IDEAS home Printed from https://ideas.repec.org/a/eee/riibaf/v77y2025ipas0275531925001588.html
   My bibliography  Save this article

The market power of ESG index providers: The effects of rebalancing ESG-themed indices

Author

Listed:
  • Barontini, Roberto
  • Gioja, Luigi

Abstract

This paper examines market reactions to changes in the composition of 11 MSCI ESG indices over the period 2011–2021. The results highlight the market power of ESG index providers. In summary, revisions to an index typically induce abnormal returns and abnormal trading volume, which are generally related to significant ownership changes. Abnormal trading volume is detected on the day of the effective change in the composition of the index. This is consistent with strong portfolio rebalancing. However, statistically significant abnormal returns can still be found after 30 days, especially for excluded firms. This demonstrates that composition changes can have a permanent impact on market value. Additionally, the impact is stronger in emerging markets and for heavy-polluting firms and has been more pronounced since the signing of the Paris Agreement in 2016. Both long-term and short-term institutional investors increase (reduce) their ownership in admitted (excluded) firms after the change, while strategic investors will look to reduce their equity stakes before the exclusion and then increase them once the index has been rebalanced.

Suggested Citation

  • Barontini, Roberto & Gioja, Luigi, 2025. "The market power of ESG index providers: The effects of rebalancing ESG-themed indices," Research in International Business and Finance, Elsevier, vol. 77(PA).
    • Handle: RePEc:eee:riibaf:v:77:y:2025:i:pa:s0275531925001588
    DOI: 10.1016/j.ribaf.2025.102902
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0275531925001588
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ribaf.2025.102902?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Ioannis Oikonomou & Chao Yin & Lei Zhao, 2020. "Investment horizon and corporate social performance: the virtuous circle of long-term institutional ownership and responsible firm conduct," The European Journal of Finance, Taylor & Francis Journals, vol. 26(1), pages 14-40, January.
    2. Emirhan Ilhan & Philipp Krueger & Zacharias Sautner & Laura T Starks, 2023. "Climate Risk Disclosure and Institutional Investors," The Review of Financial Studies, Society for Financial Studies, vol. 36(7), pages 2617-2650.
    3. Biktimirov, Ernest N. & Afego, Pyemo N., 2022. "Does investors’ valuation of corporate environmental activities vary between developed and emerging market firms?," Finance Research Letters, Elsevier, vol. 47(PA).
    4. repec:bla:jfinan:v:59:y:2004:i:4:p:1901-1930 is not listed on IDEAS
    5. 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.
    6. Pástor, Ľuboš & Stambaugh, Robert F. & Taylor, Lucian A., 2021. "Sustainable investing in equilibrium," Journal of Financial Economics, Elsevier, vol. 142(2), pages 550-571.
    7. Erhemjamts, Otgontsetseg & Huang, Kershen, 2019. "Institutional ownership horizon, corporate social responsibility and shareholder value," Journal of Business Research, Elsevier, vol. 105(C), pages 61-79.
    8. Michael E. Porter, 1992. "Capital Choices: Changing The Way America Invests In Industry," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(2), pages 4-16, June.
    9. Hoje Jo & Maretno Harjoto, 2011. "Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 103(3), pages 351-383, October.
    10. 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).
    11. Konstantina Kappou & Ioannis Oikonomou, 2016. "Is There a Gold Social Seal? The Financial Effects of Additions to and Deletions from Social Stock Indices," Journal of Business Ethics, Springer, vol. 133(3), pages 533-552, February.
    12. Gunnar Friede & Timo Busch & Alexander Bassen, 2015. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 210-233, October.
    13. Miwa Nakai & Keiko Yamaguchi & Kenji Takeuchi, 2013. "Sustainability membership and stock price: an empirical study using the Morningstar-SRI Index," Applied Financial Economics, Taylor & Francis Journals, vol. 23(1), pages 71-77, January.
    14. Monica Billio & Michele Costola & Iva Hristova & Carmelo Latino & Loriana Pelizzon, 2021. "Inside the ESG ratings: (Dis)agreement and performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(5), pages 1426-1445, September.
    15. Vanessa M Strike & Jijun Gao & Pratima Bansal, 2006. "Being good while being bad: social responsibility and the international diversification of US firms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 37(6), pages 850-862, November.
    16. Robert A. Weigand, 1996. "Trading volume and firm size: A test of the information spillover hypothesis," Review of Financial Economics, John Wiley & Sons, vol. 5(1), pages 47-58, December.
    17. Ernest N. Biktimirov & Arnold R. Cowan & Bradford D. Jordan, 2004. "Do Demand Curves for Small Stocks Slope Down?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 27(2), pages 161-178, June.
