Signaling Positive Corporate Social Performance
研究企业因卓越社会绩效获得公开表彰如何向股东传递积极信号，通过分析1989-1994年首次入选《职业母亲》杂志“最家庭友好公司”名单的企业，发现其股票出现显著正异常回报，尤其对纳斯达克上市企业更明显。
A firm’s social performance can shape the impressions of key stakeholders, such as employees, customers, suppliers, and investors, that influence subsequent decision making and relationships to the firm. To test this notion, we examine how a firm’s public recognition for exemplary social performance can serve as a positive signal of the firm’s business performance to shareholders. We conduct an event study of firms named to Working Mothermagazine’s list of “Most Family- Friendly Companies” for the first time between 1989 and 1994. We find statistically significant, positive, abnormal returns for such firms, in particular for firms whose shares are traded on the NASDAQ stock exchange.