TAILIEUCHUNG - Market responsiveness to corporate social responsibility

Market reaction to surprises in earnings announcements has long been used to measure the quality of the information content of the announcement, and studies have explored various factors affecting the response. | http Accounting and Finance Research Vol. 8 No. 4 2019 Market Responsiveness to Corporate Social Responsibility Zev Fried1 1 Silberman College of Business Fairleigh Dickinson University USA Correspondence Zev Fried PhD Fairleigh Dickinson University USA. E-mail zfried@ Received August 26 2019 Accepted October 11 2019 Online Published October 12 2019 doi URL https Abstract Market reaction to surprises in earnings announcements has long been used to measure the quality of the information content of the announcement and studies have explored various factors affecting the response. This study adds to this body of research by factoring in the level of corporate social responsibility CSR exhibited by the firm and employs a relatively new measure of a company s level of CSR rankings published by JUST Capital. This study hypothesizes that financial information reported by higher ranked companies is weighed more heavily by investors than those reported by non-ranked or lower-ranked companies. Using earnings response coefficients as a measure of the perceived quality of the financial information reported by the firms this study measures the effect of being ranked by JUST Capital as well as the ranking of the firms on the marked response. The results provide direct support of the hypotheses indicating that the market reacts more strongly to earnings surprises for firms with high JUST rankings than for unranked firms as well as reacting stronger for higher ranked firms relative to lower ranked firms. We conclude from this study that investors do take into account the level of a corporation s social responsibility when evaluating earnings announcements. This result contributes new insights into the impact of a firm s CSR in terms of the perceived quality of a firm s financial reporting. Keywords corporate social responsibility market reaction earnings quality earnings response coefficient JUST capital

• Kế toán - Kiểm toán
• Corporate social responsibility
• Market reaction
• Earnings quality
• Earnings response coefficient
• JUST capital ranking
• External corporate social responsibility
• Sustainable development
• Perception of CSR
• Corporate social responsibility and accounting restatement
• Evidence from pakistan
• Non financial firms
• Impact of corporate social responsibility
• Social responsibility factor
• Business performance of enterprise
• Cohesion and opportunistic workers’ behavior
• Business and society
• The Corporate Social Responsibility
• Traditional Arguments Against
• Corporate Social Responsiveness
• Corporate Social Performance
• Corporate Citizenship
• Activities of corporate social responsibility
• Enhancing Corporate Reputation
• Assessing Corporate Social Responsibility
• Private sector banks
• Employees of the bank
• The challenges and benefits of corporate social responsibility in Nigeria
• Bbayelsa state education development trust fund
• Corporate governance
• Measurement index
• Social sciences
• Corporate social responsibility dimensions
• Customer satisfaction
• Brand image mediating
• Report choice
• Corporate social responsibility disclosuredchoic
• Positive accounting
• Top manager’s characteristics
• Family controlled companies
• Applying Carroll’s CSR pyramid in studying employees’ perceptions
• Applying Carroll’s CSR
• Decision makers in business organizations
• Dissertation summary
• The influence of corporate social responsibility
• Employee commintment
• Firm’s performance
• Nong Lam University students' perceptions of corporate social responsibility
• Structural equation modelling
• Nong Lam University students
• Thinking and behavior
• Independent directors
• Stakeholder theory
• Corporate social responsibility disclosure between Japan
• Two national contexts
• Corporate social responsibility toward employees on employee motivation in enterprises
• Opportunistic behavior in enterprises
• The factors of opportunistic behavior
• Corporate social responsibility toward employees
• Applying 2 stage DEA model
• The corporate social responsibility implementing efficiency of FDI firms
• Foreign direct investment
• Promote FDI firms’ efficient commitment to CSR
• Corporate social responsibility and internal marketing
• Employee turnover intention
• Role of organizational commitmen
• SPSS19 and AMOS23 softwares
• Social responsibility disclosure
• Empirical evidence
• Human resources
• CSR disclosure
• Choosing a tourist destination
• Role of social responsibility
• Good social responsibility practices
• Confirmative factor analysis
• Qualitative variables of CSR reports
• Selected Indian companies
• Corporate Social Responsibility reports
• Role of educational institutions
• Significances of CSR
• Global workforce competition
• Corporate social responsibility programs
• Finance accounting and Auditing
• Corporate social responsibility disclosures
• Legitimacy theory
• Non manufacturing firms
• Rmployees engagement
• City of Salé
• Work performance
• Listed firm
• Directors’ remuneration
• Global Reporting Initiative
• Corporate Responsibility
• Accounting
• Mainsteaming Corporate
• Social Responsibility
• Societal Marketing
• Banking Profession
• Influence of firm size
• Banking firms
• Evidence from Jordan