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| How Investors Evaluate Corporate Social Responsibility? An Empirical Research on China Listed Companies |
| ZHANG Xuan，LIN Youwei，ZHANG Hongxia |
| 1. China University of Petroleum-Beijing, Beijing, China; 2. University of Pittsburg, Pittsburg, US; 3. Peking University, Beijing, China |
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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.
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Received: 05 December 2018
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