Does CSR engagement pay off?

Sammanfattning: This paper study the relationship between CSR engagement and firm value in terms of market-based as well as accounting-based performance measures for listed companies on OMXSPI between the years 2008-2016. The analysis is conducted using both panel data-based and cross-sectional based regressions. We use ESG scores from Thomson Reuters ASSET4, reflecting a company's performance in four areas: economic, environmental, social and corporate governance. As we rather take a restrictive approach when stating our conclusion and our empirical results show an ambiguous relationship between CSR and firm value, our main finding indicates a neutral relationship between CSR engagement and firm value.