Does corporate social responsibility disclosure improve the company's market performance?
GUO Ye1,2, SU Caizhen1,2, ZHANG Yi3
1. School of Economics, Xiamen University, Xiamen 361005, China; 2. The Wang Yanan Institute for Studies in Economics, Xiamen University, Xiamen 361005, China; 3. Xinyuan Capital Management, Shanghai 200070, China
Abstract：This paper, using the CSR report ratings of Rankins CSR Ratings, employs event study to investigate the reaction of Chinese A share market to the CSR disclosure of 2009-2016. We find out that:There is no significant relationship between the cumulative abnormal return of the stock and the corporate social responsibility. This conclusion remains robust after splitting the sample according to whether the company voluntarily releases the report, whether it is state-owned enterprise, and whether it belongs to heavy pollution industry. Further research finds out that the market speaks highly of those corporates with high CSR report ratings while shows relatively negative reaction to those with low CSR report ratings. This indicates the low quality of the corporate social responsibility and the weak public awareness of the social responsibility are the major constraints to the reaction of the market. Our findings cast light on both the managers of the companies and the policy makers in the government, who should shift their focus from the growth of the quantity to the improvement of the quality of the CSR reports.
郭晔, 苏彩珍, 张一. 社会责任信息披露提高企业的市场表现了么?[J]. 系统工程理论与实践, 2019, 39(4): 881-892.
GUO Ye, SU Caizhen, ZHANG Yi. Does corporate social responsibility disclosure improve the company's market performance?. Systems Engineering - Theory & Practice, 2019, 39(4): 881-892.
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2019, Vol. 39 
