Does Corporate Social Responsibility Disclosure Really Affect Company Image and Stock Price? Evidence from an Emerging Market SET 100 Index

This study examined the importance of corporate social responsibility disclosure (CSR) in an emerging capital market, Thailand, by analysing the association between the level of corporate social responsibility disclosure of Thai listed companies, a company’s image, and its stock price. Corporate social responsibility disclosure was measured by means of a disclosure index. Corporate brand valuation was used as a proxy for company image. Company stock price was measured by a company’s stock price at the end of its fiscal year. The data were collected from listed companies appearing in the Stock Exchange of Thailand’s SET100 Index in 2014-15. Multiple regression analysis was used to assess the model. The empirical results provided evidence that the level of corporate social responsibility disclosure from a company was positively related to its company image (corporate brand valuation), and also indicated a positive relationship between company image and a company’s stock price. The findings of this study suggested that the more a company disclosed corporate social responsibility information, the higher its corporate brand value. This enhanced the company’s image and reputation, which in turn attracted more investors and increased its stock price.

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