The informational relevance of corporate social responsibility: evidence from DS400 index reconstitutions
研究了企业社会责任与财务绩效的关系，通过分析Domini Social 400指数成分股调整对同行业公司股价的影响，发现指数加入带来正面股价反应，剔除则相反，且信息不透明行业反应更明显。
Abstract This study examines the relationship between corporate social responsibility and financial performance by analyzing the intra‐industry wealth impact of additions and deletions to the Domini Social 400 index. Results from the event study analysis indicate that additions to the index generate a positive share price response for the announcement firm and a negative response by rival firms. The opposite reaction is observed for index deletions. Additionally, the share price response is more pronounced for informationally opaque industries. Our study highlights the importance of external monitoring agencies in providing meaningful information that helps resolve investor uncertainty regarding the quality of a firm's relationships with its primary stakeholders. Copyright © 2011 John Wiley & Sons, Ltd.