Sustainability Awards and the Market Value of the Firm: An Empirical Investigation

被引：0
|
作者：
Li, Dan [1 ]
Mu, Yinping [1 ]
机构：
[1] Univ Elect Sci & Technol China, Sch Management & Econ, Chengdu, Sichuan, Peoples R China
来源：
2017 14TH INTERNATIONAL CONFERENCE ON SERVICES SYSTEMS AND SERVICES MANAGEMENT (ICSSSM) | 2017年
关键词：
corporate sustainability development; sustainability award; market value; abnormal returns; FINANCIAL PERFORMANCE; SOCIAL-RESPONSIBILITY; CORPORATE; MANAGEMENT; IMPACT; INITIATIVES; COMPANIES; BUSINESS;
D O I：
暂无
中图分类号：
TP [自动化技术、计算机技术];
学科分类号：
0812 ;
摘要：
This paper empirically estimates the impact of sustainability development on the market value of the firm. We use a firm's receipt of a sustainability award as a proxy for its sustainability development effectiveness. Based on data from 398 announcements of sustainability awards given to the firms during the period 2010-2015, the evidence suggests that, on average, the stock market reaction to sustainability award winning announcement is value neutral, the stock market reacts more positively under certain award giver category. We conclude that companies should analyze and choose better sustainable action to enhance companies' competitiveness.
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页数：6
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