Table 4.

Effect of CSR on the hotel's market value.

	Daily Abnormal Returns
Day	Abnormal returns %	Patell Z
−1	0.18%	1.6925
0	−0.73%	−4.9049**
1	−0.73%	−4.5348**
	Cumulative Abnormal Returns
Window	Abnormal returns %	Patell Z
−1,+1	−1.28%	−4.4728**

** denotes significance at 1%.