Abstract (eng)
This thesis analyzes the effects of socially responsible behavior of companies on their stock returns. First, I present a short overview of academic literature on the topic and discuss pro’s and con’s. Furthermore I point out the long-term perspective in Corporate Social Responsibility for corporations. With a certain screening methodology and data from Kinder Lydenberg Domini (KLD), I divide all companies in the S&P 500 index into deciles (from the most to the least socially responsible). Comparing their weekly average returns I cannot find a positive correlation between social and financial performance. To test if CSR-rankings can be used to explain stock returns I run several regressions. However, I cannot prove the hypothesis that CSR is an explaining variable for stock returns (like e.g. market beta) in a statistically significant way. I argue, however, that a sustainable way of running a business will indeed, in the long-run, lead to a superior financial performance and hence to a better stock return. This argumentation can also be found in various academic papers, which are subsequently presented.