Abstract：Under this circumstance, the public is paying great attention to corporate social responsibility (CSR). More and more firms started to invest a lot on CSR. For companies, the ultimate goal of CSR is profit maximization. Would CSR help firms to increase their market value? By applying the event study and multivariate regression analysis, this study discusses the effect of CSR on China listed companies’ market value. Empirical results show that investors evaluate CSR positively. Companies could obtain significantly positive abnormal return in the event window through CSR, especially for those companies voluntarily issuing CSR reports. Besides, CSR quality has shown significantly positive influence on market value of listed companies.
张璇，林友威，张红霞. 基于中国上市公司样本的企业社会责任与企业市场价值关系的实证研究[J]. 管理学报, 2019, 16(7): 1088-.
ZHANG Xuan，LIN Youwei，ZHANG Hongxia. How Investors Evaluate Corporate Social Responsibility? An Empirical Research on China Listed Companies. Chinese Journal of Management, 2019, 16(7): 1088-.
