CSR and Company's Stock Price. A Comparative Evidence from Bucharest Stock Exchange

Adina Dornean and Dumitru Cristian Oanea ()
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Dumitru Cristian Oanea: The Bucharest University of Economic Studies

EuroEconomica, 2017, issue 1(36), 175-184

Abstract: This paper aims at analysing the relationship between Corporate Social Responsibility (CSR) and stock price for the companies listed on Bucharest Stock Exchange (BSE) in 2015, comparing with the results obtained for 2014. This study investigates the differences in the market stock price (and other market variables, such as dividends and stock return) of companies that show CSR compared with those that do not. For this purpose we will use three statistical techniques: discriminant analysis, probit analysis model and logistic regression. There is no significant difference between the prediction ability of the models, in the context in which probit model and logistic regression have and average correct classification of 70.29%, while discriminant analysis records 71.62%. Our analysis highlighted that stock return has a significant impact on CSR activities of a company. Moreover, all discriminants have a positive impact on CSR.

Keywords: CSR; market variables; sustainable development (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:dug:journl:y:2017:i:1:p:175-184

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