The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
The Effect of Environmental, Social, Governance and Sustainability Initiatives on Stock Value – Examining Market Response to Initiatives Undertaken by Listed Companies
Abstract
This paper examines the impact of environmental, social, governance (ESG) and sustainability initiatives on stock value of listed companies in Hong Kong. Event methodology is used to examine whether the market responses significantly to the implementation of these initiatives. Our result shows that the market reacts more positively to ESG initiatives than sustainability initiatives. This brings several implications to corporates' strategy as well as development of socially responsible investments (SRI). To facilitate the development of SRI, companies should communicate the value and returns of these initiatives clearly with investors; financial institutions should also equip investors with knowledge to understand non‐financial information. Enhancing the transparency of sustainability index will also give investors more credible information to relate firms' CSR performance with firm value. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment
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Cites
Efficient capital markets: A review of theory and empirical work
Fama, E. F. (1970) · The Journal of Finance · doi:10.2307/2325486 · Cited by 13,635
Corporate social responsibility and shareholder reaction: The environmental awareness of investors
Flammer, C. (2013) · Academy of Management Journal · doi:10.5465/amj.2011.0744 · Cited by 1,744
Two Dimensions of Corporate Sustainability Assessment: Towards a Comprehensive Framework
Schneider, A., & Meins, E. (2012) · Business Strategy and the Environment · doi:10.1002/bse.726 · Cited by 155
Cited by
Bătae, O. M., Dragomir, V. D., & Feleagă, L. (2021) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2021.125791 · Cited by 432
Sandberg, H., Alnoor, A., & Tiberius, V. (2023) · Business Strategy and the Environment · doi:10.1002/bse.3259 · Cited by 285
Kudratova, S., Huang, X., Kudratov, K., & Qudratov, S. (2020) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.1846 · Cited by 14
Metadata
- Authors
- Lo, K. Y., & Kwan, C. L.
- Venue
- Corporate Social Responsibility and Environmental Management
- Publisher
- Wiley
- Published
- 2017-06-14
- Volume
- 24
- Issue
- 6
- Pages
- 606-619
- ISSN
- 1535-3958 (ISSN-L)
- 1535-3966
- OpenAlex
- W2625897158
- Cited by
- 188
- References
- 3
- FWCI
- 30.00
- Type
- journal article
- Language
- en
- Open access
- closed
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- Lo, K. Y., & Kwan, C. L. (2017). The Effect of Environmental, Social, Governance and Sustainability Initiatives on Stock Value – Examining Market Response to Initiatives Undertaken by Listed Companies. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.1431
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