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Chapter 5 The Negative Relationship Between Event-Specific Corporate Social Responsibility and Shareholder Value

Previous work has shown that corporate social responsibility (CSR) initiatives can preserve shareholder value after an organization experiences a negative event. I expand on this theory by examining one boundary condition that could lead to the opposite relationship: when the organization has a CSR initiative intended to prevent the type of event that occurs. The author argues that activist pressure will enhance the negative relationship between event-specific CSR and shareholder value. Using an event-study, the author examines the apparel industry after the collapse of Rana Plaza which killed over a thousand apparel supply chain employees.