Abstract

http://ssrn.com/abstract=1833581
 
 

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CSR and Market Valuation: International Evidence


Sylvain Marsat


affiliation not provided to SSRN

Benjamin Williams


University of Lorraine

March 1, 2011

International Conference of the French Finance Association (AFFI), May 11-13, 2011

Abstract:     
Do socially responsible firms benefit from ethical goodwill? On the one hand, taking externalities into account can be a competitive disadvantage. On the other hand, financial benefits may result from ethical behavior. Thanks to a worldwide dataset of ESG ratings (MSCI ESG ratings), we examine the relationship between a firm’s CSR rating and its value. After controlling for industry, region, year and R&D, we observe, contrary to mainstream empirical studies, strong evidence of a negative impact of responsible behavior on corporate market value.

Number of Pages in PDF File: 22

Keywords: Corporate Social Responsibility, ESG Rating, Firm valuation, Tobin’s q

JEL Classification: G11, G12

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Date posted: May 9, 2011 ; Last revised: November 25, 2013

Suggested Citation

Marsat, Sylvain and Williams, Benjamin, CSR and Market Valuation: International Evidence (March 1, 2011). International Conference of the French Finance Association (AFFI), May 11-13, 2011. Available at SSRN: http://ssrn.com/abstract=1833581 or http://dx.doi.org/10.2139/ssrn.1833581

Contact Information

Sylvain Marsat (Contact Author)
affiliation not provided to SSRN
Benjamin Williams
University of Lorraine ( email )
Lorraine
France
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