French Corporate Social Responsibility: Which Dimension Pays More?

This study uses a sample of 148 events related to corporate social responsibility (CSR) to assess the impact of CSR on corporate financial performance.

Author(s):

Laetitia DruschAssistant, Mazars

Assistant, Mazars

Abraham Lioui

Professor of Finance, EDHEC Business School and Member, EDHEC-Risk Institute

There is considerable heterogeneity in market reaction to different dimensions of CSR. Not all dimensions offer a positive reward; some yield a negative and even statistically significant impact on the firms' stock returns. One main conclusion of this study is that socially responsible investment is not an excuse for passive management. There is still room for timing and stock picking within the socially responsible universe of stocks.

Type: Working paper
Date: le 07/06/2010
Research Cluster : Finance

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