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Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI)

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Cited by:

  1. Eva Cerioni & Alessia D’Andrea & Marco Giuliani & Stefano Marasca, 2021. "Non-Financial Disclosure and Intra-Industry Comparability: A Macro, Meso and Micro Analysis," Sustainability, MDPI, vol. 13(3), pages 1-23, January.
  2. Afriyadi Cahyadi & Diah Natalisa & József Poór & Badia Perizade & Katalin Szabó, 2022. "Predicting the Relationship between Green Transformational Leadership, Green Human Resource Management Practices, and Employees’ Green Behavior," Administrative Sciences, MDPI, vol. 13(1), pages 1-15, December.
  3. Amrou Awaysheh & Randall A. Heron & Tod Perry & Jared I. Wilson, 2020. "On the relation between corporate social responsibility and financial performance," Strategic Management Journal, Wiley Blackwell, vol. 41(6), pages 965-987, June.
  4. Xintao Li & Qian Li, 2022. "Does corporate social responsibility affect the achievement of performance commitment in valuation adjustment mechanism agreement? Evidence from Chinese listed company," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(2), pages 533-543, March.
  5. Mirza, Nawazish & Naeem, Muhammad Abubakr & Ha Nguyen, Thi Thu & Arfaoui, Nadia & Oliyide, Johnson A., 2023. "Are sustainable investments interdependent? The international evidence," Economic Modelling, Elsevier, vol. 119(C).
  6. Atkins, Ryan & Favreau, Charles, 2022. "The effects of layoffs and plant closings on manufacturers’ market value," International Journal of Production Economics, Elsevier, vol. 245(C).
  7. Marco BECHT & Julian FRANKS & MIYAJIMA Hideaki & SUZUKI Kazunori, 2023. "Does Paying Passive Managers to Engage Improve ESG Performance?," Discussion papers 23077, Research Institute of Economy, Trade and Industry (RIETI).
  8. Yun Wang & Yanxi Li & Zhuang Ma & Jinbo Song, 2019. "The Deterrence Effect of a Penalty for Environmental Violation," Sustainability, MDPI, vol. 11(15), pages 1-19, August.
  9. Franzen, Philipp, 2022. "Einflussanalyse des Dow Jones Sustainability Europe Index auf den Unternehmenswert: Eine Ereignisstudie," Wismar Discussion Papers 02/2022, Hochschule Wismar, Wismar Business School.
  10. M. Ángeles López-Cabarcos & Ada M. Pérez-Pico & M. Luisa López-Pérez, 2019. "Does Social Network Sentiment Influence S&P 500 Environmental & Socially Responsible Index?," Sustainability, MDPI, vol. 11(2), pages 1-10, January.
  11. Matthew Lee & Arzi Adbi & Jasjit Singh, 2020. "Categorical cognition and outcome efficiency in impact investing decisions," Strategic Management Journal, Wiley Blackwell, vol. 41(1), pages 86-107, January.
  12. Karime Chahuán-Jiménez, 2020. "Correlation between the DJSI Chile and the Financial Indices of Chilean Companies," IJFS, MDPI, vol. 8(4), pages 1-14, November.
  13. Jannik Gerwanski & Othar Kordsachia & Patrick Velte, 2019. "Determinants of materiality disclosure quality in integrated reporting: Empirical evidence from an international setting," Business Strategy and the Environment, Wiley Blackwell, vol. 28(5), pages 750-770, July.
  14. Juying Wang & Xiaoqing Yu, 2021. "The Driving Path of Customer Sustainable Consumption Behaviors in the Context of the Sharing Economy—Based on the Interaction Effect of Customer Signal, Service Provider Signal, and Platform Signal," Sustainability, MDPI, vol. 13(7), pages 1-16, March.
  15. Ben W. Lewis & W. Chad Carlos, 2023. "The risk of being ranked: Investor response to marginal inclusion on the 100 Best Corporate Citizens list," Strategic Management Journal, Wiley Blackwell, vol. 44(1), pages 117-140, January.
