Does Corporate Social Responsibility Matter in Asian Emerging Markets?. Yan-Leung Cheung Dean, School of Business Hong Kong Baptist University Hong Kong. Yan Leung CHEUNG, Weiqiang TAN, Hee-Joon AHN & Zheng ZHANG (2010), Journal of Business Ethics 92:401-413. Overview. Introduction
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Dean, School of Business
Hong Kong Baptist University
Yan Leung CHEUNG, Weiqiang TAN, Hee-Joon AHN & Zheng ZHANG (2010), Journal of Business Ethics 92:401-413
Regressions of corporate valuation on CSR scores
Regressions of corporate valuation in year Emerging Markets?t+1 on CSR scores
Regression of the buy-and-hold market-adjusted return on change in CSR scores
Social responsibility on the rise in Asia CSR, if defined by the publication of CSR reports appears to be on the rise in Asia.
In August 2009, Shanghai Stock Exchange launched the Responsibility Index, selecting top-100 socially responsible companies on the stock exchange.
Thailand Exchange has begun to give awards to listed companies for outstanding CSR projects and established a CSR Promotion Fund at the end of 2008.
The Chinese equity market is in its infancy compared with developed markets. A question is whether the market cares about CSR in China. Although CSR has had a slow start in China, it is gaining a foothold. The first Chinese SRI fund was launched in 2008. “Mainland investors to get SRI option”, China Daily on 19 March 2008.
Shanghai-based Industrial Fund Management Co Ltd issued its socially responsible investment (SRI) fund (code: 340007) on March 2008.
No less than 80 percent of the fund's equity investment should focus on social responsibility, according to its prospectus.
Industrial Fund selects companies according to four criteria - economic responsibility, responsibility for sustainable development, legal responsibility, and moral responsibility.
Figure 1 The performance of SRI (code: 340007)
— SRI — market index