TAF PUBLISHING

This study involves ϐinding how the Environmental Social and Governance (ESG) or the Corporate Social Responsibility (CSR) affects investors’ attention in the Stock Exchange of Thailand. The goal is to examine whether there is any interest in investing on the companies with ESG or CSR in the Stock Exchange of Thailand that are in the Environment Social and Governance 100 stocks by Thaipat (ESG100) or the Thailand sustainability investment by SET (TSI list), announced during 2014-2015. Conducting an event study, upon examination of these events, the result shows that there is a signiϐicant negative abnormal return of the TSI list. On the other hand, there are less signiϐicant negative abnormal returns after announcement for the ESG100 list. As the result, CAAR is very small for daily and yearly return, it is not economically signiϐicant and is not able to exploit the abnormal return for trading strategy. In addition, this research study further examines which type of investors are more concerned about the companies advocating for CSR and found that there is no signiϐicance in the result. Thus, there is not enough evidence to conclude which type concerns most on CSR stocks in TSI list.