摘要
基于75家国内企业,利用事件研究方法和市场模型,对企业在"5.12"地震后公布捐赠信息及其市场影响进行分析。结果显示,公布捐赠信息3天内的累积异常收益率显著为正,同时累积异常收益率与捐赠时间(相对于地震发生日)负相关,与捐赠金额正相关。只有被市场认知为真实的慈善捐赠才有益于提升品牌形象、增加企业价值。
Based on 75 domestic enterprises and using event study method and market model,this study investigates the market reaction to the corporate press releases announcing donations to the relief effort following the "5·12" earthquake.The results indicate a statistically significant positive 3-day cumulative abnormal return.While the differences in the timing(relative to the date of the earthquake) of the press releases have significant negatively influenced market reactions,the amount of donation did positively.In short,only when the philanthropic giving must be perceived as being a genuine manifestation of the firm's underlying social responsiveness,can it promote brand image and increase firm value.
出处
《中国软科学》
CSSCI
北大核心
2010年第6期160-166,共7页
China Soft Science
基金
国家自然科学基金资助项目(70772089)
关键词
企业社会责任
慈善捐赠
市场影响
事件研究法
corporate social responsibility
philanthropic giving
market impact
event study method