Signaling Sustainability Leadership: Empirical Evidence of the Value of DJSI Membership
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Newly added firms experience positive abnormal returns upon inclusion, indicating that investors generally view inclusion as a positive signal.
“newly added firms experience positive abnormal returns upon inclusion, indicating that investors generally view inclusion as a positive signal (Cheung, 2011;Robinson, Kleffner, and Bertels, 2011;Hawn, Chatterji, and Mitchell, 2014)”
From Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic (2018) · cites this paper as Robinson, Kleffner, and Bertels, 2011
Companies often express initial and continued inclusion on the DJSI as a strategic goal, and for some CEOs it is a key performance indicator.
“companies often express initial and continued inclusion on the index as a strategic goal, and for some CEOs it is a key performance indicator (Robinson, Kleffner, and Bertels, 2011)”
From Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic (2018) · cites this paper as Robinson, Kleffner, and Bertels, 2011
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Do actions speak louder than words? An empirical investigation of corporate environmental reputation
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“Several studies have found that newly added firms experience positive abnormal returns upon inclusion, indicating that investors generally view inclusion as a positive signal (Cheung, 2011; Robinson, Kleffner, and Bertels, 2011; Hawn, Chatterji, and Mitchell, 2014).”
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InfluentialHawn, O., Chatterji, A., & Mitchell, W. (2014) · doi:10.2139/ssrn.2418300 · Cited by 339 · see citing works
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“Digging deepe into these standards, we selected four standards often referred to in the literature and which have proven their worth in practice as well as in scientific research: (1) Kinder, Lydenberg, Domini (KLD) social responsibility rating [37,38], (2) Dow Jones Sustainability Index (DJSI) [39,40], (3) Global Rep…”
MethodInfluentialSustainable Development, Sustainability Leadership and Firm Valuation: Differences across Europe
Quirós, M. D. M. M., Quirós, J. L. M., & Arraiano, I. G. (2017) · Business Strategy and the Environment · doi:10.1002/bse.1964 · Cited by 74 · see citing works
“However, from an investor point of view, the potential benefit of investing in a firm listed on a sustainability index depends on how that information affects the market value of the firm (Robinson et al., 2011).”
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Aboulamer, A. (2017) · Thunderbird International Business Review · doi:10.1002/tie.21922 · Cited by 73 · see citing works
Sustainability Reporting and Value Relevance of Financial Statements
Sutopo, B., Kot, S., Adiati, A. K., & Ardila, L. N. (2018) · Sustainability · doi:10.3390/su10030678 · Cited by 72 · see citing works
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BackgroundActive First Movers vs. Late Free-Riders? An Empirical Analysis of UN PRI Signatories’ Commitment
Bauckloh, T., Schaltegger, S., Utz, S., Zeile, S., & Zwergel, B. (2021) · Journal of Business Ethics · doi:10.1007/s10551-021-04992-0 · Cited by 64 · see citing works
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“Listing on one of these recognized sustainability indices (e.g. Fowler and Hope 2007, Doh et al. 2010, Robinson et al. 2011) or international organizations (e.g. Lim and Tsutsui 2012) is well accepted as an indicator of commitment to social responsibility criteria and signals that the firm is among…”
BackgroundMcCullough, B. P., Pelcher, J. A., & Trendafilova, S. (2020) · Sustainability · doi:10.3390/su12051950 · Cited by 56 · see citing works
“This process is known as sustainability performance signaling [5].”
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Yim, S., Bae, Y. H., Lim, H., & Kwon, J. (2019) · European Journal of Marketing · doi:10.1108/ejm-08-2017-0526 · Cited by 58 · see citing works
Stock Market Reaction to Quality, Safety, and Sustainability Awards in Logistics
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“López, Garcia, and Rodriguez (2007) performed this analysis for European firms in the Dow Jones Sustainability Index and the Dow Jones Global Index and found that those in the Dow Jones Sustainability Index (DJSI) underperformed those in the DJGI, presumably because of the higher costs of responsible practices, which…”
InfluentialSustainability leadership: Conceptual foundations and research landscape
Eustachio, J. H. P. P., Caldana, A. C. F., & Filho, W. L. (2023) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2023.137761 · Cited by 67 · see citing works
“…the outputs and results of enterprises in several ways, such as financial performance (Wiengarten et al., 2017), increase in a firm ’ s share price (Robinson et al., 2011), firm valuation (Miralles-Quiros et al., 2017), sustainability performance at the individual and organisational levels (Galpin…”
BackgroundChen, Y., Singhal, V. R., & Zhu, Q. (2020) · Business Strategy and the Environment · doi:10.1002/bse.2693 · Cited by 52 · see citing works
Does the Stock Market Value Inclusion in a Sustainability Index? Evidence from Borsa Istanbul
Yılmaz, M. K., Aksoy, M., & Tatoğlu, E. (2020) · Sustainability · doi:10.3390/su12020483 · Cited by 56 · see citing works
“, (2011) [28] Event study Stock returns Inclusion in and exclusion from the DJ Sustainability World Index for North American firms (2003–2007) There is a statistically significant increase in AR for 60 trading days after a firm is added to the index; however, there is a statistically insignificant change in AR after a…”
BackgroundOn the relationship between policy uncertainty and sustainable investing
Shaikh, I. (2021) · Journal of Modelling in Management · doi:10.1108/jm2-12-2020-0320 · Cited by 50 · see citing works
An Empirical Study of the World Price of Sustainability
Xiao, Y., Faff, R. W., Gharghori, P., & Lee, D. D. (2012) · Journal of Business Ethics · doi:10.1007/s10551-012-1342-2 · Cited by 50 · see citing works
Ardiana, P. A. (2019) · Australian Accounting Review · doi:10.1111/auar.12293 · Cited by 50 · see citing works
Martins, A., GOMES, D. R. D. R., & Branco, M. C. (2020) · Sustainability · doi:10.3390/su13010296 · Cited by 53 · see citing works
“Increasingly, stakeholders require organizations to demonstrate their commitment to different aspects of sustainability, such as Corporate Social Responsibility (CSR) [45].”
