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Corporate Social Responsibility and Stock Performance—Evidence from Taiwan英文文献资料.doc

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Corporate Social Responsibility and Stock Performance—Evidence from Taiwan英文文献资料

Modern Economy, 2011, 2, 788-799 doi:10.4236/me.2011.25087 Published Online November 2011 (http://www.SciRP.org/journal/me) Corporate Social Responsibility and Stock Performance—Evidence from Taiwan Yungchih George Wang Department of International Business, National Kaohsiung University of Applied Sciences, Chinese Taipei E-mail: gwang@.tw Received July 21, 2011; revised August 28, 2011; accepted September 15, 2011 Abstract Traditionally, a firm aims to achieve the goal of maximizing firm value. The concept of business ethics arises to examine how a firm could meet the goal of maximizing firm value while in the meantime meditating the conflicts among all the stakeholders ethically. Recently, the concept of business ethics evolves into corporate social responsibility (CSR), which now has become a major issue in the business environment. The modern definition of CSR argues that a firm, as a corporate citizen, is expected not only to fulfill its economic re- sponsibility, but also its social and environmental responsibilities. Built on this new definition, this study aims to empirically explore the impact of fulfilling CSR on stock performance. For this research purpose, we construct a local CSR index (CSRI) based on two ideas, socially responsible investment (SRI) and corporate contributions to stakeholders. Sampled the data from Taiwan Stock Exchange and Taiwan Economic Journal for the time period of 2001-2009, three CSR portfolios based on the CSRI (high, medium, and low) are con- structed to examine short-run and long-run stock returns relative to those of benchmark portfolios (market index, value stocks, and growth stocks). The main finding reveals that fulfilling CSR has a significantly positive impact on stock performance. The implication suggests that a firm could serve as a good corporate citizen, while in the meantime pursuing the growth of stockholder’s wealth. Keywords: Business Ethics, Stakeholders, Corporate Social Respo