 Does corporate social responsibility reduce share price premium? Evidence from China's A- and H-sharesLu Deng, Mingqing Liao, Rui Luo, Jianfei Sun and Chen Xu Pacific-Basin Finance Journal, 2021, vol. 67, issue C Abstract: We examine the effect of corporate social responsibility (CSR) on stock price premiums between firms' two share classes, A- and H-shares, in China. For Chinese companies which are listed both in Hong Kong as H-shares and at the same time in Shanghai or Shenzhen as A-shares, significant stock price premiums (AH-share premiums) are documented for A-shares. Using a sample of Chinese listed firms, we find that AH-share premium is significantly lower for firms issuing CSR reports. We also examine the relation between the quality of CSR disclosure and AH-share premium and find that higher CSR disclosure quality is associated with lower AH-share premium. Further investigation suggests that the negative relation between CSR disclosure (quality) and AH-share premium is due to the information asymmetry reduction resulting from (high-quality) CSR disclosure. Keywords: CSR; Information asymmetry; Segmentation (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:67:y:2021:i:c:s0927538x21000767 DOI: 10.1016/j.pacfin.2021.101569 Access Statistics for this article Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee More articles in Pacific-Basin Finance Journal from Elsevier |
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