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"Corporate social responsibility (CSR) is increasingly a core component of corporate strategy in the global economy. In recent years its importance has become even greater, primarily because of the financial scandals, investors' losses, and reputational damage to listed companies. While corporations are busy adopting and enhancing CSR practices, there is (beyond very few notable exceptions) no established empirical research on CSR's impact and relevance in the capital market. This paper investigates this issue by tracing the market reaction to corporate entry and exit from the Domini 400 Social Index, recognized as a CSR benchmark, between 1990 and 2004. The paper highlights two main findings: a significant upward trend in absolute value abnormal returns, irrespective of the type of event (for example, addition or deletion from the index), and a significant negative effect on abnormal returns after exit announcements from the Domini index. The latter effect persists even after controlling for concurring financial distress shocks and stock market seasonality"--Federal Reserve Bank of Atlanta web site.
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Subjects
Social responsibility of businessShowing 1 featured edition. View all 1 editions?
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Corporate social responsibility and shareholder's value: an event study analysis
2007, Federal Reserve Bank of Atlanta
Electronic resource
in English
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Book Details
Edition Notes
Title from PDF file as viewed on 5/14/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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The Physical Object
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- Created April 24, 2009
- 4 revisions
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December 19, 2020 | Edited by MARC Bot | import existing book |
July 29, 2012 | Edited by VacuumBot | Updated format '[electronic resource] :' to 'Electronic resource' |
December 15, 2009 | Edited by WorkBot | link works |
April 24, 2009 | Created by ImportBot | Imported from Library of Congress MARC record |