Corporate Social Responsibility, Corporate Governance, And Managerial Risk-Taking

This dissertation investigates the association between corporate social responsibility (CSR) and managerial risk-taking, as well as the differences in governance structure that affect this association. Using a sample of US public firms from 1995 to 2009, we find that firms with strong CSR records engage in higher risk-taking. Furthermore, we find that this relationship is robust when accounting for differences in governance structure and correcting for endogeneity via simultaneous equations modeling. Additional testing indicates that performance in the employee relations dimension of CSR in particular increases with risk-taking, while high firm visibility dampens the association between CSR and the accounting-based measures of risk-taking. Prior literature establishes that high managerial risk-tolerance is necessary for the undertaking of risky yet value-enhancing investment decisions. Thus, the main findings suggest that CSR, rather than being a waste of scarce corporate resources, is instead an important aspect of shareholder value creation. They contribute to the debate on CSR by documenting that corporate risk-taking is one mechanism among others through which CSR maps into higher firm value.

Letter to Mr. Lee who was clerk of the Heir Devisee Committee in Toronto from Samuel D. Woodruff

Letter to Mr. Lee who was clerk of the Heir Devisee Committee in Toronto from Samuel D. Woodruff. [The Heir and Devisee Committee was formed to clarify the titles to land of heirs of people who had been assigned Crown lands before 1795. Many of the original grantees had not taken out patents to confirm their legal right to the land.] This letter confirms that steps have been taken to issue the patent, July 19, 1847.

Letter to S.D. Woodruff regarding a resolution passed on May 17, 1856 by the Board of Directors of the Port Robinson and Thorold Macadamized Road Committee

Letter to S.D. Woodruff regarding a resolution passed on May 17, 1856 by the Board of Directors of the Port Robinson and Thorold Macadamized Road Committee This is signed by Duncan McFarland, president, May 27, 1856.

Letter from S.D. Woodruff to the president and directors of the Port Robinson and Thorold Macadamized Road Committee regarding extra work done

Letter from S.D. Woodruff to the president and directors of the Port Robinson and Thorold Macadamized Road Committee regarding extra work done (3 pages, handwritten), Aug. 6, 1857.

Meeting of the special committee on new arrangements

Meeting of the special committee on new arrangements (3 copies of 1 page, printed). This has John I. Mackenzie listed on the bottom of the page. Copies 2 and 3 are torn at the bottom. This affects the text slightly, Aug. 23, 1881.

Copy of a report of a Committee of the Honorable and Executive Council dated May 6, 1859 approved by His Excellency the Governor General in Council

Copy of a report of a Committee of the Honorable and Executive Council dated May 6, 1859 approved by His Excellency the Governor General in Council. This is in regard to charges made by Joshua Manly of Port Colborne against Mr. Woodruff, the superintendent and other persons connected with the Welland Canal. The accusations have been substantiated by the committee. This is accompanied by a petition accusing Mr. Woodruff of gross corruption and jobbery [the practice of using a public office or position of trust for one's own advantage]. This was signed by a number of petitioners on July 2, 1858 (2 pages, handwritten), 1859.