Thesis
Impact of CSR dimensions on firm value
- Creator
- Rights statement
- Awarding institution
- University of Strathclyde
- Date of award
- 2022
- Thesis identifier
- T16501
- Person Identifier (Local)
- 202156717
- Qualification Level
- Qualification Name
- Department, School or Faculty
- Abstract
- In this study, we explore the differential impact of two dimensions of corporate social responsibility (CSR), environmental CSR and social CSR, on firm capital market-based valuation. Using manually collected actual firm-level CSR expenditure data, we find that relative to social, greater monetary expenditure on environmental CSR projects leads to a higher market valuation of the firm. We establish this causality by exploiting a mandatory CSR regulation in India as an exogenous shock. The results of the quasi-natural experiment validate that when a CSR-mandated firm spends more on environmental CSR than social CSR, it increases the firm value. Further, we find that the valuation impact is more significant when a CSR-mandated firm spends more on environmental CSR in a state other than its registered state.
- Advisor / supervisor
- Thapa, Chandra
- Resource Type
- DOI
Relations
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PDF of thesis T16501 | 2023-03-07 | Public | Download |