Testing the Incremental Information Effect of CSR News for Taiwan's Stock Market

論文翻譯標題: 探討CSR新聞對台灣公司的股價是否具有增額資訊效果
  • 蔡 欣宜

學生論文: Master's Thesis


The aim of this study is to examine whether there are short-run response in stock price to positive or negative news coverage on firm’s CSR performance in the Taiwan stock market during the 2009 to 2014 period Using the technique of event study our empirical results show evidence that companies with negative news on the scopes of environment corporate governance and workforce would incur short-run decline in their stock prices and thus negative abnormal return However the investors tend to overreact to negative social events The stock prices of those companies inflicted with negative social news would recover after the event Furthermore we find mixed evidence on the effects of positive coverage on the stock prices For positive coverage on environment and workforce neither buy-and-hold average abnormal returns nor cumulative abnormal returns are statistically significant in any event window To the contrary of our expectation the coverage of positive social and corporate governance events is associated with short-run negative abnormal returns
獎項日期2014 8月 26
監督員Meng-Feng Yen (Supervisor)