{"id":"https://openalex.org/W3028772152","doi":"https://doi.org/10.1108/cg-11-2019-0346","title":"Do investors\u2019 reactions to CSR-related news communication differ by shareholder? An empirical analysis from Japan","display_name":"Do investors\u2019 reactions to CSR-related news communication differ by shareholder? An empirical analysis from Japan","publication_year":2020,"publication_date":"2020-05-26","ids":{"openalex":"https://openalex.org/W3028772152","doi":"https://doi.org/10.1108/cg-11-2019-0346","mag":"3028772152"},"language":"en","primary_location":{"id":"doi:10.1108/cg-11-2019-0346","doi":"https://doi.org/10.1108/cg-11-2019-0346","is_oa":false,"landing_page_url":"https://doi.org/10.1108/cg-11-2019-0346","pdf_url":null,"source":{"id":"https://openalex.org/S173789977","display_name":"Corporate Governance","issn_l":"1472-0701","issn":["1472-0701","1758-6054"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Corporate Governance: The International Journal of Business in Society","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5030872234","display_name":"Miho Murashima","orcid":"https://orcid.org/0000-0001-6807-0812","observed_orcids":["https://orcid.org/0000-0001-6807-0812"]},"institutions":[{"id":"https://openalex.org/I150744194","display_name":"Waseda University","ror":"https://ror.org/00ntfnx83","country_code":"JP","type":"education","lineage":["https://openalex.org/I150744194"]}],"countries":["JP"],"is_corresponding":true,"raw_author_name":"Miho Murashima","raw_affiliation_strings":["Organization for Regional and Inter-regional Studies, Waseda University, Tokyo, Japan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Organization for Regional and Inter-regional Studies, Waseda University, Tokyo, Japan","institution_ids":["https://openalex.org/I150744194"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5030872234"],"corresponding_institution_ids":["https://openalex.org/I150744194"],"apc_list":null,"apc_paid":null,"fwci":5.8633,"has_fulltext":false,"cited_by_count":33,"citation_normalized_percentile":{"value":0.95527392,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":95,"max":99},"biblio":{"volume":"20","issue":"5","first_page":"781","last_page":"796"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12738","display_name":"Corporate Identity and Reputation","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-social-responsibility","display_name":"corporate social responsibility","score":0.9890000224113464},{"id":"https://openalex.org/keywords/investor-reaction","display_name":"investor reaction","score":0.7160000205039978},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.7559999823570251},{"id":"https://openalex.org/keywords/institutional-investors","display_name":"institutional investors","score":1.0},{"id":"https://openalex.org/keywords/investor-relations","display_name":"investor relations","score":0.515999972820282},{"id":"https://openalex.org/keywords/csr-and-financial-performance","display_name":"CSR and financial performance","score":0.5649999976158142},{"id":"https://openalex.org/keywords/japanese-stock-market","display_name":"Japanese stock market","score":0.6060000061988831}],"concepts":[{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.8885056972503662},{"id":"https://openalex.org/C201280247","wikidata":"https://www.wikidata.org/wiki/Q11032","display_name":"Newspaper","level":2,"score":0.6801251173019409},{"id":"https://openalex.org/C2779093199","wikidata":"https://www.wikidata.org/wiki/Q338010","display_name":"Shareholder value","level":4,"score":0.6756904125213623},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.6542268991470337},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.6154384016990662},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.605546236038208},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.6032954454421997},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5874407291412354},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.5708208680152893},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.45806625485420227},{"id":"https://openalex.org/C2776950860","wikidata":"https://www.wikidata.org/wiki/Q2914681","display_name":"Originality","level":3,"score":0.45457738637924194},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.4501754939556122},{"id":"https://openalex.org/C177264268","wikidata":"https://www.wikidata.org/wiki/Q1514741","display_name":"Set (abstract data type)","level":2,"score":0.41814088821411133},{"id":"https://openalex.org/C39549134","wikidata":"https://www.wikidata.org/wiki/Q133080","display_name":"Public relations","level":1,"score":0.2561495900154114},{"id":"https://openalex.org/C112698675","wikidata":"https://www.wikidata.org/wiki/Q37038","display_name":"Advertising","level":1,"score":0.20103809237480164},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.17652323842048645},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.15517419576644897},{"id":"https://openalex.org/C11012388","wikidata":"https://www.wikidata.org/wiki/Q170658","display_name":"Creativity","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1108/cg-11-2019-0346","doi":"https://doi.org/10.1108/cg-11-2019-0346","is_oa":false,"landing_page_url":"https://doi.org/10.1108/cg-11-2019-0346","pdf_url":null,"source":{"id":"https://openalex.org/S173789977","display_name":"Corporate