    18. Devi Lusyana & Mohamed Sherif, 2017. "Shariah-compliant investments and stock returns: evidence from the Indonesian stock market," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 8(2), pages 143-160, April.
    19. Detre, Joshua D. & Gunderson, Michael A., . "The Triple Bottom Line: What is the Impact on the Returns to Agribusiness?," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 14(4), pages 1-14.
    20. Becchetti, Leonardo & Ciciretti, Rocco & Hasan, Iftekhar & Kobeissi, Nada, 2012. "Corporate social responsibility and shareholder's value," Journal of Business Research, Elsevier, vol. 65(11), pages 1628-1635.
    21. James W. Kolari & Seppo Pynnönen, 2010. "Event Study Testing with Cross-sectional Correlation of Abnormal Returns," The Review of Financial Studies, Society for Financial Studies, vol. 23(11), pages 3996-4025, November.
    22. Rodolphe Durand & Luc Paugam & Hervé Stolowy, 2019. "Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility," Strategic Management Journal, Wiley Blackwell, vol. 40(9), pages 1471-1490, September.
    23. Costanza Consolandi & Ameeta Jaiswal-Dale & Elisa Poggiani & Alessandro Vercelli, 2009. "Global Standards and Ethical Stock Indexes: The Case of the Dow Jones Sustainability Stoxx Index," Journal of Business Ethics, Springer, vol. 87(1), pages 185-197, April.
    24. Fujii, Hidemichi & Managi, Shunsuke, 2013. "Which industry is greener? An empirical study of nine industries in OECD countries," Energy Policy, Elsevier, vol. 57(C), pages 381-388.
    25. Julia Lackmann & Jürgen Ernstberger & Michael Stich, 2012. "Market Reactions to Increased Reliability of Sustainability Information," Journal of Business Ethics, Springer, vol. 107(2), pages 111-128, May.
    26. Supriti Mishra & Damodar Suar, 2010. "Does Corporate Social Responsibility Influence Firm Performance of Indian Companies?," Journal of Business Ethics, Springer, vol. 95(4), pages 571-601, September.
    27. Carhart, Mark M, 1997. "On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    28. Johannes Petry & Jan Fichtner & Eelke Heemskerk, 2021. "Steering capital: the growing private authority of index providers in the age of passive asset management," Review of International Political Economy, Taylor & Francis Journals, vol. 28(1), pages 152-176, January.
    29. Adrian Wai Kong Cheung, 2011. "Do Stock Investors Value Corporate Sustainability? Evidence from an Event Study," Journal of Business Ethics, Springer, vol. 99(2), pages 145-165, March.
    30. Timo Busch & Gunnar Friede, 2018. "The Robustness of the Corporate Social and Financial Performance Relation: A Second‐Order Meta‐Analysis," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(4), pages 583-608, July.
    31. Francisco Barillas & Jay Shanken, 2018. "Comparing Asset Pricing Models," Journal of Finance, American Finance Association, vol. 73(2), pages 715-754, April.
    32. Janik, Bogna & Bartkowiak, Marcin, 2022. "Are sustainable investments profitable for investors in Central and Eastern European Countries (CEECs)?," Finance Research Letters, Elsevier, vol. 44(C).
    33. Rehfeldt, M. & Worrell, E. & Eichhammer, W. & Fleiter, T., 2020. "A review of the emission reduction potential of fuel switch towards biomass and electricity in European basic materials industry until 2030," Renewable and Sustainable Energy Reviews, Elsevier, vol. 120(C).
    34. 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).
    35. 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.
    36. Mercedes Alda, 2019. "Corporate sustainability and institutional shareholders: The pressure of social responsible pension funds on environmental firm practices," Business Strategy and the Environment, Wiley Blackwell, vol. 28(6), pages 1060-1071, September.
    37. Jonathan Luffarelli & Amrou Awaysheh, 2018. "The Impact of Indirect Corporate Social Performance Signals on Firm Value: Evidence from an Event Study," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(3), pages 295-310, May.
    38. Joon Woo Park & Chang Won Lee, 2018. "Performance of stock price with changes in SRI governance index," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(6), pages 1121-1129, November.
    39. Boehmer, Ekkehart & Masumeci, Jim & Poulsen, Annette B., 1991. "Event-study methodology under conditions of event-induced variance," Journal of Financial Economics, Elsevier, vol. 30(2), pages 253-272, December.
    40. Harris, Lawrence E & Gurel, Eitan, 1986. "Price and Volume Effects Associated with Changes in the S&P 500 List: New Evidence for the Existence of Price Pressures," Journal of Finance, American Finance Association, vol. 41(4), pages 815-829, September.
