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

Open Access
Author:
Foreman, Nikolai Michael
Area of Honors:
Finance
Degree:
Bachelor of Science
Document Type:
Thesis
Thesis Supervisors:
  • Chris Muscarella, Thesis Supervisor
  • James Alan Miles, Honors Advisor
Keywords:
  • Corporate Social Responsibility
  • CSR
  • Stock Return
  • Stock Price
  • Valuation
  • Finance
Abstract:
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.