With the generation of Corporate Social Responsibility (CSR) reporting, firms have the possibility in communicating their sustainability activities towards their stakeholders. Hence, the aim of the study is to observe whether the shareholders are sensitive towards such disclosure of firms CSR activities. The pilot study has been conducted by selecting the top 50 companies listed in the Fortune 500 company list in the year 2015 and collecting their CSR reports. The generated results, from 39 firms, share prices of 26 firms have significantly changed amounting to a 67% of overall change before and after the CSR report creation date. These findings will be of value to the firms and managers when considering disclosing their CSR information, investors when making investment decisions, analysts when making the necessary investment advices, regulators when considering regulation on CSR disclosure practices and to all the other stakeholders who are interested in firm's accountability.
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