Stakeholder salience, positive CSR news and the market value of banks

• Autores: Andrea Pérez Ruiz, Carlos López Gutiérrez, María del Mar García de los Salmones, Paula San Martín Espina
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 49, Nº 4, 2020, págs. 483-502
• Idioma: inglés
• Títulos paralelos:
  • La relevancia de las partes interesadas, las noticias positivas de RSC y el valor de mercado de los bancos
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• Dialnet Métricas: 4 Citas
• Resumen
  • español

    Esta investigación explora los efectos que la cobertura mediática de las noticias de responsabilidad social corporativa (RSC), relacionadas con temáticas de inversores, clientes, empleados y sociedad, tiene sobre el valor de mercado de los bancos españoles, medido este indicador como el impacto generado en los retornos anormales de estas empresas en el mercado de valores. Para cumplir con este objetivo, utilizamos un estudio de eventos con una muestra de 190 artículos de RSC publicados entre 2015 y 2018 en la versión online del periódico económico español más importante según su tasa de difusión. Los resultados demuestran que las noticias de RSC relacionadas con temáticas de inversores, clientes, empleados y sociedad generan retornos anormales positivos para los bancos que cotizan en bolsa. En la ventana [–1,+1], las noticias positivas para los inversores tienen efectos notablemente mayores sobre los retornos anormales de estas empresas que las noticias positivas relacionadas con temáticas de clientes, empleados y sociedad, que tienen efectos similares.

  • English

    This research explores the effects that media coverage of corporate social responsibility (CSR) news related to investor, customer, employee and community issues has on the market value of Spanish banks, measured as the impact generated in abnormal returns for these companies. We use an event study with a sample of 190 positive CSR articles published online between 2015 and 2018 in the most important Spanish business newspaper according to its diffusion rate. The findings demonstrate that positive CSR news related to investor, customer, employee and community issues generates positive abnormal returns for listed banks. In the [−1,+1] window, positive investor news has notably larger effects on the abnormal returns for these companies than positive news related to customer, employee and community issues, which have similar effects.

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