Issues in the Use of the Event Study Methodology: A Critical Analysis of Corporate Social Responsibility Studies
指出事件研究方法在评估企业社会责任对绩效影响时存在局限性，仅能衡量短期股东影响且结果对研究设计敏感，通过分析五篇矛盾的研究说明问题，并建议替代方法。
Organizational researchers are increasingly using the event study methodology to assess the effect of strategic decisions on firm performance. Unfortunately, event studies alone are inadequate because, at best, they provide estimates of the shortrun impact on shareholders only and not on other corporate stakeholders. Furthermore, event study findings are sensitive to even small changes in research design. The authors illustrate the lack of robustness by examining five recent studies of corporate social responsibility (CSR) that report conflicting results. They conclude that these contradictory findings arise from significant differences in research design and implementation. The authors also demonstrate why it is inappropriate to draw conclusions regarding the managerial implications of CSR activities from these studies. Finally, they identify alternative methodologies that organizational researchers could use to supplement the event study approach to assess the overall impact of CSR on stakeholders.