Investor types and trading of the environment, social and governance stocks in the stock exchange of Thailand

Kittikhun Taechaubol
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Kittikhun Taechaubol: Faculty of Commerce and Accountancy, Chulalongkorn University, Bangkok, Thailand

Journal of Administrative and Business Studies, 2017, vol. 3, issue 1, 38-48

Abstract: This study involves finding how the Environmental Social and Governance (ESG) or the Corporate Social Responsibility (CSR) affects investors’ attention in the Stock Exchange of Thailand. The goal is to examine whether there is any interest in investing on the companies with ESG or CSR in the Stock Exchange of Thailand that are in the Environment Social and Governance 100 stocks by Thaipat (ESG100) or the Thailand sustainability investment by SET (TSI list), announced during 2014-2015. Conducting an event study, upon examination of these events, the result shows that there is a significant negative abnormal return of the TSI list. On the other hand, there are less significant negative abnormal returns after announcement for the ESG100 list. As the result, CAAR is very small for daily and yearly return, it is not economically significant and is not able to exploit the abnormal return for trading strategy. In addition, this research study further examines which type of investors are more concerned about the companies advocating for CSR and found that there is no significance in the result. Thus, there is not enough evidence to conclude which type concerns most on CSR stocks in TSI list.

Keywords: Investor types; Trading of the environment; Social and governance stocks (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:apb:jabsss:2017:p:38-48

DOI: 10.20474/jabs-3.1.5

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