Corporate Social Responsibility and Shareholder’s

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Corporate Social Responsibility and Shareholder’s Value: An Event Study Analysis

Corporate social respon. (CSR) is increasingly a c

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By Leonardo Becchetti (au); Rocco Ciciretti (au); Iftekhar Hasan (au)
Year: 2007
Pages: 33
Binding Paperback

Product Code: 1422312550

Description

Corporate social respon. (CSR) is increasingly a core component of corp. strategy in the global economy. While corp. are busy adopting & enhancing CSR practices, there is no established empirical research on CSR’s impact & relevance in the capital market. This paper investigates this issue by tracing the market reaction to corp. entry & exit from the Domini 400 Social Index, recognized as a CSR benchmark, between 1990 & 2004. There are 2 main findings: a significant upward trend in absolute value abnormal returns, irrespective of the type of event, & a significant negative effect on abnormal returns after exit announce. from the Domini index. The latter effect persists even after controlling for concurring financial distress shocks & stock market seasonality.

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