Table 3.

Abnormal market returns surrounding the CSR (event study).

	CSR = 1 [N = 28]
Event window	Coefficient	t-value
[1–5]	.021**	2.36
[1–10]	.035***	3.21
[1–20]	.081***	3.51
[1–30]	.150***	3.94
[1–40]	.123***	2.89
[1–50]	.162***	3.49

Note: ***, ** and * represent the 1%, 5% and 10 % levels of significance, respectively.