Changes in corporate social responsibility and stock performance
We study the relationship between corporate social performance and financial performance by comparing the portfolio returns of firms with changes in corporate social responsibility (CSR) intensity. Using an extensive US sample from the MSCI ESG database, we find that improvement in the overall CSR i...
| Autores principales: | ; |
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| Tipo de documento: | Electrónico Artículo |
| Lenguaje: | Inglés |
| Verificar disponibilidad: | HBZ Gateway |
| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Publicado: |
2022
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| En: |
Journal of business ethics
Año: 2022, Volumen: 178, Número: 3, Páginas: 735-755 |
| Otras palabras clave: | B
M14
B Social Capital B G11 B G10 B Aufsatz in Zeitschrift B Corporate social performance (CSP) B Corporate social responsibility (CSR) B Financial Performance |
| Acceso en línea: |
Volltext (lizenzpflichtig) Volltext (lizenzpflichtig) |
| Sumario: | We study the relationship between corporate social performance and financial performance by comparing the portfolio returns of firms with changes in corporate social responsibility (CSR) intensity. Using an extensive US sample from the MSCI ESG database, we find that improvement in the overall CSR is generally value enhancing. The relationship varies with CSR dimensions. More importantly, the relationship shifts differently for various CSR dimensions during the crisis period when trust in the society is low and financial resource is limited. Improvement in environment, human rights, and product characteristics shows higher financial returns during the financial crisis period, whereas the value enhancement of improvement in employee relations is more pronounced during the non-crisis period. |
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| ISSN: | 1573-0697 |
| Obras secundarias: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1007/s10551-021-04772-w |
