CSR and stock market reaction- do the daily changes matter?
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/70653 |
Resumo: | The aim of this paper is to examine whether investors react towards daily corporate decisions with regards to environmental, social and governance practices. Unlike other literature published in the field of corporate social responsibility, this paper tracks, based on a unique database, daily corporate ESG decisions. By making use of event study methodology this paper gives a glance at the stock market reaction based on abnormal returns. Results show that investors react asymmetrical towards ESG related news. There is no distinct reaction towards positive news, while there is a significant negative reaction towards negative ESG news. Furthermore, there appears to be no significant distinction between the reaction towards companies perceived as socially responsible and companies perceived as socially irresponsible. To conclude, the study results show that corporate social performance and financial performance are not one-to-one related and only a clear negative reaction towards negative ESG events emerges. |
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CSR and stock market reaction- do the daily changes matter?CSRStock marketESG decisionsDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe aim of this paper is to examine whether investors react towards daily corporate decisions with regards to environmental, social and governance practices. Unlike other literature published in the field of corporate social responsibility, this paper tracks, based on a unique database, daily corporate ESG decisions. By making use of event study methodology this paper gives a glance at the stock market reaction based on abnormal returns. Results show that investors react asymmetrical towards ESG related news. There is no distinct reaction towards positive news, while there is a significant negative reaction towards negative ESG news. Furthermore, there appears to be no significant distinction between the reaction towards companies perceived as socially responsible and companies perceived as socially irresponsible. To conclude, the study results show that corporate social performance and financial performance are not one-to-one related and only a clear negative reaction towards negative ESG events emerges.Rodrigues, PauloZambrana, RafaelRUNTange, Jeroen2019-05-24T10:06:49Z2019-01-172019-01-17T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/70653TID:202225780enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:33:30Zoai:run.unl.pt:10362/70653Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:35:08.666820Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
CSR and stock market reaction- do the daily changes matter? |
title |
CSR and stock market reaction- do the daily changes matter? |
spellingShingle |
CSR and stock market reaction- do the daily changes matter? Tange, Jeroen CSR Stock market ESG decisions Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
CSR and stock market reaction- do the daily changes matter? |
title_full |
CSR and stock market reaction- do the daily changes matter? |
title_fullStr |
CSR and stock market reaction- do the daily changes matter? |
title_full_unstemmed |
CSR and stock market reaction- do the daily changes matter? |
title_sort |
CSR and stock market reaction- do the daily changes matter? |
author |
Tange, Jeroen |
author_facet |
Tange, Jeroen |
author_role |
author |
dc.contributor.none.fl_str_mv |
Rodrigues, Paulo Zambrana, Rafael RUN |
dc.contributor.author.fl_str_mv |
Tange, Jeroen |
dc.subject.por.fl_str_mv |
CSR Stock market ESG decisions Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
CSR Stock market ESG decisions Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The aim of this paper is to examine whether investors react towards daily corporate decisions with regards to environmental, social and governance practices. Unlike other literature published in the field of corporate social responsibility, this paper tracks, based on a unique database, daily corporate ESG decisions. By making use of event study methodology this paper gives a glance at the stock market reaction based on abnormal returns. Results show that investors react asymmetrical towards ESG related news. There is no distinct reaction towards positive news, while there is a significant negative reaction towards negative ESG news. Furthermore, there appears to be no significant distinction between the reaction towards companies perceived as socially responsible and companies perceived as socially irresponsible. To conclude, the study results show that corporate social performance and financial performance are not one-to-one related and only a clear negative reaction towards negative ESG events emerges. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-05-24T10:06:49Z 2019-01-17 2019-01-17T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/70653 TID:202225780 |
url |
http://hdl.handle.net/10362/70653 |
identifier_str_mv |
TID:202225780 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137972584448000 |