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Does doing good lead to doing better in emerging markets? Stock market responses to the SRI index announcements in Brazil, China, and South Africa

Journal of the Academy of Marketing Science, 2020-09, Vol.48 (5), p.966-986 [Peer Reviewed Journal]

The Author(s) 2019 ;COPYRIGHT 2020 Springer ;Journal of the Academy of Marketing Science is a copyright of Springer, (2019). All Rights Reserved. © 2019. This work is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 0092-0703 ;EISSN: 1552-7824 ;DOI: 10.1007/s11747-019-00651-z

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  • Title:
    Does doing good lead to doing better in emerging markets? Stock market responses to the SRI index announcements in Brazil, China, and South Africa
  • Author: Zou, Peng ; Wang, Qi ; Xie, Jinhong ; Zhou, Chenxi
  • Subjects: Business and Management ; Corporate social responsibility ; Economic research ; Emerging markets ; Marketing ; Original Empirical Research ; Research & development expenditures ; Social investing ; Social responsibility ; Social Sciences ; Socially responsible investments ; Stock exchanges ; Stock markets
  • Is Part Of: Journal of the Academy of Marketing Science, 2020-09, Vol.48 (5), p.966-986
  • Description: This paper investigates whether and how emerging markets reward firms’ corporate social responsibility (CSR) performance. We focus on the socially responsible investment (SRI) index, which lists the top CSR performers and serves as a tool to help investors make investment decisions based on financial and social criteria. We empirically test the financial market responses to the announcements of pioneering SRI indices recently launched in Brazil, China, and South Africa. We find that inclusion on an SRI index in these markets is associated with positive abnormal returns. However, inclusion on an SRI index does not benefit all firms equally: the positive financial response is strengthened by R&D expenditures but weakened by advertising expenditures; it is stronger for firms that have expanded globally to developing countries than those to developed countries.
  • Publisher: New York: Springer US
  • Language: English
  • Identifier: ISSN: 0092-0703
    EISSN: 1552-7824
    DOI: 10.1007/s11747-019-00651-z
  • Source: ProQuest One Psychology
    Springer Open Access Journals
    ProQuest Central
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