Impact of Corporate Social Responsibility Awards on Share Prices

Zeeshan Mahmood, Javed Iqbal, Waris Ali and Muhammad Aamir

Journal of Accounting and Finance in Emerging Economies, 2019, vol. 5, issue 1, 141-154

Abstract: This paper provides empirical evidence to evaluate the business case of corporate social responsibility. In contrast to former studies, we choose to examine the relationship between corporate social responsibility awards and share prices. We examined this relationship in the contextual setting of Pakistan, where several award schemes are operating to reward CSR performance. An event study methodology was adopted to investigate the impact of award announcement on the abnormal return of TOP 100 companies listed on the Pakistan Stock Exchange. A daily price for each company was collected during the estimation window of 120 days before the event window and an event window of 3 days [-1, 0, 1]. Our analysis shows that the overall announcement of CSR awards has an insignificant impact on share price.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&

Keywords: Corporate Social Responsibility (CSR); CSR Awards; Abnormal Return (AR); Cumulative Abnormal Return (CAR); Pakistan Stock Exchange (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://publishing.globalcsrc.org/ojs/index.php/jafee/article/view/682/608 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:src:jafeec:v:5:y:2019:i:1:p:141-154

DOI: 10.26710/jafee.v5i1.682

Access Statistics for this article

More articles in Journal of Accounting and Finance in Emerging Economies from CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan Contact information at EDIRC.
Bibliographic data for series maintained by Rabia Rasheed ().