    41. Verrecchia, Re, 1981. "On The Relationship Between Volume Reaction And Consensus Of Investors - Implications For Interpreting Tests Of Information-Content," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 19(1), pages 271-283.
    42. Olga Hawn & Aaron K. Chatterji & Will Mitchell, 2018. "Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI)," Strategic Management Journal, Wiley Blackwell, vol. 39(4), pages 949-976, April.
    43. Abdul Waheed & Shahzad Hussain & Hasan Hanif & Hamid Mahmood & Qaisar Ali Malik, 2021. "Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance," Cogent Business & Management, Taylor & Francis Journals, vol. 8(1), pages 1938349-193, January.
    44. Durand, Rodolphe & Paugam, Luc & Stolowy, Hervé, 2019. "Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility," HEC Research Papers Series 1335, HEC Paris.
    45. Michael Robinson & Anne Kleffner & Stephanie Bertels, 2011. "Signaling Sustainability Leadership: Empirical Evidence of the Value of DJSI Membership," Journal of Business Ethics, Springer, vol. 101(3), pages 493-505, July.
    46. Iain Clacher & Jens Hagendorff, 2012. "Do Announcements About Corporate Social Responsibility Create or Destroy Shareholder Wealth? Evidence from the UK," Journal of Business Ethics, Springer, vol. 106(3), pages 253-266, March.
    47. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    48. Fichtner, Jan & Heemskerk, Eelke M. & Garcia-Bernardo, Javier, 2017. "Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk†," Business and Politics, Cambridge University Press, vol. 19(2), pages 298-326, June.
    49. Lois Mahoney & Robin W. Roberts, 2007. "Corporate social performance, financial performance and institutional ownership in Canadian firms," Accounting Forum, Taylor & Francis Journals, vol. 31(3), pages 233-253, September.
    50. Karamfil Todorov, 2024. "When passive funds affect prices: evidence from volatility and commodity ETFs," Review of Finance, European Finance Association, vol. 28(3), pages 831-863.
    51. Yuan Chen & Vinod Singhal & Qinghua Zhu, 2021. "Environmental policies and financial performance: stock market reaction to firms for their proactive environmental practices recognized by governmental programs," Business Strategy and the Environment, Wiley Blackwell, vol. 30(4), pages 1548-1562, May.
    52. Mingming Feng & Xiaodan Wang & Jerry Glenn Kreuze, 2017. "Corporate social responsibility and firm financial performance," American Journal of Business, Emerald Group Publishing Limited, vol. 32(3-4), pages 106-133, August.
    53. Kim, Hyun-Dong & Kim, Taeyeon & Kim, Yura & Park, Kwangwoo, 2019. "Do long-term institutional investors promote corporate social responsibility activities?," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 256-269.
    54. Petya Platikanova, 2008. "Long-Term Price Effect of S&P 500 Addition and Earnings Quality," Financial Analysts Journal, Taylor & Francis Journals, vol. 64(5), pages 62-76, September.
    55. Fama, Eugene F. & French, Kenneth R., 2015. "A five-factor asset pricing model," Journal of Financial Economics, Elsevier, vol. 116(1), pages 1-22.
    56. Henry Petersen & Harrie Vredenburg, 2009. "Morals or Economics? Institutional Investor Preferences for Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 90(1), pages 1-14, November.
    57. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March.
    58. Dyck, Alexander & Lins, Karl V. & Roth, Lukas & Wagner, Hannes F., 2019. "Do institutional investors drive corporate social responsibility? International evidence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 693-714.
    59. 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.
    60. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    61. Martina Panico & Sascha Raithel & Elena Michel, 2014. "The Effect of Media Coverage on Employer Reputation," Journal of Media Economics, Taylor & Francis Journals, vol. 27(4), pages 181-198, December.
    62. Oberndorfer, Ulrich & Schmidt, Peter & Wagner, Marcus & Ziegler, Andreas, 2013. "Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms," Journal of Environmental Economics and Management, Elsevier, vol. 66(3), pages 497-509.
    63. Peter M. Madsen & Zachariah J. Rodgers, 2015. "Looking good by doing good: The antecedents and consequences of stakeholder attention to corporate disaster relief," Strategic Management Journal, Wiley Blackwell, vol. 36(5), pages 776-794, May.
    64. Sangki Lee & Insu Kim & Chung-hun Hong, 2019. "Who Values Corporate Social Responsibility in the Korean Stock Market?," Sustainability, MDPI, vol. 11(21), pages 1-14, October.