  16. Moonsoo Kang & K. G. Viswanathan & Nancy A. White & Edward J. Zychowicz, 2022. "Sustainability Efforts, Index Recognition, and Stock Performance," Springer Books, in: Marielle de Jong & Dan diBartolomeo (ed.), Risks Related to Environmental, Social and Governmental Issues (ESG), pages 45-57, Springer.
  17. Sahar E-Vahdati & Wan Nordin Wan-Hussin & Mohd Shazwan Mohd Ariffin, 2023. "The Value Relevance of ESG Practices in Japan and Malaysia: Moderating Roles of CSR Award, and Former CEO as a Board Chair," Sustainability, MDPI, vol. 15(3), pages 1-17, February.
  18. Mark R. DesJardine & Rodolphe Durand, 2020. "Disentangling the effects of hedge fund activism on firm financial and social performance," Strategic Management Journal, Wiley Blackwell, vol. 41(6), pages 1054-1082, June.
  19. Birindelli, Giuliana & Miazza, Aline & Paimanova, Viktoriia & Palea, Vera, 2023. "Just “blah blah blah”? Stock market expectations and reactions to COP26," International Review of Financial Analysis, Elsevier, vol. 88(C).
  20. Wanling Rudkin & Charlie X Cai, 2019. "Reaction Asymmetries to Social Responsibility Index Recomposition: A Matching Portfolio Approach," Papers 1911.12582, arXiv.org.
  21. R. Rajesh & Chandrasekharan Rajendran, 2020. "Relating Environmental, Social, and Governance scores and sustainability performances of firms: An empirical analysis," Business Strategy and the Environment, Wiley Blackwell, vol. 29(3), pages 1247-1267, March.
  22. Arfaoui, Nadia & Naeem, Muhammad Abubakr & Boubaker, Sabri & Mirza, Nawazish & Karim, Sitara, 2023. "Interdependence of clean energy and green markets with cryptocurrencies," Energy Economics, Elsevier, vol. 120(C).
  23. Samuel Jebaraj Benjamin & Pallab Kumar Biswas, 2022. "Does winning a CSR Award increase firm value?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 19(3), pages 313-329, September.
  24. Lin, Fengyi & Lin, Sheng-Wei & Fang, Wen-Chang, 2022. "Impact of CEO narcissism and hubris on corporate sustainability and firm performance," The North American Journal of Economics and Finance, Elsevier, vol. 59(C).
  25. Erli Dan & Jianfei Shen, 2022. "Establishment of Corporate Energy Management Systems and Voluntary Carbon Information Disclosure in Chinese Listed Companies: The Moderating Role of Corporate Leaders’ Low-Carbon Awareness," Sustainability, MDPI, vol. 14(5), pages 1-28, February.
  26. François Maon & Valérie Swaen & Kenneth de Roeck, 2021. "Coporate branding and corporate social responsibility: Toward a multi-stakeholder interpretive perspective," Post-Print hal-03275858, HAL.
  27. Jordi A. Surroca & Ruth V. Aguilera & Kurt Desender & Josep A. Tribó, 2020. "Is managerial entrenchment always bad and corporate social responsibility always good? A cross‐national examination of their combined influence on shareholder value," Strategic Management Journal, Wiley Blackwell, vol. 41(5), pages 891-920, May.
  28. Katharina Kaupke & Dodo zu Knyphausen‐Aufseß, 2023. "Sustainability and firm value in the oil and gas industry—A vicious circle?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(3), pages 1129-1144, May.
  29. Juan Pineiro-Chousa & Noelia Romero-Castro & Marcos Vizcaíno-González, 2019. "Inclusions in and Exclusions from the S&P 500 Environmental and Socially Responsible Index: A Fuzzy-Set Qualitative Comparative Analysis," Sustainability, MDPI, vol. 11(4), pages 1-31, February.
