Investors' Reactions to CSR News in Family vs. Nonfamily Firms : A Study on Signal (In)Credibility

We study family firm status as an important condition in signaling theory; specifically, we propose that the market reacts more positively to positive, and more negatively to negative, CSR news (i.e., signals) from family firms than to similar news from nonfamily firms. Moreover, we propose that during recessions, the direction of these relationships reverses. Based on an event study of 1,247 positive and negative changes in the CSR ratings for all firms listed on the French SFB120 stock market index (2003-2013), we find support for our hypotheses. Moreover, a post hoc analysis reveals that the relationships are contingent on whether a family CEO leads the firm

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Year of publication:	[2023]
Authors:	Sekerci, Naciye ; Jaballah, Jamil ; Essen, Marc van ; Kammerlander, Nadine
Publisher:	[S.l.] : SSRN
Subject:	Corporate Social Responsibility \| Corporate social responsibility \| Ankündigungseffekt \| Announcement effect \| Signalling \| Familienunternehmen \| Family business \| Börsenkurs \| Share price \| Glaubwürdigkeit \| Credibility \| Anlageverhalten \| Behavioural finance

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Extent:	1 Online-Ressource (45 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Entrepreneurship Theory and Practice Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 25, 2021 erstellt
Classification:	G30 - Corporate Finance and Governance. General
Source:	ECONIS - Online Catalogue of the ZBW

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