Does Corporate Social Responsibility Pay Off?

With one rare exception, to date there has been no empirical support for the proposition that this paper tests: Does a reputation for corporate social responsibility protect a firm from financial harm in times of “crisis?” We explore this question using data from the stock market reactions to the Fortune 500 firms following the failure of the 1999 World Trade Organization’s (WTO) ministers to set an agenda during the organization’s Seattle meeting.

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