IDEAS home Printed from https://ideas.repec.org/a/apb/jabsss/2017p38-48.html
   My bibliography  Save this article

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

Author

Listed:
  • Kittikhun Taechaubol

    (Faculty of Commerce and Accountancy, Chulalongkorn University, Bangkok, Thailand)

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.

Suggested Citation

  • Kittikhun Taechaubol, 2017. "Investor types and trading of the environment, social and governance stocks in the stock exchange of Thailand," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 3(1), pages 38-48.
    • Handle: RePEc:apb:jabsss:2017:p:38-48
    DOI: 10.20474/jabs-3.1.5
    as

    Download full text from publisher

    File URL: https://tafpublications.com/platform/Articles/full-jabs3.1.5.php
    Download Restriction: no
    File URL: https://tafpublications.com/gip_content/paper/Jabs-3.1.5.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.20474/jabs-3.1.5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Stephen Brammer & Chris Brooks & Stephen Pavelin, 2006. "Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures," Financial Management, Financial Management Association International, vol. 35(3), pages 97-116, September.
    2. Atallah Ahmad Hosban, 2016. "Accounting Disclosure for Stock Goods and Industrial Companies IAS 2–An Analytical Study of Industrial Companies Listed on the Amman Stock Exchange," International Journal of Business and Administrative Studies, Professor Dr. Bahaudin G. Mujtaba, vol. 2(2), pages 24-28.
    3. Hsu, Audrey Wen-hsin & Wang, Tawei, 2013. "Does the market value corporate response to climate change?," Omega, Elsevier, vol. 41(2), pages 195-206.
    4. Dodd, Olga & Louca, Christodoulos & Paudyal, Krishna, 2015. "The determinants of foreign trading volume of stocks listed in multiple markets," Journal of Economics and Business, Elsevier, vol. 79(C), pages 38-61.
    5. Chen, Ester & Gavious, Ilanit, 2015. "Does CSR have different value implications for different shareholders?," Finance Research Letters, Elsevier, vol. 14(C), pages 29-35.
    6. Tifa Noer Amelia, 2016. "Causality test between exchange rate, inflation rate and Stock Price Index in Southeast Asia," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 2(2), pages 101-106.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Merlin A. Marfa & Jasmin D. Niguidula & Jennifer B. Enriquez, 2017. "Business Analytics in Performance Assessment of Food Manufacturing System," International Journal of Business and Economic Affairs (IJBEA), Sana N. Maswadeh, vol. 2(2), pages 159-164.
    2. Parichat Sinlapates & Surachai Chancharat, 2022. "Contrarian Profits in Thailand Sustainability Investment-Listed versus in Stock Exchange of Thailand-Listed Companies," Risks, MDPI, vol. 10(12), pages 1-12, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cholifah Bahri & Mahsina S. E & Asmie Poniwati, 2017. "The influence of undervaluation, free cash flow, leverage and dispersion of ownerships toward company’s stock repurchase (An empirical study of Indonesia stock exchange public listed companies)," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 3(5), pages 235-247.
    2. Alan Gregory & Julie Whittaker, 2013. "Exploring the Valuation of Corporate Social Responsibility—A Comparison of Research Methods," Journal of Business Ethics, Springer, vol. 116(1), pages 1-20, August.
    3. Altunbaş, Yener & Khan, Atiqur & Thornton, John, 2023. "Do M&As impact firm carbon intensity?11The views expressed in this paper are those of the authors and should not be attributed to the institutions with which they are affiliated.," Energy Economics, Elsevier, vol. 128(C).
    4. Yehezkiel Cahya Putra & Mokh Suef, 2018. "The Improvement of Overhaul Desalination Plant Pltgu Duration in Pt.Pjb up Gresik Using Approach of Lean-Six Sigma Method," International Journal of Business and Economic Affairs (IJBEA), Sana N. Maswadeh, vol. 3(5), pages 207-216.
    5. I. Girerd-Potin & S. Jimenez-Garces & Pascal Louvet, 2014. "Which Dimensions of Social Responsibility Concern Financial Investors?," Post-Print halshs-01337706, HAL.
    6. Muhammad Suhail Rizwan & Asifa Obaid & Dawood Ashraf, 2017. "The Impact of Corporate Social Responsibility on Default Risk: Empirical evidence from US Firms," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 9(3), pages 36-70, September.
    7. Zhang, Kaixia & Li, Weibing, 2024. "Understanding the puzzle of polluting companies' social responsibility," China Economic Review, Elsevier, vol. 84(C).
    8. Chung, Yessica C.Y. & Kunene, Noxolo & Chang, Hung-Hao, 2024. "Renewable energy certificates and firm value: Empirical evidence in Taiwan," Energy Policy, Elsevier, vol. 184(C).
    9. Ariana Chang & Tian‐Shyug Lee & Hsiu‐Mei Lee, 2024. "Applying sustainable development goals in financial forecasting using machine learning techniques," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 2277-2289, May.
    10. Tao Zeng, 2016. "Corporate Social Responsibility, Tax Aggressiveness, and Firm Market Value," Accounting Perspectives, John Wiley & Sons, vol. 15(1), pages 7-30, March.
    11. Danny Zhao‐Xiang Huang, 2022. "An integrated theory of the firm approach to environmental, social and governance performance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1567-1598, April.
    12. Thomas Kaspereit & Kerstin Lopatta, 2013. "The Value Relevance of SAM's Corporate Sustainability Ranking and GRI Sustainability Reporting in the European Stock Markets," ZenTra Working Papers in Transnational Studies 19 / 2013, ZenTra - Center for Transnational Studies, revised Oct 2013.
    13. Guillermo Badía & Luis Ferruz & Maria Céu Cortez, 2021. "The performance of social responsible investing from retail investors' perspective: international evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6074-6088, October.
    14. Qianqian Huang & Anxia Wan & Ehsan Elahi & Benhong Peng & Jiao Li, 2023. "Can corporate social responsibility enhance corporate competitiveness? An empirical analysis based on listed companies in China's pharmaceutical manufacturing industry," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2639-2650, September.
    15. Eduardo Ortas & Isabel Gallego‐Álvarez & Igor Álvarez, 2019. "National institutions, stakeholder engagement, and firms' environmental, social, and governance performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(3), pages 598-611, May.
    16. Moliterni, Fabio, 2018. "Do Global Financial Markets Capitalise Sustainability? Evidence of a Quick Reversal," SAS: Society and Sustainability 274853, Fondazione Eni Enrico Mattei (FEEM).
    17. Linda Yu, 2014. "Performance Of Socially Responsible Mutual Funds," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 8(3), pages 9-17.
    18. Liu, Sibo & Wu, Dejun, 2016. "Competing by conducting good deeds: The peer effect of corporate social responsibility," Finance Research Letters, Elsevier, vol. 16(C), pages 47-54.
    19. Xin Huang & Xianling Jiang & Wei Liu & Qian Chen, 2021. "Business Group-Affiliation and Corporate Social Responsibility: Evidence from Listed Companies in China," Sustainability, MDPI, vol. 13(4), pages 1-21, February.
    20. Dyna Seng & Chaiporn Vithessonthi, 2017. "Environmental Efforts and Firm Performance," PIER Discussion Papers 64, Puey Ungphakorn Institute for Economic Research.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:apb:jabsss:2017:p:38-48. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Professor Dr. Usman Raja (email available below). General contact details of provider: https://tafpublications.com/platform/published_papers/9 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.