Abstract
CSR initiatives help firms to establish goodwill with stakeholders and yield insurance-like benefits in the case of a negative event. However, the exact mechanism shaping this process is unclear. This study aims to contribute to the exploration of the mechanism linking CSR initiatives with corporate outcomes, by empirically focusing on a relationship between the adoption of an anti-corruption code of conduct and lawsuits against signatory firms in Russia. By deploying a difference-in-difference methodology, this study finds that a firm’s anti-corruption efforts increase the number of lawsuits against the firm. Empirical evidence suggests that this is due to two mechanisms: transparency and non-conformity with stakeholder expectations. The findings have implications for the CSR literature and anti-corruption policies in emerging markets.
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