Bouslah, Kryzanowski, and M'Zali (2018)

Bouslah, Kais, Lawrence Kryzanowski, and Bouchra M’Zali.  “Social Performance and Firm Risk: Impact of the Financial Crisis.”  Journal of Business Ethics, May 2018.

From the authors' abstract:  "[U]sing a sample of non-financial U.S. firms covering the period 1991–2012...[w]e find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment.