Human rights and multinational firm returns
Corporate social responsibility receives increased attention in economic analysis and research, but the knowledge of the effect of ethical issues on company performance is still in its infancy. In this paper we attempt to measure the impact of the human rights issue with an event study. In particular the consequences of press releases of Amnesty International on the returns of multinational firms operating in Indonesia were analyzed. It proved that press releases did not influence the stock returns of these multinational companies significantly. We then discuss potential reasons for the absence of significant findings.
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- A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
- Hausman, Daniel M & McPherson, Michael S, 1993. "Taking Ethics Seriously: Economics and Contemporary Moral Philosophy," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 671-731, June.
- Bodo B Schlegelmilch & Diana C Robertson, 1995. "The influence of Country and Industry on Ethical Perceptions of Senior Executives in the U.S. and Europe," Journal of International Business Studies, Palgrave Macmillan, vol. 26(4), pages 859-881, December.
- Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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