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Do investors in Spain react to news on sustainability and corporate social responsibility?

Author

Listed:
  • M.A. Fernandez-Izquierdo
  • V.A. Arago-Manzana
  • J.C. Matallin-Saez
  • L. Nieto-Soria

Abstract

We analyse whether sustainability and corporate social responsibility-related news affects returns of stocks traded on the Spanish stock market. We used event methodology and an approach consistent with the active management of investment portfolios. Results show that in the short term, investors do not consider these news items to be relevant, and they therefore have no effect on the price of the stocks analysed. This result holds when the study is conditioned to the type of news (positive or negative) and whether or not the stocks belong to an index formed following socially responsible investment criteria.

Suggested Citation

  • M.A. Fernandez-Izquierdo & V.A. Arago-Manzana & J.C. Matallin-Saez & L. Nieto-Soria, 2009. "Do investors in Spain react to news on sustainability and corporate social responsibility?," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 1(3), pages 227-244.
    • Handle: RePEc:ids:ijsuse:v:1:y:2009:i:3:p:227-244
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    Cited by:

    1. Naciye Sekerci & Jamil Jaballah & Marc van Essen & Nadine Kammerlander, 2022. "Investors’ Reactions to CSR News in Family Versus Nonfamily Firms: A Study on Signal (In)credibility," Entrepreneurship Theory and Practice, , vol. 46(1), pages 82-116, January.
    2. Sebastian Utz, 2019. "Corporate scandals and the reliability of ESG assessments: evidence from an international sample," Review of Managerial Science, Springer, vol. 13(2), pages 483-511, April.

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