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      Religion and Firm Reputation Risk

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      RIFAT-THESIS-2020.pdf (731.0Kb)
      Date
      2020-09-16
      Author
      Rifat, Apel Mahmood
      ORCID
      0000-0003-3384-7622
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      Religion has received attention as it is reported to have a strong impact on firm decision making. To test the impact of religiosity on the reputation risk of firm we focus on cross country data that has been collected from the RepRisk database from 2007 to 2018. We find that country-level religiosity does reduce firm reputation risk while firms in a more economically developed countries have less reputation risk. Firms in more religious countries face less governance risk but more social risk. Risk aversion and motivation for ethical practice can explain the negative impact of religiosity on governance risk. On the other hand, discriminative behavior toward minority induced from more religiosity can explain the positive relation to social risk. Analyzing different dimensions of religiosity, we find belief index has significant negative impact on governance risk while practice index has positive impact on social risk. Our results show clear channel how religiosity affect ESG reputation risk. These findings would be useful for ESG based valuation and risk management.
      Degree
      Master of Science (M.Sc.)
      Department
      Finance
      Program
      Finance
      Supervisor
      Maung, Min; Wilson, Craig
      Committee
      Elkins, Hamilton; Mishra, Dev; Yang, Fan
      Copyright Date
      September 2020
      URI
      http://hdl.handle.net/10388/13024
      Subject
      religion
      reputation risk
      corporate social irresponsibility
      environmental, social and governance risk
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