Publication detail

Corporate social responsibility and stock prices after the financial crisis: The role of strategic CSR activities

Author(s): PhDr. Jiří Kukačka Ph.D., Havlínová, Aneta
Type: Articles in journals with impact factor
Year: 2021
Number: 0
ISSN / ISBN:
Published in: Journal of Business Ethics, DOI
Publishing place:
Keywords: corporate social responsibility, strategic CSR, business ethics, corporate financial performance, fixed effects
JEL codes: A13, C23, G11
Suggested Citation: Havlinova, A., Kukacka, J. (2021). Corporate social responsibility and stock prices after the financial crisis: The role of strategic CSR activities. Journal of Business Ethics.
Grants: PRIMUS/19/HUM/17 2019-2021 Behavioral finance and macroeconomics: New insights for the mainstream
Abstract: We analyze the relationship between corporate social responsibility and the stock market performance in the post-global financial crisis period. A new measure of social responsibility by Thomson Reuters, called the ESG Combined Score, is used. As a novel feature of our analysis, socially responsible engagement is divided into the strategic activities closely related to the examined companies’ core business and the remaining secondary activities. The results of the fixed effects regression show a positive and statistically, as well as economically, significant impact of the strategic activities on the corporate stock market performance of companies. This impact is up to 103% higher compared to the secondary activities. The empirical results suggest that if companies aim to increase their share prices via the corporate social responsibility channel, they should strategically select their socially responsible initiatives.

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