ABSTRACT

This research explores the effects that media coverage of corporate social responsibility (CSR) news related to investor, customer, employee and community issues has on the market value of Spanish banks, measured as the impact generated in abnormal returns for these companies. We use an event study with a sample of 190 positive CSR articles published online between 2015 and 2018 in the most important Spanish business newspaper according to its diffusion rate. The findings demonstrate that positive CSR news related to investor, customer, employee and community issues generates positive abnormal returns for listed banks. In the [−1,+1] window, positive investor news has notably larger effects on the abnormal returns for these companies than positive news related to customer, employee and community issues, which have similar effects.

摘要

这项研究探索了媒体报道与投资者，客户，员工和社区问题有关的企业社会责任（CSR）新闻对西班牙银行的市场价值的影响，以这些公司的非正常收益产生的影响来衡量。我们使用一项事件研究，根据其扩散率，在最重要的西班牙商业报纸上对2015年至2018年之间在线发布的190篇积极的企业社会责任文章进行了采样。调查结果表明，与投资者，客户，员工和社区问题相关的积极的企业社会责任新闻为上市银行产生了积极的异常收益。在[−1，+ 1]窗口中，积极的投资者新闻对这些公司的异常收益产生的影响要明显大于与客户，员工和社区问题相关的积极消息，而后者具有类似的影响。