Journal of Business Ethics

, Volume 92, Issue 3, pp 401–413

Does Corporate Social Responsibility Matter in Asian Emerging Markets?

  • Yan Leung Cheung
  • Weiqiang Tan
  • Hee-Joon Ahn
  • Zheng Zhang

DOI: 10.1007/s10551-009-0164-3

Cite this article as:
Cheung, Y.L., Tan, W., Ahn, HJ. et al. J Bus Ethics (2010) 92: 401. doi:10.1007/s10551-009-0164-3


This study addresses the question whether corporate social responsibility (CSR) matters in Asian Emerging Markets. Based on CSR scores compiled by Credit Lyonnais Securities (Asia), we assess the CSR performance of major Asian firms over a period of 3 years, from 2001 to 2004. The results show that there is a positive and significant relation between CSR and market valuation among Asian firms. We further find that CSR is positively related to the market valuation of the subsequent year. More importantly, Asian firms are rewarded by the market for improving their CSR practice.


Asian Emerging Marketscorporate social responsibilitycorporate valuation

JEL Classification


Copyright information

© Springer Science+Business Media B.V. 2009

Authors and Affiliations

  • Yan Leung Cheung
    • 1
  • Weiqiang Tan
    • 2
  • Hee-Joon Ahn
    • 3
  • Zheng Zhang
    • 4
  1. 1.School of BusinessHong Kong Baptist UniversityKowloonHong Kong SAR
  2. 2.City University of Hong KongKowloonHong Kong SAR
  3. 3.Business SchoolSungkyunkwan UniversitySeoulSouth Korea
  4. 4.Guanghua School of ManagementBeijingChina