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| Tekijä: | Arya, B. Zhang, G. |
| Otsikko: | Institutional reforms and investor reactions to CSR announcements: evidence from an emerging economy |
| Lehti: | Journal of Management Studies
2009 : NOV, VOL. 46:7 p.1089-1112 |
| Asiasana: | reforms financial markets emerging markets capital markets share prices business ethics empirical research South Africa |
| Kieli: | eng |
| Tiivistelmä: | This article studies the impact and relevance of corporate social responsibility (CSR) in the capital markets of emerging economies. An event study was conducted to present how the timing of companies' CSR announcements affected stock prices. Using a dataset of publicly listed South African enterprises that undertook CSR initiatives during the ten year period from 1996 to 2005, it was found that investor reactions to CSR announcements concluded during the late phase of institutional reforms are perceived positively by investors. In addition, CSR announcements of notable monetary value result in significantly higher shareholder returns. |
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