The Link between the Publication of CSR Reports and Market Performance of European Companies between 2000 and 2010

By Jean-Marie Cardebat, Ali Dardour

We study the impact of a proxy for corporate social responsibility (CSR) on firms’ stock market performance within the CAPM framework. CSR is proxied by a variable measuring the voluntary disclosure of a social report. We analyze a sample of 214 companies listed on major European indexes (DAX30, CAC40, IBEX35, FTSE100, and OMX20). We find the firms publishing a CSR report for the 2000–2010 period show a better return-risk profile than those who do not publish. Interestingly, we find a negative and significant relationship between firms’ stock return and CSR report.
JEL Codes: G30


  • corporate social responsibility
  • stock return performance
  • voluntary disclosure
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