We analyze the relationship between corporate social responsibility and the stock market performance in the post-global financial crisis period. A new measure of social responsibility by Thomson Reuters, called the ESG Combined Score, is used. As a novel feature of our analysis, socially responsible engagement is divided into the strategic activities closely related to the examined companies’ core business and the remaining secondary activities. The results of the fixed effects regression show a positive and statistically, as well as economically, significant impact of the strategic activities on the corporate stock market performance of companies. This impact is up to 103% higher compared to the secondary activities. The empirical results suggest that if companies aim to increase their share prices via the corporate social responsibility channel, they should strategically select their socially responsible initiatives.

我们分析了后全球金融危机时期企业社会责任与股市表现之间的关系。汤森路透采用了一种新的社会责任衡量标准，称为 ESG 综合评分。作为我们分析的一个新特征，社会责任参与分为与被审查公司的核心业务密切相关的战略活动和其余的次要活动。固定效应回归的结果表明，战略活动对公司股票市场表现有积极的、统计上的和经济上的显着影响。与次要活动相比，这种影响高达 103%。实证结果表明，如果公司旨在通过企业社会责任渠道提高股价，