The impact of corporate social responsibility on investment recommendations
By: Ioannis Ioannou, George Serafeim
Contributors: Serafeim, George; Harvard Business School
Series: Working paper / Harvard Business School -- 11-017; Working paper (Harvard Business School) -- 11-017.
Publisher: Harvard Business School
Published: 2010
Place of publication: [Boston]
Language: eng
Number of pages: 45
Description: Using a large sample of publicly traded US firms over 16 years, we investigate the impact of corporate socially responsible (CSR) strategies on security analysts' recommendations. Socially responsible firms receive more favorable recommendations in recent years relative to earlier ones, documenting a changing perception of the value of such strategies by the analysts. Moreover, we find that firms with higher visibility receive more favorable recommendations for their CSR strategies and that analysts with more experience, broader CSR awareness or those with more resources at their disposal, are more likely to perceive the value of CSR strategies more favorably. Our results document how CSR strategies can affect value creation in public equity markets through analyst recommendations.
Notes: "August 2010"--Publisher's website.

Includes bibliographical references.