Workers Skip Bathroom Breaks to Keep Their Jobs, Says Report. – The Verge, April 16, 2018.
120. Harrison Hong and Marcin Kacperczyk, The Price of Sin: The Effects of Social Norms on Markets. – Journal of Financial Economics, 93, 2009. – PP. 15–36.
121. Alex Edmans, Lucius Li and Chendi Zhang, Employee Satisfaction, Labor Market Flexibility, and Stock Returns around the World. – Social Science Research Network, 2021.
122. Julia Finch, Bart Becht’s £90m Pay Packet. I Need a Lie-Down. – Guardian, April 7, 2010.
123. Jill Treanor, Cillit Bang Boss Bart Becht Takes Home £90m. – Guardian, April 8, 2010.
124. Julia Finch, Bart Becht’s £90m Pay Packet. I Need a Lie-Down. – Guardian, April 7, 2010.
125. Andrew Trotman and Amy Wilson, Reckitt Benckiser Shares Slump after Chief Bart Becht Announces Retirement. – The Telegraph, April 14, 2011.
126. Paul Sonne, Reckitt’s CEO to Step Down. – Wall Street Journal, April 15, 2011.
127. Jill Treanor, Cillit Bang Boss Bart Becht Takes Home £90m. – Guardian, April 8, 2010.
128. Morten T. Hansen, Herminia Ibarra and Nana von Bernuth, Transforming Reckitt Benckiser. – INSEAD, April 20, 2011.
129. Maggie Urry, Reckitt’s Strongly Flavoured Essence. – Financial Times, January 21, 2008.
130. Численность персонала составляла 18 900 человек в 2000 году и 27 200 в 2010 году. В 2011 г., когда Барт покинул пост, эта цифра выросла до 37 800. Однако рост в период 2010–2011 гг. по большей части объяснялся приобретениями SSL International и Paras Pharmaceuticals, отсюда и цитирование показателей 2010 г.
Годовой отчет Reckitt Benckiser за 2012 г.
132. Например, заголовок статьи Daily Mail за 8 апреля 2010 г. гласит, что Барт «прикарманил 90 миллионов фунтов стерлингов за один ГОД» («pocketed £90 million in one YEAR»).