    65. Stephen Fowler & C. Hope, 2007. "A Critical Review of Sustainable Business Indices and their Impact," Journal of Business Ethics, Springer, vol. 76(3), pages 243-252, December.
    66. Fuenzalida, Darcy & Mongrut, Samuel & Arteaga, Jaime Raúl & Erausquin, Alexander, 2013. "Good corporate governance: Does it pay in Peru?," Journal of Business Research, Elsevier, vol. 66(10), pages 1759-1770.
    67. Florian Berg & Julian F Kölbel & Roberto Rigobon, 2022. "Aggregate Confusion: The Divergence of ESG Ratings [Corporate social responsibility and firm risk: theory and empirical evidence]," Review of Finance, European Finance Association, vol. 26(6), pages 1315-1344.
    68. Won Oh & Young Chang & Aleksey Martynov, 2011. "The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea," Journal of Business Ethics, Springer, vol. 104(2), pages 283-297, December.
    69. Paul Cox & Patricia Wicks, 2011. "Institutional Interest in Corporate Responsibility: Portfolio Evidence and Ethical Explanation," Journal of Business Ethics, Springer, vol. 103(1), pages 143-165, September.
    70. Sanjay Ramchander & Robert G. Schwebach & KIM Staking, 2012. "The informational relevance of corporate social responsibility: evidence from DS400 index reconstitutions," Strategic Management Journal, Wiley Blackwell, vol. 33(3), pages 303-314, March.
    71. Cheung, Adrian (Wai Kong) & Roca, Eduardo, 2013. "The effect on price, liquidity and risk when stocks are added to and deleted from a sustainability index: Evidence from the Asia Pacific context," Journal of Asian Economics, Elsevier, vol. 24(C), pages 51-65.
    72. J. Randall Woolridge & Chinmoy Ghosh, 1986. "Institutional Trading And Security Prices: The Case Of Changes In The Composition Of The S&P 500 Index," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 9(1), pages 13-24, March.
    73. Weigand, Robert A., 1996. "Trading volume and firm size: A test of the information spillover hypothesis," Review of Financial Economics, Elsevier, vol. 5(1), pages 47-58.
    74. Francesco Testa & Ivan Miroshnychenko & Roberto Barontini & Marco Frey, 2018. "Does it pay to be a greenwasher or a brownwasher?," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 1104-1116, November.
    75. S. P. Kothari & Susan Shu & Peter D. Wysocki, 2009. "Do Managers Withhold Bad News?," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 47(1), pages 241-276, March.
    76. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
    77. Lev, B & Ohlson, Ja, 1982. "Market-Based Empirical-Research In Accounting - A Review, Interpretation, And Extension," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 20, pages 249-322.
    78. Diane K. Denis & John J. McConnell & Alexei V. Ovtchinnikov & Yun Yu, 2003. "S&P 500 Index Additions and Earnings Expectations," Journal of Finance, American Finance Association, vol. 58(5), pages 1821-1840, October.
    79. Mustafa K. Yilmaz & Mine Aksoy & Ekrem Tatoglu, 2020. "Does the Stock Market Value Inclusion in a Sustainability Index? Evidence from Borsa Istanbul," Sustainability, MDPI, vol. 12(2), pages 1-22, January.
    80. Fama, Eugene F & French, Kenneth R, 1996. "Multifactor Explanations of Asset Pricing Anomalies," Journal of Finance, American Finance Association, vol. 51(1), pages 55-84, March.
    81. Zou, Jin & Zhong, Xiaoying & Gong, Chi & Lu, Xiaoye, 2025. "Examining institutional investor preferences: The influence of ESG ratings on stock holding in China's stock market," Research in International Business and Finance, Elsevier, vol. 73(PA).
    82. Peng Zou & Qi Wang & Jinhong Xie & Chenxi Zhou, 2020. "Does doing good lead to doing better in emerging markets? Stock market responses to the SRI index announcements in Brazil, China, and South Africa," Journal of the Academy of Marketing Science, Springer, vol. 48(5), pages 966-986, September.
    83. Omid Sabbaghi, 2023. "ESG and volatility risk: International evidence," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(2), pages 802-818, April.
    84. Yu-Shan Wang & Yi-Jie Chen, 2017. "Corporate social responsibility and financial performance: event study cases," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 12(2), pages 193-219, July.
    85. Shafat Maqbool & Nasir Zamir, 2020. "Corporate social responsibility and institutional investors: the intervening effect of financial performance," Journal of Economic and Administrative Sciences, Emerald Group Publishing Limited, vol. 37(2), pages 238-252, August.
    86. Chiraz Labidi & Dorra Laribi & Loredana Ureche-Rangau, 2022. "Price and volume effects around Islamic index revisions: the case of DJIM-GCC," Post-Print hal-03688873, HAL.
