Journal
ACCOUNTING AND FINANCE
Volume 53, Issue 4, Pages 867-903Publisher
WILEY
DOI: 10.1111/acfi.12033
Keywords
Corporate social responsibility; Voluntary disclosure; Stock market response; Corporate individual political contributions; Political action committees; Presidential voting
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We show a reliable association between voluntary corporate social responsibility (CSR) disclosure and company political interests, which we proxy by company employees' contributions to political action committees and statewide voting in presidential elections. This relation is most pronounced for the contributions of Democratic employees at companies in states that vote for the Democratic presidential candidate. We also show a positive association between corporate political contributions and excess stock returns. A portfolio strategy of investing based on company size, CSR disclosure intensity and corporate political contributions produces a significant positive mean excess stock return of 4.5 per cent over 3months following CSR disclosure.
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