Corporate social responsibility (CSR) has become one of the core components of corporate strategy and a crucial instrument to minimize conflicts with stakeholders. While corporations are busy adopting and enhancing CSR practices, the academic literature on understanding the impact of CSR is scarce, especially in the capital market. This paper traces the market reaction to corporate entry and exit from the Domini 400 Social Index, recognized as a CSR benchmark, between 1990 and 2004. The results reveal a significant negative effect on abnormal returns after exit announcements from the Domini index. The effect persists even after controlling for concurring financial distress shocks and stock market seasonality.

Becchetti, L., Ciciretti, R., Hasan, I., Kobeissi, N. (2012). Corporate social responsibility and shareholder's value. JOURNAL OF BUSINESS RESEARCH, 65(11), 1628-1635 [10.1016/j.jbusres.2011.10.022].

Corporate social responsibility and shareholder's value

BECCHETTI, LEONARDO;CICIRETTI, ROCCO;
2012-11-01

Abstract

Corporate social responsibility (CSR) has become one of the core components of corporate strategy and a crucial instrument to minimize conflicts with stakeholders. While corporations are busy adopting and enhancing CSR practices, the academic literature on understanding the impact of CSR is scarce, especially in the capital market. This paper traces the market reaction to corporate entry and exit from the Domini 400 Social Index, recognized as a CSR benchmark, between 1990 and 2004. The results reveal a significant negative effect on abnormal returns after exit announcements from the Domini index. The effect persists even after controlling for concurring financial distress shocks and stock market seasonality.
nov-2012
Pubblicato
Rilevanza internazionale
Articolo
Esperti anonimi
Settore SECS-P/02 - POLITICA ECONOMICA
English
Con Impact Factor ISI
corporate social responsibility; event study; stock index changes
http://www.sciencedirect.com/science/article/pii/S0148296311003663
Becchetti, L., Ciciretti, R., Hasan, I., Kobeissi, N. (2012). Corporate social responsibility and shareholder's value. JOURNAL OF BUSINESS RESEARCH, 65(11), 1628-1635 [10.1016/j.jbusres.2011.10.022].
Becchetti, L; Ciciretti, R; Hasan, I; Kobeissi, N
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2108/91812
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