Reexamination of the insurance-like effect of corporate social responsibility: Empirical evidence from China-listed companies

Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/79619

Title:	Reexamination of the insurance-like effect of corporate social responsibility: Empirical evidence from China-listed companies
Authors:	Yang, Shou-Lin;Shiu, Yung-Ming;Liu, Tsung-Chi 許永明
Contributors:	風管系
Keywords:	Corporate social responsibility;China listed firms;Insurance-like effect
Date:	2015
Issue Date:	2015-12-09 17:18:59 (UTC+8)
Abstract:	Purpose– The purpose of this paper is to re-examine the statement of Peloza (2006) that enterprise corporate social responsibility (CSR) investment provides a protection efficacy similar to insurance. Design/methodology/approach– This study uses the event study method and data from the 2008-2010 China listed company social responsibility report and the Taiwan Economic Journal. Findings– The authors find that the insurance-like effect of CSR investment also exists in China. Both short- and long-term CSR investments of Chinese companies provide this efficacy to corporate stock prices. The authors also find diminishing marginal insurance-like effects in China market. Originality/value– The CSR investment of firms in China can reduce company stock-price loss when negative events occur. The authors therefore obtain a better understanding of the value of enterprise CSR investment.
Relation:	Chinese Management Studies, Vol. 9 Iss: 3, pp.295 - 310
Data Type:	article
DOI link:	http://dx.doi.org/10.1108/CMS-03-2013-0047
Appears in Collections:	[Department of Risk Management and Insurance] Periodical Articles

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