Governance","issn_l":"1472-0701","issn":["1472-0701","1758-6054"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Corporate Governance: The International Journal of Business in Society","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":47,"referenced_works":["https://openalex.org/W866262298","https://openalex.org/W1514400215","https://openalex.org/W1547562990","https://openalex.org/W1945571368","https://openalex.org/W1971354656","https://openalex.org/W1994451842","https://openalex.org/W1995834279","https://openalex.org/W1999064493","https://openalex.org/W2001101778","https://openalex.org/W2002284289","https://openalex.org/W2016469747","https://openalex.org/W2017379586","https://openalex.org/W2024552110","https://openalex.org/W2033910434","https://openalex.org/W2038395221","https://openalex.org/W2040047335","https://openalex.org/W2054661316","https://openalex.org/W2092952731","https://openalex.org/W2097346092","https://openalex.org/W2099114022","https://openalex.org/W2103200671","https://openalex.org/W2108267835","https://openalex.org/W2122155259","https://openalex.org/W2122387224","https://openalex.org/W2128264241","https://openalex.org/W2130162792","https://openalex.org/W2141304132","https://openalex.org/W2164639462","https://openalex.org/W2177756622","https://openalex.org/W2224091393","https://openalex.org/W2596890079","https://openalex.org/W2597310663","https://openalex.org/W2603142349","https://openalex.org/W2655523235","https://openalex.org/W2904248178","https://openalex.org/W2939893952","https://openalex.org/W2954714529","https://openalex.org/W2964305260","https://openalex.org/W2980761614","https://openalex.org/W3000085079","https://openalex.org/W3023582314","https://openalex.org/W3121445015","https://openalex.org/W3121508953","https://openalex.org/W3122638935","https://openalex.org/W3124384052","https://openalex.org/W3124803286","https://openalex.org/W3126062070"],"related_works":["https://openalex.org/W6959632149","https://openalex.org/W3122638935","https://openalex.org/W4409911549","https://openalex.org/W4399248059","https://openalex.org/W2253672723","https://openalex.org/W2613583280","https://openalex.org/W926980606","https://openalex.org/W2097346092","https://openalex.org/W4399624020","https://openalex.org/W2418540254"],"abstract_inverted_index":{"Purpose":[0],"This":[1,127,189],"paper":[2,190,208],"aims":[3],"to":[4,49,75,197,209,251],"examine":[5],"the":[6,26,56,66,86,92,98,101,130,133,156,185,198,201,206,211,222,233,237,246,249],"differences":[7],"in":[8,45,97,184,193,232,261],"investors\u2019":[9,114,214],"reactions":[10,58,215],"toward":[11,59,137,216],"firms\u2019":[12],"corporate":[13],"social":[14],"responsibility":[15],"(CSR)-related":[16],"news":[17,61,112],"announcements":[18,62,139],"between":[19],"individuals":[20],"and":[21,30,103,122],"institutions.":[22],"Design/methodology/approach":[23],"Analyzed":[24],"by":[25,140,221,245],"short-term":[27],"event":[28],"study":[29,53,128],"ordinary":[31],"least":[32],"squares":[33],"(OLS)":[34],"methods":[35],"using":[36],"a":[37,178,253],"unique":[38],"CSR":[39,102,186,239],"data":[40,240,255],"set":[41,241,256],"collected":[42,242],"from":[43,47,175,243],"newspapers":[44,244],"Japan":[46],"2001":[48],"2016.":[50],"Findings":[51],"The":[52],"finds,":[54],"first,":[55],"different":[57,134,144,149],"CSR-related":[60,76,111,138,217],"among":[63,146],"shareholders.":[64],"Second,":[65,143,236],"findings":[67,108],"indicate":[68,109],"that":[69,110],"individual":[70],"investors":[71,81,147],"are":[72,82],"more":[73,83,262],"sensitive":[74],"positive":[77],"news,":[78,88],"whereas":[79],"institutional":[80],"concerned":[84],"about":[85],"negative":[87],"providing":[89],"one":[90],"of":[91,132,181,200,213],"reasons":[93],"for":[94,165,173],"mixed":[95,230],"results":[96,231],"studies":[99],"on":[100,118,155],"financial":[104],"performance":[105],"linkage.":[106],"Those":[107],"affects":[113],"behaviors":[115,136],"differently":[116],"based":[117],"their":[119],"purpose,":[120],"ability":[121],"accessible":[123],"information.":[124],"Practical":[125],"implications":[126,162],"deepens":[129],"understanding":[131,212],"investing":[135],"shareholder":[141],"type.":[142,157],"attitudes":[145],"require":[148],"investor":[150],"relations":[151],"(IR)":[152],"approaches":[153],"depending":[154],"It":[158],"also":[159,172],"provides":[160,226],"valuable":[161],"not":[163],"only":[164],"Japanese":[166],"business":[167],"managers":[168],"or":[169],"policymakers":[170],"but":[171],"those":[174],"countries":[176],"with":[177],"similar":[179],"stage":[180],"market":[182],"maturity":[183],"context.":[187],"Originality/value":[188],"is":[191,205],"original":[192,238],"two":[194],"ways.":[195],"First,":[196],"best":[199],"author\u2019s":[202],"knowledge,":[203],"this":[204],"first":[207],"deepen":[210],"events":[218],"through":[219],"analysis":[220,250],"main":[223],"shareholder,":[224],"which":[225],"some":[227],"insights":[228],"into":[229],"previous":[234],"studies.":[235],"author":[247],"allows":[248],"use":[252],"larger":[254],"than":[257],"other":[258],"research,":[259],"resulting":[260],"robust":[263],"conclusions.":[264]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":11},{"year":2020,"cited_by_count":3}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2020-06-05T00:00:00"}
