Journal of Business Ethics

, Volume 92, Issue 3, pp 401-413

First online:

Does Corporate Social Responsibility Matter in Asian Emerging Markets?

  • Yan Leung CheungAffiliated withSchool of Business, Hong Kong Baptist University Email author 
  • , Weiqiang TanAffiliated withCity University of Hong Kong
  • , Hee-Joon AhnAffiliated withBusiness School, Sungkyunkwan University
  • , Zheng ZhangAffiliated withGuanghua School of Management

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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 Markets corporate social responsibility corporate valuation

JEL Classification

G3 G34 M14