  30. Isabel‐María García‐Sánchez & Nazim Hussain & Jennifer Martínez‐Ferrero & Emiliano Ruiz‐Barbadillo, 2019. "Impact of disclosure and assurance quality of corporate sustainability reports on access to finance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(4), pages 832-848, July.
  31. Lu Qiao & Jianfeng Wu, 2019. "Pay for Being Responsible: The Effect of Target Firm’s Corporate Social Responsibility on Cross-Border Acquisition Premiums," Sustainability, MDPI, vol. 11(5), pages 1-21, March.
  32. Sara Amabile & Francesca Conte & Agostino Vollero & Alfonso Siano, 2022. "Measuring and evaluating CSR information and involvement strategies on corporate Facebook pages," Italian Journal of Marketing, Springer, vol. 2022(3), pages 341-369, September.
  33. Pierre Chandon & Romain Cadario, 2023. "Healthy in the wrong way: Mismatching of marketers’ food claim use and consumers’ preferences in the United States but not France," Journal of the Academy of Marketing Science, Springer, vol. 51(1), pages 153-173, January.
  34. Kun Li & Nasrin R. Khalili & Weiquan Cheng, 2019. "Corporate Social Responsibility Practices in China: Trends, Context, and Impact on Company Performance," Sustainability, MDPI, vol. 11(2), pages 1-19, January.
  35. Hyun, Soonchul & Kim, Jong Min & Liu, Ying, 2023. "Equal gains and pains? Analyzing corporate financial performance for industrial corporate social performance leaders and laggards," Journal of Business Research, Elsevier, vol. 155(PB).
  36. Ishva Minefee & Mary‐Hunter McDonnell & Timothy Werner, 2021. "Reexamining investor reaction to covert corporate political activity: A replication and extension of Werner (2017)," Strategic Management Journal, Wiley Blackwell, vol. 42(6), pages 1139-1158, June.
  37. Jing‐Lin Duanmu & Maoliang Bu & Russell Pittman, 2018. "Does market competition dampen environmental performance? Evidence from China," Strategic Management Journal, Wiley Blackwell, vol. 39(11), pages 3006-3030, November.
  38. Giovanni Cardillo & Ennio Bendinelli & Giuseppe Torluccio, 2023. "COVID‐19, ESG investing, and the resilience of more sustainable stocks: Evidence from European firms," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 602-623, January.
  39. Pedro Moskovics & Peter Wanke & Yong Tan & Ali Meftah Gerged, 2024. "Market structure, ESG performance, and corporate efficiency: Insights from Brazilian publicly traded companies," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 241-262, February.
  40. N. Denuwara & A. Kim & V. Atree & P. Newenhisen & C. Gibson & D. Schork & M. Hakovirta, 2022. "Corporate economic performance and sustainability indices: a study based on the Dow Jones Sustainability Index," SN Business & Economics, Springer, vol. 2(7), pages 1-22, July.
  41. Minoo Tehrani & Andreas Rathgeber & Lawrence Fulton & Bryan Schmutz, 2021. "Sustainability & CSR: The Relationship with Hofstede Cultural Dimensions," Sustainability, MDPI, vol. 13(21), pages 1-17, November.
  42. Biktimirov, Ernest N. & Afego, Pyemo N., 2022. "Do investors value environmental sustainability? Evidence from the FTSE Environmental Opportunities 100 index," Finance Research Letters, Elsevier, vol. 44(C).
  43. Siew Peng Lee, 2023. "Board monitoring effectiveness and corporate sustainability performance: do legal system and CEO non-duality matter?," Review of Managerial Science, Springer, vol. 17(4), pages 1243-1267, May.
  44. Peillex, Jonathan, 2022. "Comment expliquer la décision de création d’un fond éthique ? [What explain the creation of ethical funds?]," MPRA Paper 115067, University Library of Munich, Germany.
  45. Arjun Mitra & Corinne Post & Steve Sauerwald, 2021. "Evaluating Board Candidates: A Threat-Contingency Model of Shareholder Dissent Against Female Director Candidates," Organization Science, INFORMS, vol. 32(1), pages 86-110, January.
