Abstract
This paper investigates the relationship between voluntary sustainability reporting and the stock performance of financial firms. A multi-period event study is used to identify the abnormal return associated with the announcement of the publication of Global Reporting Initiative compliant reports. The findings suggest a negative effect on stock performance – implying that shareholder wealth decreases as a result of this announcement – although weakening over the years. Inspecting the days surrounding the announcement reveal that a negative reaction persists, the latter being simply delayed until after the event, hence hinting at a market disappointed by sustainability reports content.
Originalsprache | Englisch |
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Titel des Sammelwerks | 20th EurOMA Conference |
Herausgeber*innen | EurOMA |
Erscheinungsort | Dublin, Ireland |
Seiten | 1 - 10 |
Publikationsstatus | Veröffentlicht - 2013 |
Österreichische Systematik der Wissenschaftszweige (ÖFOS)
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