Impact of CSR dimensions on firm value

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
  • 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