| Summary: | 碩士 === 國立成功大學 === 財務金融研究所 === 101 === This paper explores the performance of SRI and individual investors’ awareness of CSR in Asia. We use ASSET4 ESG ratings as our proxy for the CSR performance of firms to examine whether superior CSR practices are rewarded in the Asian stock markets. In addition, we also investigate the incremental information effect of positive CSR news for Asian emerging stock markets with a relatively high proportion of individual investors. The empirical results confirm that Japanese investors are willing to reward firms for superior CSR performance within January, 2009 to March, 2013. In contrast, firms in Asian emerging stock markets cannot earn reward for superior CSR performance in the same period. However, positive CSR news do have a positive effect on individual investors’ awareness of CSR in Asian emerging stock markets. In other words, individual investors in these markets are aware of firms’ relatively good CSR performance, but only via reading relevant news.
|
|---|
