... examining the impact of CSR on investment recommendations and, by extension, on equity-holders’ expectations of value creation, our work broadens the scope of the CSR and stakeholder theories, ... the London Business School, the academic conference on Social Responsibility at University of Washington - Tacoma, the 2010 European Academy of Management Conference, and the 2010 Academy of ... particular, none of them has documented empirically and quantified the impact of CSR behaviors on such channels. Our paper is the first one to do so by estimating the impact of CSR strategies on sell-side...