    87. Nofsinger, John R. & Sulaeman, Johan & Varma, Abhishek, 2019. "Institutional investors and corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 700-725.
    88. Stewart R. Miller & Lorraine Eden & Dan Li, 2020. "CSR Reputation and Firm Performance: A Dynamic Approach," Journal of Business Ethics, Springer, vol. 163(3), pages 619-636, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Agata Adamska & Tomasz J. Dąbrowski, 2025. "Does the Underlying Design of Environmental, Social, and Governance (ESG) Indices Affect Investor Reactions? The Role of Legitimacy and Reputation Effects," Sustainability, MDPI, vol. 17(9), pages 1-22, April.
    2. 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).
    3. 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.
    4. Mustafa K. Yilmaz & Mine Aksoy & Ekrem Tatoglu, 2020. "Does the Stock Market Value Inclusion in a Sustainability Index? Evidence from Borsa Istanbul," Sustainability, MDPI, vol. 12(2), pages 1-22, January.
    5. Olga Hawn & Aaron K. Chatterji & Will Mitchell, 2018. "Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI)," Strategic Management Journal, Wiley Blackwell, vol. 39(4), pages 949-976, April.
    6. 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.
    7. Wanling Rudkin & Charlie X Cai, 2019. "Reaction Asymmetries to Social Responsibility Index Recomposition: A Matching Portfolio Approach," Papers 1911.12582, arXiv.org.
    8. Konstantina Kappou & Ioannis Oikonomou, 2016. "Is There a Gold Social Seal? The Financial Effects of Additions to and Deletions from Social Stock Indices," Journal of Business Ethics, Springer, vol. 133(3), pages 533-552, February.
    9. Alexis Cellier & Pierre Chollet & Souad Lajili Jarjir, 2013. "New empirical evidence on market reactions to changes in Socially Responsible Investment indexes," Post-Print hal-01367120, HAL.
    10. Kiesel, Florian & Ries, Jörg M. & Tielmann, Artur, 2017. "Reprint of “The impact of mergers and acquisitions on shareholders' wealth in the logistics service industry”," International Journal of Production Economics, Elsevier, vol. 194(C), pages 261-277.
    11. Jonathan Luffarelli & Amrou Awaysheh, 2018. "The Impact of Indirect Corporate Social Performance Signals on Firm Value: Evidence from an Event Study," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(3), pages 295-310, May.
    12. Ding, Li & Lam, Hugo K.S. & Cheng, T.C.E. & Zhou, Honggeng, 2018. "A review of short-term event studies in operations and supply chain management," International Journal of Production Economics, Elsevier, vol. 200(C), pages 329-342.
    13. Kiesel, Florian & Ries, Jörg M. & Tielmann, Artur, 2017. "The impact of mergers and acquisitions on shareholders' wealth in the logistics service industry," International Journal of Production Economics, Elsevier, vol. 193(C), pages 781-797.
    14. Oberndorfer, Ulrich & Schmidt, Peter & Wagner, Marcus & Ziegler, Andreas, 2013. "Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms," Journal of Environmental Economics and Management, Elsevier, vol. 66(3), pages 497-509.
    15. Sascha Kolaric, 2024. "The impact of climate litigation and activism on stock prices: the case of oil and gas majors," Review of Managerial Science, Springer, vol. 18(11), pages 3141-3172, November.
    16. James Cordeiro & Manish Tewari, 2015. "Firm Characteristics, Industry Context, and Investor Reactions to Environmental CSR: A Stakeholder Theory Approach," Journal of Business Ethics, Springer, vol. 130(4), pages 833-849, September.
    17. Koppenberg, Maximilian & Hirsch, Stefan & Finger, Robert, 2023. "Effects of the debate on glyphosate's carcinogenic risk on pesticide producers' share prices," Ecological Economics, Elsevier, vol. 212(C).
    18. Arnab Bhattacharjee & Sudipto Roy, 2019. "Abnormal Returns or Mismeasured Risk? Network Effects and Risk Spillover in Stock Returns," JRFM, MDPI, vol. 12(2), pages 1-13, March.
    19. Alona Bilokha & Mingying Cheng & Mengchuan Fu & Iftekhar Hasan, 2025. "Understanding CSR champions: a machine learning approach," Annals of Operations Research, Springer, vol. 347(1), pages 761-774, April.
    20. Patrick Velte, 2023. "Which institutional investors drive corporate sustainability? A systematic literature review," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 42-71, January.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G - Financial Economics
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:riibaf:v:77:y:2025:i:pa:s0275531925001588. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ribaf .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.