Table 5.

Three types of CSR activities and Abnormal market returns.

	Community = 1 [N = 19]		Customer = 1 [N = 20]		Employee = 1 [N = 13]
Event window	Coefficient	t-value	Coefficient	t-value	Coefficient	t-value
[1–5]	.022***	2.76	.018	1.47	.004	.48
[1–10]	.046***	3.68	.038**	2.1	.032	1.62
[1–20]	.120***	4.06	.087***	3.01	.076*	2.33
[1–30]	.203***	5.8	.158***	3.37	.126*	2.03
[1–40]	.185***	4.11	.147***	2.72	.112	1.6
[1–50]	.228***	4.98	.181***	2.97	.129	1.58

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