Corporate social responsibility's effect on stock returns during the Covid-19 crisis: evidence from U.S. markets

dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorSpickers, Theresa
dc.contributor.authorViippola, Valtteri
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2021-01-24T17:04:36Z
dc.date.available2021-01-24T17:04:36Z
dc.date.issued2020
dc.description.abstractI found that social capital measured by Corporate Social Responsibility (CSR) activities had a negative effect on stock returns during the Covid-19 from February 2020 to August 2020. High-CSR firms had two to four percentage points lower returns. Financial characteristics like profitability and cash holdings tended to have a bigger impact on returns during this period. I performed multiple regressions to analyse the effect of CSR on raw buy-and-hold returns and abnormal returns, while controlling for multiple financial characteristics and other control variables. I used data from the United States and my sample covered 1023 firms.en
dc.format.extent21+4
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/102024
dc.identifier.urnURN:NBN:fi:aalto-202101241334
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordCSRen
dc.subject.keywordcorporate social responsibilityen
dc.subject.keywordsocial capitalen
dc.subject.keywordCovid-19en
dc.titleCorporate social responsibility's effect on stock returns during the Covid-19 crisis: evidence from U.S. marketsen
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi
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