Skewness of Stock Returns and corporate social responsibility

Hajiha, Zohreh; Chenari Bouket, Hassan

doi:10.18869/acadpub.aapc.1.1.77

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Volume 1, Issue 1 (9-2016)

aapc 2016, 1(1): 77-98

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Skewness of Stock Returns and corporate social responsibility

Zohreh Hajiha

¹, Hassan Chenari Bouket²

1- Associate Professorof Accounting, Islamic Azad University, East Tehran Branch(Corresponding author) , drzhajiha@gmail.com
2- Master of Science in Accounting, Islamic Azad University, South Tehran Branch(ha_chenari@yahoo.com)

Abstract: (6408 Views)

The aim of this study was to examine the relationship between corporate social responsibility with the skewness of StockReturns in companies listed on the Stock Exchange in Tehran. Information required for the study of the financial statements of 81 companies in the period 2011-2015 were are collected. The research corporate social responsibility through criteria to support education programs, the logarithm of the Board and ratio of fixed assets to total assets has been used and has been used and skewness stock returns and stock returns into positive skewness return on equity was negative skewness classification. The results of the first hypothesis test demonstrated that changing corporate social responsibility and positive skewness and there is a direct correlation of stock returns. In other words, by increasing the social responsibility of the companies surveyed, positive skewness increases the return on equity and increase in stock prices increase. But the second hypothesis test results showed that the variable of corporate social responsibility and negative skewness and there is a significant inverse correlation of stock returns. In other words, by increasing the social responsibility of the companies surveyed, negative skewness stock returns decline and fall of stock prices decline.

Keywords: Skewness of Stock Returns, Stock Price Crash Risk, Corporate Social Responsibility

Full-Text [PDF 165 kb] (4885 Downloads)

Type of Study: Research | Subject: Special
Received: 2016/06/24 | Accepted: 2016/06/24 | Published: 2016/06/24

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‎ 10.18869/acadpub.aapc.1.1.77

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Hajiha Z, Chenari Bouket H. Skewness of Stock Returns and corporate social responsibility. aapc 2016; 1 (1) :77-98
URL: http://aapc.khu.ac.ir/article-1-49-en.html

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