Corporate Social Responsibility and Stock Prices After the Financial Crisis: The Role of Strategic CSR Activities

被引：0
作者：
Aneta Havlinova
Jiri Kukacka
机构：
[1] Faculty of Social Sciences,Charles University
[2] Institute of Economic Studies,Czech Academy of Sciences
[3] Institute of Information Theory and Automation,undefined
来源：
Journal of Business Ethics | 2023年 / 182卷
关键词：
Corporate social responsibility; Strategic CSR; Business ethics; Corporate financial performance; Fixed effects; A13; C23; G11;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We analyze the relationship between corporate social responsibility and the stock market performance in the post-global financial crisis period. A new measure of social responsibility by Thomson Reuters, called the ESG Combined Score, is used. As a novel feature of our analysis, socially responsible engagement is divided into the strategic activities closely related to the examined companies’ core business and the remaining secondary activities. The results of the fixed effects regression show a positive and statistically, as well as economically, significant impact of the strategic activities on the corporate stock market performance of companies. This impact is up to 103% higher compared to the secondary activities. The empirical results suggest that if companies aim to increase their share prices via the corporate social responsibility channel, they should strategically select their socially responsible initiatives.
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页码：223 / 242
页数：19
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