Essays on corporate social responsibility (CSR) as risk management strategy

Abstract

This dissertation examines when, how, and why Corporate Social Responsibility (CSR) functions as a strategic lever for firm-level risk management. Across three original essays—an integrative bibliometric review and two empirical studies—I show that stakeholder-centered strategies, operationalized through CSR, can both mitigate and, when misaligned, amplify material risks. Essay 1 highlights a risk-based perspective, reframing the CSR–risk nexus and pointing to neglected firm–government interactions. Essay 2 theorizes and tests a CSR–Fraud–Enforcement triad: CSR’s moral ethos lowers fraud risk yet increases regulators’ capacity to sanction when wrongdoing occurs. Essay 3 shows that national institutions, firm-specific conditions, and stakeholder priorities jointly shape market risk premiums, with outcomes hinging on “interactive-style strategic fit”. Findings guide embedding risk-sensitive CSR to create long-term value and inform more effective regulatory design.