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    Impact of specific CSR activities, executive & board diversity on equity valuations

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    Author
    Williams, David J.
    Chair
    Little, Joseph
    Committee
    Baek, Jungho
    Greenberg, Joshua
    Keyword
    Social responsibility of business
    Economic aspects
    Entrepreneurship
    Moral and ethical aspects
    Stocks
    Prices
    Investments
    Moral and ethical aspects
    Stockholders
    Individual investors
    Metadata
    Show full item record
    URI
    http://hdl.handle.net/11122/8750
    Abstract
    The objective of this study is to identify the impact of specific corporate social responsibility behaviors on equity prices. This study uses fixed effect parametric and nonparametric regressions to quantify the effect of specific corporate social responsibility activities on the equity price multiples of a number of US firms from 1999 to 2009. The results of these empirical models consistently show that CEO diversity, corporate charitable giving, and work-life balance benefit plans, are associated with lower equity price multiples compared against similar firms that lack these characteristics. Additionally, board diversity and support of the LBGTQ community is associated with a positive impact on equity price multiples. This study provides evidence that individual corporate social responsibility activities can have drastic impacts on equity prices, leading the way for future research testing whether the magnitudes of these impacts are rational and in-line with their expected impact on financial performance and risk, or a deviation from the efficient market hypothesis.
    Description
    Thesis (M.S.) University of Alaska Fairbanks, 2018
    Date
    2018-05
    Type
    Thesis
    Collections
    Economics

    entitlement

     
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