Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors

  title={Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors},
  author={Caroline Flammer},
  journal={Academy of Management Journal},
This study examines whether shareholders are sensitive to corporations' environmental footprint. Specifically, I conduct an event study around the announcement of corporate news related to environment for all US publicly traded companies from 1980 to 2009. In keeping with the view that environmental corporate social responsibility (CSR) generates new and competitive resources for firms, I find that companies reported to behave responsibly toward the environment experience a significant stock… 

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