According to previous literature research, companies that fulfill their social responsibilities can not only increase shareholder value and strengthen risk management but also gain a good reputation, thereby enhancing investor willingness to invest. In order to encourage companies to engage in social responsibility, "CommonWealth Magazine"
has established the " Excellence in Corporate Social Responsibility Award " to commend companies that fulfill their social responsibilities. This can increase the visibility of companies and encourage enterprise to invest more on social responsibilities.
To understand investors' reactions to the "Excellence in Corporate Social Responsibility Award," whether there existed abnormal returns and abnormal trading volume turnover around the award announcement and award dates of the publicly listed companies that received the award announced by "CommonWealth Magazine" from 2018 to 2022 were investigated. The empirical results showed that all the awarded publicly listed companies, large enterprises, and small enterprises have significant positive cumulative abnormal returns and higher abnormal trading volume turnover. However, medium enterprises, regardless of abnormal returns or abnormal trading volume turnover,
mostly exhibit negative significance during the entire event period, which is inconsistent with the expectations of this study.
