TAILIEUCHUNG - The Impact of Corporate Social Responsibility on Investment Recommendations

Typically, participants arrive on a Sunday afternoon, register and meet the staff and their colleagues. Class sessions are held in the afternoon and evening and syndicate groups are established. The rest of the week comprises a variety of activities in morning, afternoon and evening sessions. Each residential is different. However they all offer a range of activities that incorporate experiential learning and engagement with practitioners and industry experts. There is usually syndicate group work and visits to businesses or other organisations. Over the residential week, participants get to know each other and build strong working relationships. By the end of. | HARVARD BUSINESS SCHOOL The Impact of Corporate Social Responsibility on Investment Recommendations Ioannis Ioannou George Serafeim Working Paper 11-017 Copyright 2010 by Ioannis loannou and George Serafeim Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON INVESTMENT RECOMMENDATIONS loannis loannou1 London Business School George Serafeim2 Harvard Business School August 2010 Best Paper Proceedings Academy of Management 2010 Social Issues in Management SIM Division Abstract Using a large sample of publicly traded US firms over 16 years we investigate the impact of corporate socially responsible CSR strategies on security analysts recommendations. Socially responsible firms receive more favorable recommendations in recent years relative to earlier ones documenting a changing perception of the value of such strategies by the analysts. Moreover we find that firms with higher visibility receive more favorable recommendations for their CSR strategies and that analysts with more experience broader CSR awareness or those with more resources at their disposal are more likely to perceive the value of CSR strategies more favorably. Our results document how CSR strategies can affect value creation in public equity markets through analyst recommendations. 1 Assistant Professor of Strategic and International Management London Business School Regent s Park NW1 4SA London United Kingdom. Email iioannou@ Ph 44 20 7000 8748 Fx 44 20 7000 7001. 2 Assistant Professor of Business Administration Harvard Business School Soldiers Field Road Morgan Hall 381 02163 Boston MA USA. Email gserafeim@ Ph 1 617 495 6548 Fx 1 617 496 7387. We are grateful to Constantinos Markides and seminar participants at the research brown bag SIM area of the .

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