Event Study Analysis of Corporate Social Responsibility Actions and Firm Stock Return

Open Access
Foreman, Nikolai Michael
Area of Honors:
Bachelor of Science
Document Type:
Thesis Supervisors:
  • Chris Muscarella, Thesis Supervisor
  • James Alan Miles, Honors Advisor
  • Corporate Social Responsibility
  • CSR
  • Stock Return
  • Stock Price
  • Valuation
  • Finance
With the vast number of companies engaged in corporate social responsibility (CSR), it is safe to say CSR isn’t disappearing from the corporate landscape anytime soon. This study seeks to determine whether there is a relationship between a CSR action, as seen through a firm issued press release, and the firm’s stock price return. This study uses a sample size of over fifty companies and over eight hundred unique press releases. This study aims to help fill the void of quantitative research activity in the field of corporate social responsibility as it relates to the firm.