{"id":"https://openalex.org/W4360852182","doi":"https://doi.org/10.1108/jefas-08-2021-0150","title":"Market reaction to firms' investments in CSR projects","display_name":"Market reaction to firms' investments in CSR projects","publication_year":2023,"publication_date":"2023-03-24","ids":{"openalex":"https://openalex.org/W4360852182","doi":"https://doi.org/10.1108/jefas-08-2021-0150"},"language":"en","primary_location":{"id":"doi:10.1108/jefas-08-2021-0150","doi":"https://doi.org/10.1108/jefas-08-2021-0150","is_oa":true,"landing_page_url":"https://doi.org/10.1108/jefas-08-2021-0150","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/JEFAS-08-2021-0150/full/pdf?title=market-reaction-to-firms-investments-in-csr-projects","source":{"id":"https://openalex.org/S2764768042","display_name":"Journal of Economics Finance and Administrative Science","issn_l":"2077-1886","issn":["2077-1886","2218-0648"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-70","russia-white-list-2","scielo"],"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":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Economics, Finance and Administrative Science","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.emerald.com/insight/content/doi/10.1108/JEFAS-08-2021-0150/full/pdf?title=market-reaction-to-firms-investments-in-csr-projects","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5033245266","display_name":"Victoria Cherkasova","orcid":"https://orcid.org/0000-0001-7756-7513","observed_orcids":["https://orcid.org/0000-0001-7756-7513"]},"institutions":[{"id":"https://openalex.org/I118501908","display_name":"National Research University Higher School of Economics","ror":"https://ror.org/055f7t516","country_code":"RU","type":"education","lineage":["https://openalex.org/I118501908"]}],"countries":["RU"],"is_corresponding":true,"raw_author_name":"Victoria Cherkasova","raw_affiliation_strings":["National Research University Higher School of Economics , , Moscow,","School of Finance , , Moscow,","School of Finance, National Research University Higher School of Economics, Moscow, Russia"],"raw_orcid":"https://orcid.org/0000-0001-7756-7513","affiliations":[{"raw_affiliation_string":"National Research University Higher School of Economics , , Moscow,","institution_ids":["https://openalex.org/I118501908"]},{"raw_affiliation_string":"School of Finance , , Moscow,","institution_ids":[]},{"raw_affiliation_string":"School of Finance, National Research University Higher School of Economics, Moscow, Russia","institution_ids":["https://openalex.org/I118501908"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5067825002","display_name":"\u0415\u043b\u0435\u043d\u0430 \u0410\u043d\u0430\u0442\u043e\u043b\u044c\u0435\u0432\u043d\u0430 \u0424\u0435\u0434\u043e\u0440\u043e\u0432\u0430","orcid":"https://orcid.org/0000-0002-3381-6116","observed_orcids":["https://orcid.org/0000-0002-3381-6116"]},"institutions":[{"id":"https://openalex.org/I211738395","display_name":"Financial University","ror":"https://ror.org/01hnrbb29","country_code":"RU","type":"education","lineage":["https://openalex.org/I211738395"]}],"countries":["RU"],"is_corresponding":false,"raw_author_name":"Elena Fedorova","raw_affiliation_strings":["Financial University under the Government of the Russian Federation , Moscow,","Financial University under the Government of the Russian Federation, Moscow, Russia"],"raw_orcid":"https://orcid.org/0000-0002-3381-6116","affiliations":[{"raw_affiliation_string":"Financial University under the Government of the Russian Federation , Moscow,","institution_ids":["https://openalex.org/I211738395"]},{"raw_affiliation_string":"Financial University under the Government of the Russian Federation, Moscow, Russia","institution_ids":["https://openalex.org/I211738395"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5031899672","display_name":"Igor Stepnov","orcid":"https://orcid.org/0000-0003-4107-6397","observed_orcids":["https://orcid.org/0000-0003-4107-6397"]},"institutions":[{"id":"https://openalex.org/I184139950","display_name":"Moscow State Institute of International Relations","ror":"https://ror.org/04zn7jb34","country_code":"RU","type":"education","lineage":["https://openalex.org/I184139950"]}],"countries":["RU"],"is_corresponding":false,"raw_author_name":"Igor Stepnov","raw_affiliation_strings":["MGIMO Department of Assets Management, , Moscow,","Department of Assets Management, MGIMO, Moscow, Russia"],"raw_orcid":"https://orcid.org/0000-0003-4107-6397","affiliations":[{"raw_affiliation_string":"MGIMO Department of Assets Management, , Moscow,","institution_ids":["https://openalex.org/I184139950"]},{"raw_affiliation_string":"Department of Assets