Detail publikace

Corporate social responsibility and stock prices after the financial crisis: The role of strategic CSR activities

Autor: PhDr. Jiří Kukačka Ph.D., Havlínová, Aneta
Typ: Články v impaktovaných časopisech
Rok: 2021
Číslo: 0
ISSN / ISBN:
Publikováno v: Journal of Business Ethics, DOI
Místo vydání:
Klíčová slova: corporate social responsibility, strategic CSR, business ethics, corporate financial performance, fixed effects
JEL kódy: A13, C23, G11
Citace: Havlinova, A., Kukacka, J. (2021). Corporate social responsibility and stock prices after the financial crisis: The role of strategic CSR activities. Journal of Business Ethics.
Granty: PRIMUS/19/HUM/17 2019-2021 Behaviorální finance a makroekonomie: Nové pohledy pro hlavní proud
Abstrakt: We analyze the relationship between corporate social responsibility and the stock market performance in the post-global financial crisis period. A new measure of social responsibility by Thomson Reuters, called the ESG Combined Score, is used. As a novel feature of our analysis, socially responsible engagement is divided into the strategic activities closely related to the examined companies’ core business and the remaining secondary activities. The results of the fixed effects regression show a positive and statistically, as well as economically, significant impact of the strategic activities on the corporate stock market performance of companies. This impact is up to 103% higher compared to the secondary activities. The empirical results suggest that if companies aim to increase their share prices via the corporate social responsibility channel, they should strategically select their socially responsible initiatives.

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