期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 115, 期 2, 页码 304-329出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2014.09.008
关键词
Corporate social responsibility; Corporate sustainability; Agency costs; Event study; Corporate governance
Using a unique data set, I study how stock markets react to positive and negative events concerned with a firm's corporate social responsibility (CSR). I show that investors respond strongly negatively to negative events and weakly negatively to positive events. I then show that investors do value offsetting CSR, that is positive CSR news concerning firms with a history of poor stakeholder relations. In contrast, investors respond negatively to positive CSR news which is more likely to result from agency problems. Finally, I provide evidence that CSR news with stronger legal and economic information content generates a more pronounced investor reaction. (c) 2014 Elsevier B.V. All rights reserved.
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