Corporate goodness and shareholder wealth

• 成果类型: Article
• 署名作者: Krueger, Philipp
• 署名单位: University of Geneva; University of Geneva
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.09.008
• 发表日期: 2015
• 页码: 304-329
• 关键词: corporate social responsibility; Corporate sustainability; AGENCY COSTS; event study; corporate governance

摘要

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.