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Investors’ Reactions to CSR News in Family Versus Nonfamily Firms: A Study on Signal (In)credibility

Author

Listed:
  • Naciye Sekerci

    (KU Leuven - Catholic University of Leuven = Katholieke Universiteit Leuven)

  • Jamil Jaballah

    (EESC-GEM - Grenoble Ecole de Management)

  • Nadine Kammerlander

    (WHU – Otto Beisheim School of Management (Germany, Vallendar) - WHU)

  • Marc van Essen

    (University of South Carolina [Columbia])

Abstract

We study family firm status as an important condition in signaling theory; specifically, we propose that the market reacts more positively to positive, and more negatively to negative, CSR news (i.e., signals) from family firms than to similar news from nonfamily firms. Moreover, we propose that during recessions, the direction of these relationships reverses. Based on an event study of 1247 positive and negative changes in the CSR ratings for all firms listed on the French SFB120 stock market index (2003-2013), we find support for our hypotheses. Moreover, a post hoc analysis reveals that the relationships are contingent on whether a family CEO leads the firm.

Suggested Citation

  • Naciye Sekerci & Jamil Jaballah & Nadine Kammerlander & Marc van Essen, 2022. "Investors’ Reactions to CSR News in Family Versus Nonfamily Firms: A Study on Signal (In)credibility," Grenoble Ecole de Management (Post-Print) hal-05656770, HAL.
    • Handle: RePEc:hal:gemptp:hal-05656770
    DOI: 10.1177/10422587211010498
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