Trust, Corporate Social Responsibility, and the Market Pricing of Corporate Earnings
研究发现企业社会责任表现好的公司，盈余公告后市场反应更强、漂移更小，因为CSR增强了投资者信任，减少了信息不确定性。
Investor trust is central to the functioning of capital markets, yet its relationship with corporate social responsibility (CSR) remains underexplored. We investigate whether CSR performance affects the market’s reaction to earnings news. Our results show that firms with superior CSR performance exhibit stronger immediate market reactions to earnings surprises and significantly smaller post-earnings-announcement drift. We provide evidence that this effect arises from CSR enhancing investor trust, thereby reducing uncertainty and attenuating investors’ systematic underreaction to earnings information. Our findings hold even after controlling for financial reporting quality and corporate governance, establishing that the CSR effect is distinct. This study highlights that CSR performance enhances investor trust, ultimately leading to more efficient pricing of earnings information.