The Impact of Voluntary Preparation and Assurance of Corporate Social Responsibility(CSR) Report on Company's Stock Price－Event Study

Autor: Zhang, Wei-Jie, 章瑋傑
Rok vydání: 2018
Druh dokumentu: 學位論文 ; thesis
Popis: 106
Using the sample of listed companies with CSR reports for 2014,2015 or 2016. This study investigates investors’ market responses to the preparation of CSR reports, assurance of CSR report and type of assurance of CSR report(eg, Type1 of AA1000AS：2008, Type2 of AA1000AS：2008, ISAE 3000 or ASSURANCE NO.1). This finding may offer advice to the companies, government, and academia. The result shows that companies issuing assured CSR Report have significantly higher abnormal returns than non-assured companies, representing that assured CSR reports can provide investors with more reliable information and enhance the value of information, so investors will tend to choose companies with assured CSR report to invest. In addition, companies that voluntarily prepare CSR reports don’t have significantly higher abnormal returns than mandatory companies, indicating that these companies make no difference to investors. Companies that adapt more reliable assurance methods (eg, Type2, ISAE 3000, or ASSURANCE No. 1) have higher abnormal returns than others, but this result does not achieve a significant level. However, it still indicates that companies which adapt more reliable assurance methods can enhance the value of information and investors also prefer these companies. The reason without achieving a significant level is that not all investors understand the differences between different types of assurance. In addition, fewer observation years and uneven distribution of samples may cause the bias. Finally, companies that voluntarily prepare CSR reports and adapt more reliable assurance methods don’t have significantly higher abnormal returns than others, indicating that investors don’t particularly favor such companies.
Databáze: Networked Digital Library of Theses & Dissertations
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