| Abstract [eng] |
The main purpose of this master‘s thesis is to analyse the impact of corporate social responsibility and its disclosure on companies‘ share prices. The thesis consists of three main parts: literature review and synthesis, research methodology, quantitive research and conclusions with recommendations for future research. The literature analysis examines the concept of corporate social responsibility, its demensions and its significance for companies. In addition, previous empirical studies analysing the impact of corporate social responsibility disclosure on companies‘ share prices are reviewed. Based on the literature analysis, a quantitave study was conducted with the aim of assessing the impact of corporate social responsibility disclosure on 96 German companies over the period 2019-2023. The empirical analysis employs correlation analysis and modified linear Ohlson (1995) regression model. Furthermore, the sample of 96 companies is divided into three macro sectors: financial, industrial and consumer sectors. The results of the study indicate that, for the full sample of 96 companies, corporate social responsibility disclosure does not have a statistically significant relationship with share prices. However, in the financial sector, corporate social responsibility disclosure is found to be statistically significant and positively associated with share prices. In the industrial and consumer sectors, stock prices are primarily explaned by book value per share and total assets. The conclusion summarize the key findings of the literature review, applied methodology and the empirical analysis. Recommendations for future research are provided. |
