New Article Published by Dr Stefan Kupfer

As part of his research, our Assistant Professor (Lecturer) in Accounting Dr Stefan Kupfer has published an article in the journal Energy Economics titled “Timing corporate social responsibility investments: A dynamic investment model and empirical evidence.”

The paper studies the optimal timing of corporate social responsibility (CSR) investments under costly external financing. Using a production economic perspective to CSR investments, the model can be used to investigate energy efficiency of production and, hence, the corresponding CSR measures. The paper uses a unique dataset of CSR reporting supplemented by corporate governance and financial data to empirically test the model’s predictions of CSR investment timing.

This work underscores Lancaster University Leipzig’s commitment to advancing impactful research. Dr. Kupfer’s work provides valuable insights for both academia and industry.

The paper finds among others

• CSR increases output and hence energy usage, even under energy savings investments.
• External financing costs can delay CSR investment, lowering the energy efficiency for a given level of CSR commitment.
• Higher productivity, cash growth, geographical diversification and market risks advance timing.
• Higher investment and financing costs, ownership concentration and technological risks delay timing.

Read the full article here.