Investors’ Reactions to CSR News in Family Versus Nonfamily Firms: A Study on Signal (In)credibility
研究了家族企业身份如何影响市场对企业社会责任新闻的反应，发现市场对家族企业的正面和负面CSR新闻反应更强烈，但经济衰退期这一关系会逆转。
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.