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  • Thumbnail for Strategic vs. Not-For-Profit Corporate Social Responsibility: A Time Analysis
    Strategic vs. Not-For-Profit Corporate Social Responsibility: A Time Analysis by Acquisto, Aiden

    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