Management, MGIMO, Moscow, Russia","institution_ids":["https://openalex.org/I184139950"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5033245266"],"corresponding_institution_ids":["https://openalex.org/I118501908"],"apc_list":null,"apc_paid":null,"fwci":1.7251,"has_fulltext":true,"cited_by_count":8,"citation_normalized_percentile":{"value":0.87283394,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"28","issue":"55","first_page":"44","last_page":"59"},"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/T13146","display_name":"Sustainable Finance and Green Bonds","score":9.999999747378752e-05,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-social-responsibility","display_name":"corporate social responsibility","score":0.9950000047683716},{"id":"https://openalex.org/keywords/esg-ratings","display_name":"ESG ratings","score":0.9679999947547913},{"id":"https://openalex.org/keywords/stock-market-reaction","display_name":"stock market reaction","score":0.6430000066757202},{"id":"https://openalex.org/keywords/firm-valuation","display_name":"business valuation","score":0.6949999928474426},{"id":"https://openalex.org/keywords/regional-variation","display_name":"regional variation","score":0.859000027179718},{"id":"https://openalex.org/keywords/innovative-industries","display_name":"innovative industries","score":0.7670000195503235}],"concepts":[{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.8395739793777466},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.531660795211792},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5296197533607483},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.5284317135810852},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.513643205165863},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.5104405283927917},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.482413649559021},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4793154001235962},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4134209454059601},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.39527323842048645},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3756447434425354},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3363170325756073},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"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/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","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/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1108/jefas-08-2021-0150","doi":"https://doi.org/10.1108/jefas-08-2021-0150","is_oa":true,"landing_page_url":"https://doi.org/10.1108/jefas-08-2021-0150","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/JEFAS-08-2021-0150/full/pdf?title=market-reaction-to-firms-investments-in-csr-projects","source":{"id":"https://openalex.org/S2764768042","display_name":"Journal of Economics Finance and Administrative Science","issn_l":"2077-1886","issn":["2077-1886","2218-0648"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-70","russia-white-list-2","scielo"],"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":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Economics, Finance and Administrative Science","raw_type":"journal-article"},{"id":"pmh:oai:repositorio.esan.edu.pe:20.500.12640/3549","doi":null,"is_oa":true,"landing_page_url":"https://doi.org/10.1108/JEFAS-08-2021-0150","pdf_url":null,"source":{"id":"https://openalex.org/S4306402641","display_name":"LA Referencia (Red Federada de Repositorios Institucionales de Publicaciones Cient\u00edficas)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4383465926","host_organization_name":"LA Referencia","host_organization_lineage":["https://openalex.org/I4383465926"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"instacron:ESAN","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:econstor.eu:10419/289666","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/10419/289666","pdf_url":"https://www.econstor.eu/bitstream/10419/289666/1/10-1108_JEFAS-08-2021-0150.pdf","source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:article"},{"id":"pmh:oai:RePEc:eme:jefasp:jefas-08-2021-0150","doi":null,"is_oa":false,"landing_page_url":"https://www.emerald.com/insight/content/doi/10.1108/JEFAS-08-2021-0150/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1108/jefas-08-2021-0150","doi":"https://doi.org/10.1108/jefas-08-2021-0150","is_oa":true,"landing_page_url":"https://doi.org/10.1108/jefas-08-2021-0150","pdf_url":"https://www.emerald.com/insight/content/doi/10.1108/JEFAS-08-2021-0150/full/pdf?title=market-reaction-to-firms-investments-in-csr-projects","source":{"id":"https://openalex.org/S2764768042","display_name":"Journal of Economics Finance and Administrative Science","issn_l":"2077-1886","issn":["2077-1886","2218-0648"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-70","russia-white-list-2","scielo"],"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":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Economics, Finance and Administrative