Abstract:Purpose
This study aims to examine the impact of corporate social responsibility (CSR) awards on firms’ market value considering these awards as a signal and proxy for the effectiveness of CSR practice.
Design/methodology/approach
There are 342 announcements of CSR awards in China from 2006 to 2017 screened and analyzed using the event study methodology.
Findings
The stock market reacts significantly negatively to CSR award announcements in the short term. Firms that are state-owned, belong to the manufact… Show more
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