The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Institutional Reforms and Investor Reactions to CSR Announcements: Evidence from an Emerging Economy
Abstract
This study contributes to the limited established empirical research on the impact and relevance of corporate social responsibility (CSR) in the capital markets of emerging economies. We conducted an event study to demonstrate how the timing of CSR announcements by firms that have aligned their strategies to newly instituted social regulations in South Africa influenced stock prices. Using a unique dataset of publicly listed South African enterprises that undertook CSR initiatives during the ten year period from 1996 to 2005, we found that investor reactions to CSR announcements concluded during the late phase of institutional reforms are viewed positively by investors. Furthermore, CSR announcements of substantive monetary value result in significantly higher shareholder returns.
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Cites
WHY COMPANIES GO GREEN: A MODEL OF ECOLOGICAL RESPONSIVENESS.
Bansal, P., & Roth, K. (2000) · Academy of Management Journal · doi:10.2307/1556363 · Cited by 4,020
STRATEGY IN EMERGING ECONOMIES.
Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. (2000) · Academy of Management Journal · doi:10.2307/1556394 · Cited by 3,835
Corporate Social Responsibility: Strategic Implications*
McWilliams, A., Siegel, D. S., & Wright, P. M. (2006) · Journal of Management Studies · doi:10.1111/j.1467-6486.2006.00580.x · Cited by 3,154
CORPORATE SOCIAL PERFORMANCE AND ORGANIZATIONAL ATTRACTIVENESS TO PROSPECTIVE EMPLOYEES.
TURBAN, D. B., & GREENING, D. W. (1997) · Academy of Management Journal · doi:10.2307/257057 · Cited by 3,149
Strategy Research in Emerging Economies: Challenging the Conventional Wisdom*
Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005) · Journal of Management Studies · doi:10.1111/j.1467-6486.2005.00487.x · Cited by 1,843
Cited by
Bringing Africa In: Promising Directions for Management Research
George, G., Corbishley, C., Khayesi, J. N. O., Haas, M. R., & Tihanyi, L. (2016) · Academy of Management Journal · doi:10.5465/amj.2016.4002 · Cited by 486
Strategic CSR: A Concept Building Meta‐Analysis
Vishwanathan, P., van Oosterhout, H. (. )., Heugens, P. P. M. A. R., Duran, P., & van Essen, M. (2020) · Journal of Management Studies · doi:10.1111/joms.12514 · Cited by 486
The impact of human resource management on corporate social performance strengths and concerns
Rothenberg, S., Hull, C. E., & Tang, Z. (2017) · Business & Society · doi:10.1177/0007650315586594 · Cited by 95
Metadata
- Authors
- Arya, B., & Zhang, G.
- Venue
- Journal of Management Studies
- Publisher
- Wiley
- Published
- 2009-09-17
- Volume
- 46
- Issue
- 7
- Pages
- 1089-1112
- ISSN
- 0022-2380 (ISSN-L)
- 1467-6486
- OpenAlex
- W2151297242
- Cited by
- 230
- References
- 5
- FWCI
- 14.45
- Type
- journal article
- Language
- en
- Open access
- closed
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- Arya, B., & Zhang, G. (2009). Institutional Reforms and Investor Reactions to CSR Announcements: Evidence from an Emerging Economy. Journal of Management Studies. https://doi.org/10.1111/j.1467-6486.2009.00836.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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