Market Reaction to Corporate Social Responsibility Announcements:Evidence from China

被引：5

作者：

Liang Zhang ^{[1
,2
]}

Tie-nan Wang ^{[3
]}

Hung-Gay Fung ^{[4
]}

机构：

[1] School of Management,Harbin Institute of Technology,Heilongjiang,China

[2] Lecturer,School of Applied Mathematics,Guangdong University of Technology

[3] College of Business Administration,University of Missouri-St.Louischnology

[4] School of Management,Harbin Institute of Technology

来源：

China&WorldEconomy | 2014年 / 22卷 / 02期

基金：

中国国家自然科学基金;

关键词：

Chinese stock market; corporate social responsibility; cumulative abnormal returns;

D O I：

暂无

中图分类号：

F270 [企业经济理论和方法];

学科分类号：

1202 ; 120202 ;

摘要：

This study uses an event study methodology to examine how the Chinese market reacts to announcements ofinvolvement in corporate social responsibility(CSR) by Southern Weekend(a Chinese newspaper) for Chinese firms from 2008 to 2012.Our results show significant and positive market reactions,supporting the instrumental stakeholder theory.We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.

引用

页码：81 / 101

页数：21

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