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The Effect of Corporate Social Responsibility on Stock Prices

Student: Protasova Mariya

Supervisor: Alexandra Galanova

Faculty: Faculty of Economic Sciences

Educational Programme: Bachelor

Year of Graduation: 2014

<p>The following paper is devoted to the problem of corporate social responsibility that is becoming extremely popular nowadays all around the world. In Russia the development of CSR &nbsp;is delayed, however more and more Russian companies realize numerous advantages of sustainability and start to adopt CSR practices. The main aim of the study is to develop the model that will allow to estimate the relationship between stock prices of Russian companies and their commitment to CSR. Theoretical concepts of CSR are examined in the paper, also new definition for CSR that includes all general aspects of the problem is given. A broad literature review of related academic articles is given and a new classification for existing papers is offered. The hypothesis that is proposed by the Author is that there is no string relationship between share prices of Russian companies and their commitment to CSR. The analysis is provided for 20 largest Russian companies that are listed on the Moscow Exchange. Examined time period is 2010-2012. The integrated index that includes the impact of both CSR activities and transparency of information was developed to measure company&rsquo;s commitment to CSR. For each company the index was estimated in accordance with its CSR report. The relationship between share prices of Russian companies and their commitment to CSR was examined using methods of regression analysis. The result of the model is a confirmation of the hypothesis about insignificant impact of CSR practices on the share prices of Russian companies. Recommendations for further CSR development in Russia are given based on the results of the study. In addition, the survey on the CSR awareness is conducted and areas for further research and model improvement are identified.</p>

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