الفهرس | Only 14 pages are availabe for public view |
Abstract Purpose - With the rapid grow in the concept of Corporate Social Responsibility (CSR), concept that has attracted worldwide attention and acquired a new resonance in the global economy. this article examines if the CSR practices influences the Stock Price in Egypt. Design/methodology/approach - A quantitative study was conducted by using the sample of 26 companies from S&P/EGX ESG Index through using regression analysis on 7 years starting from 2011 till 2017. Findings - The main results verify the existence of a negative effect of CSR on stock price which confirms hypothesis H1. This result seems to oppose the idea that the CSR firms are the more virtuous, having better performances they bear some initial costs. Research limitations/implications - The article only examined the impact of CSR on a single developing country, Egypt, on only listed companies. Calculating the CSR by using companies’ weight in the S&P/EGX ESG Index which include not only social responsibility, but three parameters of the company practices on environmental, social, and corporate governance responsibility. Originality/value - Previous studies mainly focused on CSR and financial performance. Conversely, studies focusing on CSR and stock price are limited. This study will fill the gap in the literature by considering the effect of CSR on the stock price volatility on some Egyptian Companies considering two important factors on the past years as a controlling variable: Egyptian revolution and flotation. Key Words - Egypt, CSR (Corporate Social Responsibility), CFP (Corporate Financial Performance), Stock Price, S&P/EGX ESP |