Market Reaction to Corporate Social Responsibility Announcements: Evidence from China

Liang Zhang, Tie-nan Wang and Hung-Gay Fung

China & World Economy, 2014, vol. 22, issue 2, 81-101

Abstract: This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibility (CSR) by Southern Weekend (a Chinese newspaper) for Chinese firms from 2008 to 2012. Our results show significant and positive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.

Date: 2014
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