Does Corporate Social Responsibility Matter in Asian Emerging亚洲新兴市场中企业社会责任问题.pptVIP

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Does Corporate Social Responsibility Matter in Asian Emerging亚洲新兴市场中企业社会责任问题.ppt

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Does Corporate Social Responsibility Matter in Asian Emerging Markets? Yan-Leung Cheung Dean, School of Business Hong Kong Baptist University Hong Kong Yan Leung CHEUNG, Weiqiang TAN, Hee-Joon AHN Zheng ZHANG (2010), Journal of Business Ethics 92:401-413 * * Overview Introduction Literature review Data and methodology Empirical results Concluding remarks Recent development * * Introduction Corporate social responsibility (CSR) has been attracting worldwide attention. For the firm, The field of CSR can be summarized as the management of potential conflicts of interest between different stakeholders with respect to economic, environmental, social, and ethical issues. The objective of this study is to examine the relation between CSR and financial performance in Asian Emerging Markets (AEMs). Introduction There is growing interest in socially responsible investment (SRI) funds that have an explicit mandate to invest in firms with good social responsibility. The question for firms is whether ‘doing-good’ will lead to ‘doing-well’ in the market. In other words, will the market reward firms with good corporate social responsibility practices? * * * * Introduction This study has three aims: Based on the Credit Lyonnais Securities Asia (CLSA) corporate social responsibility score, we compare the CSR practices of the major firms listed in AEMs over a period of three years, from 2001-2004. We examine the relation between the CSR score and market valuation to see whether good CSR practices are recognized and rewarded by investors. We examine the impact of change in CSR on market valuation. * * Introduction Our findings: Our empirical results show that the CSR practices of Asian listed companies have improved during the sample period, with the exception of Malaysia. We find that firms with better CSR practices, as measured by their CSR score, tend to have a higher market valuation. We also find a positive relation between the change in CSR scores and market-adj