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Strategic vs. Not-For-Profit Corporate Social Responsibility: A Time Analysis

by Acquisto, Aiden

Abstract

Corporate social responsibility (CSR) is now a standard pillar of the corporate landscape. However, despite its prevalence, many CSR studies still boast ambiguous CSR taxonomy and fail to direct attention to some of the different mediums to which CSR manifests. Particularly, although various quantifiable metrics have been applied to deciphering the impact that CSR has on corporate financial statements, research into the evaluation of the relationship between CSR and the stock market has remained relatively neglected. This study first characterizes corporate social responsibility as either strategic, a profit-maximizing CSR classification derived from Baron (2001), or not-for-profit, a purely philanthropic action. Through this categorization, this study proceeds to test the stock market reactions to announcements articulating strategic and not-for-profit CSR initiatives. In addition, this study conducts time-specific tests to evaluate how shareholder preferences to both strategic and not-for-profit CSR initiatives have evolved throughout time. We find that as a whole, shareholders react more positively to strategic CSR than not-for-profit CSR and that shareholders have

Note

The author has given permission for this work to be deposited in the Digital Archive of Colorado College.

Colorado College Honor Code upheld.

Includes bibliographical references.

Administrative Notes

The author has given permission for this work to be deposited in the Digital Archive of Colorado College.

Colorado College Honor Code upheld.

Copyright
Copyright restrictions apply.
Publisher
Colorado College Tutt Library
PID
coccc:27346
Digital Origin
born digital
Extent
43 pages
Thesis
Senior Thesis -- Colorado College
Thesis Advisor
Rask, Kevin
Department/Program
Economics and Business
Degree Name
Bachelor of Arts
Degree Type
bachelor
Degree Grantor
Colorado College Tutt Library
Date Issued
2017-05