CORPORATE SOCIAL RESPONSIBILITY AND STOCK PRICES: A STUDY ON THE ITALIAN MARKET
CORPORATE SOCIAL RESPONSIBILITY AND STOCK PRICES: A STUDY ON THE ITALIAN MARKET
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企业社会责任与股票价格：意大利市场研究
DOI：
10.22495/cocv12i2c6p3
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
M. Izzo
中科院分区：
文献类型：
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作者：
Giovanni Fiori;F. D. Donato;M. Izzo
本研究探讨了意大利上市公司的社会绩效对股票价格的影响。主流的文献集中在企业社会责任和财务业绩之间的关系，显示矛盾的结果，仍然饲料的辩论，尚未达成一致和广泛共享的立场。关于业绩衡量指标的选择，我们选择股票价格作为财务业绩的代理，以衡量金融市场对公司社会责任行为的感知和反应。使用不同的社会绩效指标有关的环境，社区和就业活动，我们发现的证据表明，良好的社会绩效有负面影响的股票价格在意大利证券交易所市场。如果考虑到意大利上市公司的环境战略，这种现象尤其明显。因此，意大利投资者认为这些做法是可以避免的开支，减少了股东的收入和公司的价值，并认识到对社会负责的企业的股票价格下降，带来了负面的市场溢价。这一证据与意大利资本主义结构的特殊性是一致的，由于其在CSR主题和相关问题上的落后，似乎还不够成熟，无法适当地评估这些政策的价值。
This study investigates the impact of Corporate Social Performance on stock prices of Italian listed companies. The main stream of literature focuses on the relation between CSR and financial performance, showing contradictory results that still feed a debate, which has not yet reached a unanimous and widely shared position. Concerning the selection of the measure of performance, we chose stock prices as a proxy for financial performance, in order to measure the perception and reaction of financial markets to the companies’ socially responsible behaviors. Using different social performance indicators concerning environment, community and employment activities, we found evidence that a good social performance has a negative influence on stock prices in the Italian Stock Exchange Market. This phenomenon is particularly evident if the environmental strategies of the Italian listed companies are considered. Hence, the Italian investors perceive these practices as avoidable expenses reducing shareholders’ income and companies’ value and recognize a negative market premium, in terms of lower stock prices, to socially responsible enterprises. This evidence is consistent with the peculiarities of the Italian capitalism structure, which, because of its backwardness in CSR topics and related issues, seems to be not yet mature enough to evaluate appropriately the value of these policies.