The Effect of Corporate Social Responsibility on Earnings Momentum

• Main Authors: CHANG, KE-XIN, 張可昕
• Other Authors: HSIEH, CHUN-KUEI
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/jhdm6y

碩士 === 東海大學 === 國際經營與貿易學系 === 106 === This study focuses on the effect of corporate social responsibility (CSR) on earnings momentum and chooses the companies that have become listed on OTC without TDR, F-shares and full-cash delivery stocks before 2007 as samples which are used to calculate cumulative abnormal return (CAR) and are divided into groups by standardized unexpected earnings (SUE) for observation. Furthermore, the winners of Corporate Citizenship Awards of Common Wealth Magazine and the winners of Corporate Social Responsibility Award of Global Views Monthly between 2006 and 2016 are chosen as positive CSR samples to collect data on CSR and construct CSR scores. Also, another database, TEJ, is used to collect negative samples because it provides the companies that have bad CSR events. Then, in order to construct a new CSR score, positive and negative samples are combined as CSR variable. This study uses the data that described above to do the analysis by median regression. The results indicate that the performances of CSR will affect earnings momentum and even if the control variables are added, the results remain the same. This is to say that CSR will affect the behavior of investors.