2022 Fiscal Year Final Research Report
How Pandemic Affects Investors' Preferences toward Firm's CSR?
| Project/Area Number |
20K22104
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Multi-year Fund |
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| Review Section |
0107:Economics, business administration, and related fields
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| Research Institution | Rikkyo University (2021-2022)
Waseda University (2020) |
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Principal Investigator |
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| Project Period (FY) |
2020-09-11 – 2023-03-31
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| Keywords | 企業の社会的責任 / 企業価値 / 新型コロナウィルス感染症 / 投資家行動 / CSR / ESG |
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| Outline of Final Research Achievements |
The purpose of this study is to determine how Covid-19 affects investors' evaluation of companies' social activities and their investment behavior. To this end, we 1) observed investment behavior by conducting a quantitative analysis of the impact of Covid-19 on stock price, companies' social performance, and Covid-19, and 2) clarified changes in individual investors' sentiments through a questionnaire survey of individual investors.The research results were summarized in three papers and presented at two peer-reviewed journals and two international conferences.
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| Free Research Field |
経営学
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| Academic Significance and Societal Importance of the Research Achievements |
既存研究において、社会不安や経済の不確実性が投資家等のリスク許容度といった投資判断に影響を与えることは示されているが、これが企業のCSR活動に対する投資家の投資行動に適用できるかは明らかになっていなかった。加えて、社会的責任投資で欧米に次ぐ市場規模を持つにも関わらず、日本での研究は極めて少ない中、本研究により、その構造的因果関係を明らかにすることができた。また、本研究の結果は、Investor Relation (投資家向け広報)戦略を検討する実務者（経営者、広報担当者等）に対しても示唆を与えるものになった。
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