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Does the market recognize corporate social responsibility?

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  • Sanchez-Lopez, Juan Camilo
  • Godoy Bejarano, Jesús María

Abstract

This paper examines the impact on the market value from novelties in Dow Jones Sustainability Index (DJSI) that is prepared annually by RobecoSAM. Based on the analysis of 77 events of 13 Colombian companies in the period 2009-2018, it shows that DJSI-related events generate insignificant abnormal returns to shareholders, and it proposes as an explanation the exiguous disclosure effort by Colombian companies of this type of events.

Suggested Citation

  • Sanchez-Lopez, Juan Camilo & Godoy Bejarano, Jesús María, 2022. "Does the market recognize corporate social responsibility?," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 62(2), April.
    • Handle: RePEc:fgv:eaerae:v:62:y:2022:i:2:a:85707
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