The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies

被引：84

作者：

Aureli, Selena ^{[1
]}

Gigli, Sabrina ^{[2
]}

Medei, Renato ^{[1
]}

Supino, Enrico ^{[1
]}

机构：

[1] Univ Bologna, Ctr Adv Studies Tourism, Dept Management, Rimini Campus,Via Anghera 22, Rimini, Italy

[2] Univ Bologna, Dept Management, Bologna, Italy

来源：

CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT | 2020年 / 27卷 / 01期

关键词：

ESG data; event study; listed companies; sustainability report; value relevance; MARKET REACTIONS; FINANCIAL PERFORMANCE; REPORTING EVIDENCE; FIRM PERFORMANCE; RESPONSIBILITY; VALUATION; IMPACT; INITIATIVES; INFORMATION; EARNINGS;

D O I：

10.1002/csr.1772

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The relationship between a company's sustainability practices and its financial performance has been investigated with different methods and from different theoretical perspectives. This study aims to answer the following questions: (a) Do investors react to the publication of sustainability reports on company websites? (b) Has the market reaction to the publication of the sustainability report increased in the last few years? In this study, 170 report disclosures were considered from 55 listed companies from all over the world in the period from 2009 to 2016. To analyze the impact of the report publications on the security returns, 33 different event windows were analyzed. Results show two significant event windows and an increasing level of significance in the reports released after 2013.

引用

页码：43 / 52

页数：10

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