IS CORPORATE SOCIAL RESPONSIBILITY REWARDED BY INVESTORS? AN ANALYSIS IN THE CONTEXT OF CANADIAN EXTRACTIVE INDUSTRIES

Miguel Rojas
Sébastien Deschênes
Tania Morris
Donatien Avelé

Abstract: This article examines if investors reward corporate social performance. The investigation is conducted in the context of public Canadian firms operating in the extractive industries. The findings of our study suggest that firm market-value is positively related to an aggregated indicator of corporate social responsibility (CSR), elaborated by the firm Jantzi Research. We also investigate if the data on our sample firms upheld the view that firm market-value is linked to the components of the aggregated metric used to gauge CSR. Those components reflect corporate performance concerning the relationship with key stakeholders or issues. The study found a positive and statistically significant relationship between firm market-value and the ratings on Community and Society and Employees. Nonetheless, the link appears to be statistically insignificant in the cases of Environment, Human Rights and Corporate Governance. We provide explanations for our results and offer suggestions for future research.

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