  46. Um‐E‐Roman Fayyaz & Raja Nabeel‐Ud‐Din Jalal & Michelina Venditti & Antonio Minguez‐Vera, 2023. "Diverse boards and firm performance: The role of environmental, social and governance disclosure," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(3), pages 1457-1472, May.
  47. Paola Demartini & Claudia Pagliei, 2023. "Can we trust ESG Ratings? Some insights based on a bibliometric analysis of ESG data quality and rating reliability," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2023(2 Suppl.), pages 161-187.
  48. Rudkin, Wanling & Cai, Charlie X., 2023. "Information content of sustainability index recomposition: A synthetic portfolio approach," International Review of Financial Analysis, Elsevier, vol. 88(C).
  49. Xin Xu & Yi Xie & Feng Xiong & Yan Li, 2022. "The Impact of COVID-19 on Investors’ Investment Intention of Sustainability-Related Investment: Evidence from China," Sustainability, MDPI, vol. 14(9), pages 1-37, April.
  50. Mirzokhidjon Abdurakhmonov & Roary E. Snider & Jason W. Ridge & Dinesh Hasija, 2023. "Perceptions of political Self‐Dealing? An empirical investigation of market returns surrounding the disclosure of politician stock purchases," Strategic Management Journal, Wiley Blackwell, vol. 44(5), pages 1168-1198, May.
  51. de Lange, Deborah & Valliere, Dave, 2020. "Investor preferences between the sharing economy and incumbent firms," Journal of Business Research, Elsevier, vol. 116(C), pages 37-47.
  52. He Soung Ahn, 2020. "Sustaining the Family Business through Open Innovation: The Role of Technological Acquisitions in Shareholder Value Creation," Sustainability, MDPI, vol. 12(18), pages 1-17, September.
  53. El Ouadghiri, Imane & Guesmi, Khaled & Peillex, Jonathan & Ziegler, Andreas, 2021. "Public Attention to Environmental Issues and Stock Market Returns," Ecological Economics, Elsevier, vol. 180(C).
  54. Aneta Havlinova & Jiri Kukacka, 2023. "Corporate Social Responsibility and Stock Prices After the Financial Crisis: The Role of Strategic CSR Activities," Journal of Business Ethics, Springer, vol. 182(1), pages 223-242, January.
  55. Lorenzo Dal Maso & Gerald J. Lobo & Francesco Mazzi & Luc Paugam, 2020. "Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors' Assessment of Going‐Concern Risk†," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 1248-1289, June.
  56. Lyon Salia Awuah & Kwame Oduro Amoako & Stephen Yeboah & Emmanuel Opoku Marfo & Peter Ansu-Mensah, 2021. "Corporate Social Responsibility (CSR): motivations and challenges of a Multinational Enterprise (MNE) subsidiary’s engagement with host communities in Ghana," International Journal of Corporate Social Responsibility, Springer, vol. 6(1), pages 1-13, December.
  57. Laura Toschi & Elisa Ughetto & Andrea Fronzetti Colladon, 2023. "The identity of social impact venture capitalists: exploring social linguistic positioning and linguistic distinctiveness through text mining," Small Business Economics, Springer, vol. 60(3), pages 1249-1280, March.
  58. Isabel‐María García‐Sánchez & Nazim Hussain & Sana‐Akbar Khan & Jennifer Martínez‐Ferrero, 2022. "Assurance of corporate social responsibility reports: Examining the role of internal and external corporate governance mechanisms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(1), pages 89-106, January.
  59. Olga Hawn, 2021. "How media coverage of corporate social responsibility and irresponsibility influences cross‐border acquisitions," Strategic Management Journal, Wiley Blackwell, vol. 42(1), pages 58-83, January.
  60. Felipe Arias Fogliano de Souza Cunha & Erick Meira de Oliveira & Renato J. Orsato & Marcelo Cabus Klotzle & Fernando Luiz Cyrino Oliveira & Rodrigo Goyannes Gusmão Caiado, 2020. "Can sustainable investments outperform traditional benchmarks? Evidence from global stock markets," Business Strategy and the Environment, Wiley Blackwell, vol. 29(2), pages 682-697, February.
