Corporate social responsibility, culture, and stock price synchronicity

• Main Authors: Chia-Lin Chan, 詹佳琳
• Other Authors: Hsiang-Hsuan Chih
• Format: Others
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/93899129957829597326

碩士 === 國立東華大學 === 財務金融學系 === 104 === This research discusses the following: (1) the relevance between the tendency for corporate to fulfill its social responsibility and stock price synchronicity and (2) the relevance of culture and stock price synchronicity. First, this study uses questionnaires that are developed by Gelfand, Nishii, and Raver (2011) and Hofstede (2005) to measure the cultural differences between countries. Finally, this study examines the impacts of the intertwined relationships between corporate social responsibility tendency and different cultures on stock price synchronicity. The results indicate two phenomena: (1) Stock price synchronicity are less in the countries that have higher corporate social responsibility tendency, that are more masculine, that have higher corporate social responsibility tendency and has larger power distance, and that have higher corporate social responsibility tendency and have higher level of uncertainty avoidance; (2) Stock price synchronicity are more in the countries that have higher level of tightness, that have higher level of uncertainty avoidance, that have higher level of long–term orientation, that have higher corporate social responsibility tendency and have higher level of tightness, that have higher corporate social responsibility tendency and more individualism, and that have higher corporate social responsibility tendency and more masculine.