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Does winning a CSR Award increase firm value?

Author

Listed:
  • Samuel Jebaraj Benjamin

    (University of Waikato)

  • Pallab Kumar Biswas

    (School of Business of the University of Otago)

Abstract

This study explores the effect of winning a corporate social responsibility (CSR) Award on firm value. Drawing on the stakeholder value maximization view of stakeholder theory, we analyze a sample of 14,039 US firm-years between 2002 and 2018 and find that winning a CSR Award is value enhancing. We further offer evidence that demonstrates how the CSR dimensions of environmental, social and governance criteria influence the CSR Award–firm value nexus. Our results are supported by a series of robustness tests. As CSR Awards are typically awarded to firms that excel in CSR, our findings are expected to encourage managers to pursue CSR more rigorously so as to attain high firm value.

Suggested Citation

  • Samuel Jebaraj Benjamin & Pallab Kumar Biswas, 2022. "Does winning a CSR Award increase firm value?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 19(3), pages 313-329, September.
    • Handle: RePEc:pal:ijodag:v:19:y:2022:i:3:d:10.1057_s41310-022-00142-8
    DOI: 10.1057/s41310-022-00142-8
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    References listed on IDEAS

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    Cited by:

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    Keywords

    CSR Award; Tobin’s Q; ESG;
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