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This study attempts to empirically examine the share price behavior around CSR news
announcements through a standard event methodology proposed by Brown & Warner
(1985) around an event window of 21 days. Based on a sample of 72 CSR news from 2009 to
2014, the study reports abnormal returns for 36 companies. Overall, the results of the study
reveal that the average abnormal returns ( ) and average cumulative abnormal returns
are negative in the event window of 21 days. The Wilcoxon signed-rank test values of
( ) is statistically significant on day -3, day 1, and day 8 respectively. Similarly, the
Wilcoxon signed-rank test values of are also significant on day 2, day 8 and day 9.
The study concludes that CSR news announcement has negative impact on shareholders’
wealth as equity investors in Pakistan are short-term focused and consider engagement in
CSR activities as an expense.
Zakir, Muhammad Rafiq, Muhammad Atiq, Mohammad Sohail Yunis. (2016) The Impact of Corporate Social Responsibility News Announcements on Shareholders’ Wealth, , Volume-10, Issue-2.
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