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標題:Corporate social responsibilities and stock returns: Stochastic dominance approach
學年99
學期2
出版(發表)日期2011/02/01
作品名稱Corporate social responsibilities and stock returns: Stochastic dominance approach
作品名稱(其他語言)
著者Lean, Hooi Hooi; Chang, Yuan
單位淡江大學財務金融學系
出版者Lagos: Academic Journals
著錄名稱、卷期、頁數African Journal of Business Management 5(4), pp.1277-1285
摘要Empirical studies which examine corporate social responsibility (CSR) and financial performance employed accounting and market-based indicators as performance proxies. As the ultimate goal of a typical firm is maximizing its profits, while for a typical public company, the goal is to maximize its stockholder’s wealth. Thus, based on stock returns distribution, the study employ stochastic dominance (SD) approach to examine relative performance between CSR versus non-CSR firms which are compiled by the Global Views Monthly from July, 2005 to August, 2009. The advantage of SD approach is that it lightens the problems that can arise if the asset returns are not normally distributed because it utilizes the whole distribution of returns. Since SD is nonparametric, SD tests do not require any specific assumptions on investors’ utility function or the returns distribution of asset and thus avoid the joint test problem inherent in the standard approach. Most of the evidence shows the dominance in stock returns of non-CSR firms relative to the CSR firms. Thus, investors in Taiwan do not price CSR for their investment decision.
關鍵字Corporate social responsibility;stochastic dominance
語言英文
ISSN1993-8233
期刊性質國外
收錄於SSCI
產學合作
通訊作者Lean, Hooi Hooi
審稿制度
國別奈及利亞
公開徵稿
出版型式紙本
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