负面事件中企业社会责任对企业价值变化的缓冲作用

The Buffering Effect of Corporate Social Responsibility on Firm Value Change in the Context of Negative Events

检索港股主板上市公司2005至2014年发生的228件企业层面负面事件,采用事件分析法量化了负面事件对企业价值的影响,并基于多元回归分析研究了负面事件情境中企业社会责任表现与企业价值的关系。研究发现,社会责任表现越好的企业,在遭遇负面事件时股价的超常收益率越大,即企业价值受到负面事件的冲击越小。证实了企业社会责任能够在负面事件中对企业价值的变化产生缓冲作用。

This paper employs a sample of 228 negative events associated with companies listed in the Hong Kong Stock Exchange in the period from 2005 to 2014,and uses the event study methodology and regression analysis to investigate the relationship between corporate social responsibility and firm value in the context of negative events.The empirical results show that companies with superior corporate social performance have higher cumulated abnormal returns.This means firm value is less affected by negative event for company with better corporate social performance.The findings confirm the hypothesis that superior corporate social performance can provide buffer for firm value in the context of negative events.