The value of voluntary sustainability reporting - an event study in the financial services industry

Aline Zingg, Gerald Reiner

Publication: Chapter in book/Conference proceedingContribution to conference proceedings


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.
Original languageEnglish
Title of host publication20th EurOMA Conference
Editors EurOMA
Place of PublicationDublin, Ireland
Pages1 - 10
Publication statusPublished - 2013

Austrian Classification of Fields of Science and Technology (ÖFOS)

  • 102009 Computer simulation
  • 502052 Business administration
  • 502012 Industrial management
  • 211
  • 502017 Logistics
  • 502032 Quality management

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