This study examines the impact of reputational risk, measured by corporate social irresponsibility (CSI) ratings, on shareholder abnormal returns. Based on 7368 non-financial companies from 42 countries during 2007–2017, we find that long-short portfolios (buying no reputation risk and selling high reputation risk portfolios) earn significantly positive abnormal returns. The cross-national results indicate that the long-short portfolio returns are more pronounced (i) in the emerging market segment than in the developed market segment, (ii) in civil law jurisdictions than in their common law peers, (iii) within nations with higher confidence in corporations and, (iv) within nations with higher institutional trust.

这项研究检查了以公司社会不负责任（CSI）等级衡量的声誉风险对股东异常收益的影响。基于2007年至2017年期间来自42个国家的7368家非金融公司，我们发现多空投资组合（不购买声誉风险并出售高声誉风险投资组合）获得了显着的正异常收益。跨国结果表明，多空投资组合的回报（i）在新兴市场部分比在发达市场部分中更为明显；（ii）在民法管辖区中比在其普通法同业中更为明显；（iii）在国家/地区内对公司具有较高的信任度；以及（iv）在具有较高机构信任度的国家/地区内。