The informational relevance of corporate social responsibility: evidence from DS400 index reconstitutions

• 成果类型: Article
• 署名作者: Ramchander, Sanjay; Schwebach, Robert G.; Staking, Kim
• 署名单位: Colorado State University System; Colorado State University Fort Collins
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.952
• 发表日期: 2012
• 页码: 303-314
• 关键词: corporate social responsibility; event study; intra-industry response; Domini Social 400 (DS400) index; information asymmetry

摘要

This study examines the relationship between corporate social responsibility and financial performance by analyzing the intra-industry wealth impact of additions and deletions to the Domini Social 400 index. Results from the event study analysis indicate that additions to the index generate a positive share price response for the announcement firm and a negative response by rival firms. The opposite reaction is observed for index deletions. Additionally, the share price response is more pronounced for informationally opaque industries. Our study highlights the importance of external monitoring agencies in providing meaningful information that helps resolve investor uncertainty regarding the quality of a firm's relationships with its primary stakeholders. Copyright (C) 2011 John Wiley & Sons, Ltd.