Investor Sentiment for Corporate Social Performance

• 成果类型: Article
• 署名作者: Naughton, James P.; Wang, Clare; Yeung, Ira
• 署名单位: University of Virginia; University of Colorado System; University of Colorado Boulder; University of British Columbia
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr-52303
• 发表日期: 2019
• 页码: 401-420
• 关键词: firm-value; RESPONSIBILITY; earnings; MARKET; disclosure; QUALITY

摘要

We document time-varying investor sentiment for corporate social responsibility (CSR) performance. We show that announcements of CSR activities generate positive abnormal returns during periods when investors place a valuation premium on CSR performance. In addition, we find that firms boost CSR performance in response to investor sentiment, and that this response is more pronounced for those firms that are more inclined to respond to investor sentiment due to valuation uncertainty and investor horizon. Our results suggest that investor sentiment plays a role in firms' commitment to CSR.