  61. Jacobo Gomez-Conde & Ernesto Lopez-Valeiras & Fabricia Silva Rosa & Rogério João Lunkes, 2023. "The effect of management control systems in managing the unknown: Does the market appreciate the breadth of vision?," Review of Managerial Science, Springer, vol. 17(8), pages 2769-2795, November.
  62. Bryan Schmutz & Minoo Tehrani & Lawrence Fulton & Andreas W. Rathgeber, 2020. "Dow Jones Sustainability Indices, Do They Make a Difference? The U.S. and the European Union Companies," Sustainability, MDPI, vol. 12(17), pages 1-15, August.
  63. Chang Hoon Oh & Daniel Shapiro & Shuna Shu Ham Ho & Jiyoung Shin, 2020. "Location matters: Valuing firm‐specific nonmarket risk in the global mining industry," Strategic Management Journal, Wiley Blackwell, vol. 41(7), pages 1210-1244, July.
  64. Zehua He & Kexin Hu & Zhongfei Li, 2023. "Drifting from the Sustainable Development Goal: Style Drift in ESG Funds," Sustainability, MDPI, vol. 15(16), pages 1-24, August.
  65. Pablo Vilas & Laura Andreu & José Luis Sarto, 2021. "The Convergence between Sustainability and Conventional Stock Indices. Are We on the Right Track?," Sustainability, MDPI, vol. 13(14), pages 1-11, July.
  66. Ashish Kumar Jha & Nishant Kumar Verma, 2023. "Social Media Sustainability Communication: An Analysis of Firm Behaviour and Stakeholder Responses," Information Systems Frontiers, Springer, vol. 25(2), pages 723-742, April.
  67. Kim, Daniel & Pouget, Sébastien, 2023. "Do carbon emissions affect the cost of capital? Primary versus secondary corporate bond markets," TSE Working Papers 23-1472, Toulouse School of Economics (TSE).
  68. Selena Aureli & Sabrina Gigli & Renato Medei & Enrico Supino, 2020. "The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(1), pages 43-52, January.
  69. Pyounggu Baek & Taesung Kim, 2021. "Socially Responsible HR in Action: Learning from Corporations Listed on the Dow Jones Sustainability Index World 2018/2019," Sustainability, MDPI, vol. 13(6), pages 1-17, March.
  70. Seongtae Kim & Sangho Chae, 2022. "Shareholder Value Effects of Ethical Sourcing: Comparing Reactive and Proactive Initiatives," Journal of Business Ethics, Springer, vol. 179(3), pages 887-906, September.
  71. Iqbal, Najaf & Naeem, Muhammad Abubakr & Suleman, Muhammed Tahir, 2022. "Quantifying the asymmetric spillovers in sustainable investments," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
  72. Reindolph Osei Anim & Newman Amaning & Joyce Ama Quartey & Patrick Twumasi Frimpong, 2021. "Exploring the impact of Corporate Social Responsibility on the Financial Performance of Rural and Community Banks in Ghana," International Business Research, Canadian Center of Science and Education, vol. 14(2), pages 1-37, February.
  73. Jongmoo Jay Choi & Jimi Kim & Oded Shenkar, 2023. "Temporal Orientation and Corporate Social Responsibility: Global Evidence," Journal of Management Studies, Wiley Blackwell, vol. 60(1), pages 82-119, January.
  74. Pia Ellimäki & Ruth V. Aguilera & Nuria Esther Hurtado-Torres & J. Alberto Aragón-Correa, 2023. "The link between foreign institutional owners and multinational enterprises’ environmental outcomes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(5), pages 910-927, July.
  75. Jędrzej Białkowski & Anna Sławik, 2021. "Do investors respond to changes in the composition of sustainability indices?," Bank i Kredyt, Narodowy Bank Polski, vol. 52(4), pages 319-338.
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