The Impact of CSR on Beta Coefficients

• Main Authors: Hung-Tun Chen, 陳鴻敦
• Other Authors: 楊東曉
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/cgi-bin/gs32/gsweb.cgi/login?o=dnclcdr&s=id=%22107NCHU5457054%22.&searchmode=basic

碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 107 === We analyze the relationship between the listed company with Corporate Social Responsibility (CSR) awards and beta coefficients in this paper. The empirical models are to test the impact of CSR awards on the company’s beta coefficients. We provide the empirical evidence to investors who hold stock investment of companies winning CSR prize. The tests utilize the financial information of listed companies, from Taiwan Economical Journal (TEJ) database, to perform the empirical test in multivariate regression models. The sample companies are the winners of the Corporate Citizen Award from Common-Wealth Magazine during 2007 to 2018. The empirical results show that listed company’s beta coefficient will decrease after the companies win the prize. If the company do not continuously win the prize, its beta coefficient also be smaller than the beta before the winning of the award. Investors can adjust their portfolio by using the information of companies that win the prize.