Researcher ORCID Identifier


Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Reader 1

Benjamin Gillen

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Terms of Use for work posted in Scholarship@Claremont.

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@Julissa D. Ponce


Corporate Social Responsibility (CSR) activities have gained significant attention as a method for firms to attract new investors. This paper investigates whether different types of CSR activities have varying impacts on a firm's stock price. The study employs an event study methodology, concentrating on American companies listed on the New York Stock Exchange (NYSE) during the years 2019 and 2022 (excluding 2020 and 2021 due to the COVID-19 Pandemic). The analysis focuses on three CSR categories: Environmental, Diversity, and Philanthropic activities. On average, firms with philanthropic and diversity news releases witness a stock price increase of 3.17% and 2.62%, respectively, while companies gain nothing on average from environmental announcements.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.