Journal of Business Ethics

, Volume 15, Issue 3, pp 309–314 | Cite as

Corporate social investments: Do they pay?

  • G. Steven McMillan


The stock market reaction to two very different corporate social investments (the 1977 Sullivan Principles adoption announcement and the 1990 McDonald's Corporation environmental statement) is explored. A market model event study methodology is employed using daily stock returns. The results are that the stock market appears to have ignored the 1977 announcement, but rewarded the 1990 event. Future research and possible managerial implications are discussed.


Economic Growth Stock Market Stock Return Event Study Market Model 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Kluwer Academic Publishers 1996

Authors and Affiliations

  • G. Steven McMillan
    • 1
  1. 1.Dept. of General & Strategic Management, School of Business and ManagementTemple UniversityPhiladelphiaUSA

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