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Impact of Corporate Social Responsibility Awards on Share Prices

Author

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  • Mahmood, Zeeshan
  • Iqbal, Javed
  • Ali, Waris
  • Aamir, Muhammad

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.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&

Suggested Citation

  • Mahmood, Zeeshan & Iqbal, Javed & Ali, Waris & Aamir, Muhammad, 2019. "Impact of Corporate Social Responsibility Awards on Share Prices," Journal of Accounting and Finance in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 5(1), pages 141-154, June.
    • Handle: RePEc:src:jafeec:v:5:y:2019:i:1:p:141-154
    DOI: http://doi.org/10.26710/jafee.v5i1.682
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    Cited by:

    1. Yihao Guo & Yanwen Song & Yimin Wang, 2024. "Happy troubles? CSR awards and CSR report quality," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 2989-3005, July.
    2. Michele Fioretti & Victor Saint-Jean & Simon C Smith, 2022. "The Voice: The Shareholders' Motives Behind Corporate Donations during COVID-19 (former title: Selfish Shareholders: Corporate Donations during COVID-19)," SciencePo Working papers hal-03386585, HAL.

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