French Corporate Social Responsibility: Which Dimension Pays More?
Authors : Laetitia Drusch Assistant, Mazars
Abraham Lioui Professor of Finance, EDHEC Business School and Member, EDHEC-Risk Institute
This study uses a sample of 148 events related to corporate social responsibility (CSR) to assess the impact of CSR on corporate financial performance.
EDHEC Working Paper
There is considerable heterogeneity in market reaction to different dimensions of CSR. Not all dimensions offer a positive reward; some yield a negative and even statistically significant impact on the firms' stock returns.
One main conclusion of this study is that socially responsible investment is not an excuse for passive management.
There is still room for timing and stock picking within the socially responsible universe of stocks.
Created on June 7, 2010
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