Market Response to Corporate Social Justice Engagement: Evidence from Event Study
DOI:
https://doi.org/10.47941/ijf.4005Keywords:
Social Justice, Corporate Governance, Event Study, Firm ValueAbstract
Social justice remains a deeply contested concept and much of the debate centers on differing perspectives about the relative importance of equality of opportunity versus equality of outcome, as well as whether observed disparities reflect systemic forms of discrimination and structural disadvantage. This study provides causal evidence from event study approach that investors view favorably firms’ public support for social justice. The methodology used in this study significantly relieves endogeneity concern in prior studies in this field and contributes to a growing literature on economic consequences of social justice movement and yields meaningful implications for public policy.
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