EuroEconomica, Vol 36, No 1 (2017)

CSR and Company's Stock Price. A Comparative Evidence from Bucharest Stock Exchange

Adina Dornean, Dumitru Cristian Oanea


This paper aims at analysing the relationship between Corporate Social Responsibility (CSR) andstock price for the companies listed on Bucharest Stock Exchange (BSE) in 2015, comparing with the resultsobtained for 2014. This study investigates the differences in the market stock price (and other market variables,such as dividends and stock return) of companies that show CSR compared with those that do not. For thispurpose we will use three statistical techniques: discriminant analysis, probit analysis model and logisticregression. There is no significant difference between the prediction ability of the models, in the context inwhich probit model and logistic regression have and average correct classification of 70.29%, whilediscriminant analysis records 71.62%. Our analysis highlighted that stock return has a significant impact onCSR activities of a company. Moreover, all discriminants have a positive impact on CSR.


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