Torbjörn Müller

• RWTH Aachen University

We investigate discounting behavior in situations where both intertemporal and social discounting occur simultaneously. Situations of intergenerational conflicts are characterized by both time delay and social distance and can be interpreted either as a combination of current donations with delegated investments for others or of current investments...

Based on a large international sample, we examine the effects of CSR on the cost of equity under different levels of investor protection. In countries where investor protection is strong (poor), our results show that the cost of equity falls (rises) when a firm invests in CSR. Our findings are robust to alternative variable definitions, sample sele...