Empirical Study on the Investment Performance of Intangible Assets: a Further Consideration between Corporate Social Responsibility Value and Brand Value

Feng-Jui Hsu; Yu-Cheng Chen; Anchor Y. Lin
April 2013
International Research Journal of Applied Finance;Apr2013, Vol. 4 Issue 4, p687
Academic Journal
This article investigates the investment performance of the top 40 firms listed on the annual surveys of Fortune, Business-Week, and Business Ethics. The finding indicates that both good corporate social responsibility (CSR) firms and good brand firms outperform the benchmark S&P500 market index, suggesting the undervalue of good CSR firms and of good brand firms. We also find that the undervaluation of good CSR firms is more serious than that of good brand firms. Investors could make excess returns from the undervalue of CSRP and BP, which are ranked on the top lists of the four surveys.


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