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A Study on Relationship between Corporate Social Responsibility Disclosure and Stock Market Prices: Evidence from Private Enterprises Listed in SSE |
HU Jian jun1,DONG Da yong3,JIN Wei dong3 |
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Abstract Information disclosure of corporate social responsibility is a dramatically expanding area of activity for Chinese managers and academics. Our aim is to increase understanding of the potential effects of corporate social responsibility information disclosure of private enterprises on the stock market price in China. Using a sample of 222 A-share private companies listed in the Shanghai Stock Exchange (SSE) before 2009, this paper empirically examines the correlation between corporate social responsibility disclosure and stock market price. The result shows that corporate social responsibility disclosure has significant negative correlation with stock market price. From internal mechanism perspective, this in-depth study analyzes the effect of Chinese private enterprises’ corporate social responsibility practice and information disclosure status, attitude of investors facing the corporate social responsibility disclosure and the effectiveness of the capital markets on stock market pric
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Received: 04 June 2012
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Corresponding Authors:
HU Jian jun
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