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Do Announcements About Corporate Social Responsibility Create or Destroy Shareholder Wealth? Evidence from the UK

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  • Iain Clacher

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  • Jens Hagendorff

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Abstract

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Suggested Citation

  • Iain Clacher & Jens Hagendorff, 2012. "Do Announcements About Corporate Social Responsibility Create or Destroy Shareholder Wealth? Evidence from the UK," Journal of Business Ethics, Springer, vol. 106(3), pages 253-266, March.
  • Handle: RePEc:kap:jbuset:v:106:y:2012:i:3:p:253-266 DOI: 10.1007/s10551-011-1004-9
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    References listed on IDEAS

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    1. Michael C. Jensen, 2010. "Value Maximization, Stakeholder Theory, and the Corporate Objective Function," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 32-42.
    2. Cowen, Scott S. & Ferreri, Linda B. & Parker, Lee D., 1987. "The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis," Accounting, Organizations and Society, Elsevier, vol. 12(2), pages 111-122, March.
    3. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
    4. repec:bla:joares:v:20:y:1982:i::p:161-234 is not listed on IDEAS
    5. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    6. Boehmer, Ekkehart & Masumeci, Jim & Poulsen, Annette B., 1991. "Event-study methodology under conditions of event-induced variance," Journal of Financial Economics, Elsevier, vol. 30(2), pages 253-272, December.
    7. Jan Lepoutre & Aimé Heene, 2006. "Investigating the Impact of Firm Size on Small Business Social Responsibility: A Critical Review," Journal of Business Ethics, Springer, pages 257-273.
    8. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    9. Jan Lepoutre & Aimé Heene, 2006. "Investigating the Impact of Firm Size on Small Business Social Responsibility: A Critical Review," Journal of Business Ethics, Springer, pages 257-273.
    10. Amihud, Yakov, 2002. "Illiquidity and stock returns: cross-section and time-series effects," Journal of Financial Markets, Elsevier, vol. 5(1), pages 31-56, January.
    11. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-659, September.
    12. Booth, James R., 1992. "Contract costs, bank loans, and the cross-monitoring hypothesis," Journal of Financial Economics, Elsevier, vol. 31(1), pages 25-41.
    13. Roberts, Robin W., 1992. "Determinants of corporate social responsibility disclosure: An application of stakeholder theory," Accounting, Organizations and Society, Elsevier, vol. 17(6), pages 595-612, August.
    14. Klaus-Michael Menz, 2010. "Corporate Social Responsibility: Is it Rewarded by the Corporate Bond Market? A Critical Note," Journal of Business Ethics, Springer, pages 117-134.
    15. Mike Adams, 1998. "An Analysis of Corporate Donations: United Kingdom Evidence," Journal of Management Studies, Wiley Blackwell, vol. 35(5), pages 641-654, September.
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    Citations

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    Cited by:

    1. Mahfuja Malik, 2015. "Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature," Journal of Business Ethics, Springer, pages 419-438.
    2. McGuinness, Paul B. & Vieito, João Paulo & Wang, Mingzhu, 2017. "The role of board gender and foreign ownership in the CSR performance of Chinese listed firms," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 75-99.
    3. Liang Zhang & Tie-nan Wang & Hung-Gay Fung, 2014. "Market Reaction to Corporate Social Responsibility Announcements: Evidence from China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 22(2), pages 81-101, March.
    4. repec:kap:rqfnac:v:50:y:2018:i:1:d:10.1007_s11156-017-0630-4 is not listed on IDEAS
    5. repec:wly:mgtdec:v:38:y:2017:i:2:p:238-251 is not listed on IDEAS
    6. repec:eee:spacre:v:19:y:2016:i:2:p:195-203 is not listed on IDEAS
    7. Andreas Hoepner & Thereza Aguiar & Ravi Majithia, 2014. "The Level of Compliance with the International Code of Marketing of Breast-Milk Substitutes: Does it Matter to Stock Markets?," Journal of Business Ethics, Springer, pages 329-348.
    8. Dhammika Dharmapala & Vikramaditya Khanna, 2016. "The Impact of Mandated Corporate Social Responsibility: Evidence from India's Companies Act of 2013," CESifo Working Paper Series 6200, CESifo Group Munich.

    More about this item

    Keywords

    CSR; Stakeholders; Investors; FTSE4Good; Firm value;

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