Science","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4360852182.pdf","grobid_xml":"https://content.openalex.org/works/W4360852182.grobid-xml"},"referenced_works_count":55,"referenced_works":["https://openalex.org/W1004716736","https://openalex.org/W1547562990","https://openalex.org/W1574908486","https://openalex.org/W1599074901","https://openalex.org/W1890517194","https://openalex.org/W1969611842","https://openalex.org/W1971258233","https://openalex.org/W1981530661","https://openalex.org/W1985721027","https://openalex.org/W1995834279","https://openalex.org/W2000274647","https://openalex.org/W2037752788","https://openalex.org/W2045535285","https://openalex.org/W2052891027","https://openalex.org/W2104201967","https://openalex.org/W2108267835","https://openalex.org/W2118686968","https://openalex.org/W2126819377","https://openalex.org/W2141958938","https://openalex.org/W2169741434","https://openalex.org/W2463889527","https://openalex.org/W2517772169","https://openalex.org/W2603355796","https://openalex.org/W2785606188","https://openalex.org/W2794322878","https://openalex.org/W2882993812","https://openalex.org/W2898093768","https://openalex.org/W2910198215","https://openalex.org/W2911083444","https://openalex.org/W2944511635","https://openalex.org/W2964689802","https://openalex.org/W2996935569","https://openalex.org/W2999130001","https://openalex.org/W3038355921","https://openalex.org/W3047255724","https://openalex.org/W3047976615","https://openalex.org/W3048691175","https://openalex.org/W3121464887","https://openalex.org/W3122973701","https://openalex.org/W3123090753","https://openalex.org/W3124384052","https://openalex.org/W3125291865","https://openalex.org/W3125686936","https://openalex.org/W3128871793","https://openalex.org/W3135522468","https://openalex.org/W3147345263","https://openalex.org/W3163637580","https://openalex.org/W3168381706","https://openalex.org/W3177446570","https://openalex.org/W3200591790","https://openalex.org/W3206562642","https://openalex.org/W4200184498","https://openalex.org/W4200280724","https://openalex.org/W4206319348","https://openalex.org/W4248292788"],"related_works":["https://openalex.org/W2040794400","https://openalex.org/W3044055102","https://openalex.org/W2763832024","https://openalex.org/W4383378056","https://openalex.org/W2021798146","https://openalex.org/W2032856376","https://openalex.org/W2971515026","https://openalex.org/W4412246511","https://openalex.org/W2587580125","https://openalex.org/W4390226981"],"abstract_inverted_index":{"Purpose":[0],"The":[1,49,78,144,176,192,213],"purpose":[2],"of":[3,11,32,45,63,88,146,178,200,206,228],"this":[4,46,97,147],"paper":[5],"is":[6,108,124,130,190],"to":[7,37,83,102,156,167,172],"determine":[8],"the":[9,21,29,39,43,93,103,111,120,133,198,226],"impact":[10,177,199],"corporate":[12,15],"investments":[13,179],"in":[14,42,67,74,86,119,139,180,197],"social":[16,23],"responsibility":[17],"(CSR),":[18],"measured":[19],"by":[20,110,153,165],"environmental,":[22],"and":[24,36,54,71,113,164,209,230],"government":[25],"(ESG)":[26],"rating,":[27],"on":[28,92,182,225],"market":[30],"valuation":[31],"a":[33,60,187,204,216],"firm's":[34],"stocks":[35],"explain":[38],"regional":[40,94,195],"differences":[41,196],"degree":[44],"influence.":[47],"Design/methodology/approach":[48],"empirical":[50,148],"study":[51,149,193],"uses":[52],"linear":[53],"non-linear":[55],"panel":[56,61],"regression":[57],"models":[58],"for":[59,135],"sample":[62,205],"951":[64],"firms":[65],"listed":[66],"Asia,":[68],"North":[69,114,210],"America":[70],"Europe":[72],"operating":[73],"innovative":[75],"industries.":[76],"Findings":[77],"CSR":[79,181,201,220],"score":[80],"was":[81],"found":[82],"be":[84,100,151],"significant":[85],"terms":[87],"stock":[89,161,183],"excess":[90,184],"return":[91,185],"level.":[95],"However,":[96],"finding":[98],"cannot":[99],"extrapolated":[101],"global":[104],"scale.":[105],"ESG":[106,140],"rating":[107],"priced":[109],"European":[112,208],"American":[115,211],"markets":[116],"negatively,":[117],"while":[118],"Asian":[121],"market,":[122],"it":[123],"positive.":[125],"This":[126],"penalty":[127],"(negative":[128],"influence)":[129],"greater":[131],"than":[132],"reward":[134],"one":[136],"point":[137],"increase":[138],"rating.":[141],"Practical":[142],"implications":[143],"results":[145],"could":[150],"used":[152],"firms'":[154],"managers":[155],"adjust":[157],"strategies":[158],"aimed":[159],"at":[160],"value":[162],"growth":[163],"investors":[166],"select":[168],"an":[169],"investment":[170,202],"strategy":[171],"maximize":[173],"return.":[174],"Originality/value":[175],"over":[186],"defined":[188],"benchmark":[189],"assessed.":[191],"reveals":[194],"using":[203],"Asian,":[207],"firms.":[212],"authors":[214],"apply":[215],"more":[217],"advanced":[218],"lagged":[219],"performance":[221],"(d.ESG)":[222],"assessment":[223],"based":[224],"methodology":[227],"Zhang":[229],"Rajagopalan":[231],"(2010).":[232]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2023-03-25T00:00:00"}