BackgroundInfluentialCorporate Social Responsibility and Equity-Holder Risk in the Hospitality Industry
Kim, Y., Kim, M., & Mattila, A. S. (2016) · Cornell Hospitality Quarterly · doi:10.1177/1938965516649052 · Cited by 49 · see citing works
Carrot and Stick? The Role of Financial Market Intermediaries in Corporate Social Performance
Slager, R. C., & Chapple, W. (2015) · Business & Society · doi:10.1177/0007650315575291 · Cited by 48 · see citing works
“…into the main RI indices in the RI market has focused mainly on the financial performance of these indices (Collison et al., 2008) or the effect of inclusion and exclusion from the indices on share price (Capelle-Blancard & Couderc, 2009; Doh et al., 2010; Robinson et al., 2011; Cheung, 2011).”
BackgroundCorporate Environmentalism: Motivations and Mechanisms
Chrun, E., Dolšak, N., & Prakash, A. (2016) · Annual Review of Environment and Resources · doi:10.1146/annurev-environ-110615-090105 · Cited by 46 · see citing works
“(134) explore the effect of DJWSI inclusion and removal on the stock prices of North American firms.”
BackgroundDoes the Market Value Social Pillar?Preprint
Marsat, S., & Williams, B. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2419387 · Cited by 48 · see citing works
“Robinson et al. (2011) show that entering in the DJSI (Dow Jones Sustainability Index) increases firm value.”
Social Media Sustainability Communication: An Analysis of Firm Behaviour and Stakeholder Responses
Jha, A. K., & Verma, N. K. (2022) · Information Systems Frontiers · doi:10.1007/s10796-022-10257-6 · Cited by 55 · see citing works
“Theory suggests that firms with higher investment in sustainability, as reflected through higher ESG score will be rewarded by its investors through higher market value (Hawn et al., 2018; Robinson et al., 2011).”
BackgroundCorporate social responsibility and dividend policy in India
Dahiya, M., Singh, S., & Chaudhry, N. (2023) · Management Decision · doi:10.1108/md-08-2022-1152 · Cited by 47 · see citing works
Corporate Social Responsibility
Hong, H. G., & Shore, E. (2023) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-111021-094347 · Cited by 47 · see citing works
Feng, Y., Lai, K., & Zhu, Q. (2019) · International Journal of Production Economics · doi:10.1016/j.ijpe.2019.107563 · Cited by 47 · see citing works
Saeidi, P., Robles, L. A. A., Saeidi, S. P., & Zamora, M. I. V. (2021) · Heliyon · doi:10.1016/j.heliyon.2021.e07672 · Cited by 55 · see citing works
Dorfleitner, G., Kreuzer, C., & Sparrer, C. (2022) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2022.08.027 · Cited by 46 · see citing works
The effect of corporate social responsibility transparency on corporate payout policies
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The Influence of Strategic Disclosure on Corporate Climate Performance Ratings
Callery, P. J. (2022) · Business & Society · doi:10.1177/00076503221115715 · Cited by 39 · see citing works
“Other research offers conflicting findings on value of certain intermediary assessments (Dow Jones Sustainability Index [DJSI], as per Cho et al., 2012; Hawn et al., 2018; Robinson et al., 2011; and FTSE4Good, as per Slager & Chapple, 2016; Slager et al., 2012).”
ResultWanner, J., & Janiesch, C. (2019) · BuR - Business Research · doi:10.1007/s40685-019-0088-4 · Cited by 44 · see citing works
Corporate social responsibility and financial performance: event study cases
Wang, Y., & Chen, Y. (2015) · Journal of Economic Interaction and Coordination · doi:10.1007/s11403-015-0161-9 · Cited by 44 · see citing works
“Schaeffer et al. (2012) conduct a study on the oil companies in the United States with CSR practices.”
BackgroundCorporate social responsibility reporting platforms: enabling transparency for accountability
Watts, S. A. (2014) · Information Technology and Management · doi:10.1007/s10799-014-0192-2 · Cited by 43 · see citing works
“Early SRI practices screened out undesirable behaviors, while current practices are much more varied, making use of sustainability-themed assets, best-in-sector screening, norms-based screening, impact investing, and integration of CSR factors in financial analysis [62].”
BackgroundVollero, A., Yin, J., & Siano, A. (2021) · Public Relations Review · doi:10.1016/j.pubrev.2021.102142 · Cited by 43 · see citing works
Does Firm Size Matter for ESG Risk? Cross-Sectional Evidence from the Banking Industry
Bolibok, P. M. (2024) · Sustainability · doi:10.3390/su16020679 · Cited by 42 · see citing works
“Additionally, it may allow firms to improve their financial performance [51,54], reduce cost of debt [55], mitigate risk [15,16,56], and ultimately, increase their market value [50,57,58].”
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Maraqa, B., & Bein, M. A. (2020) · Sustainability · doi:10.3390/su12093908 · Cited by 42 · see citing works
“[48] investigated the effect of additions and deletions from DJSI-W on firms values in North America.”
BackgroundEffective Communication Strategies of Sustainable Hospitality: A Qualitative Exploration
Shen, L. L., Qian, J., & Chen, S. C. (2020) · Sustainability · doi:10.3390/su12176920 · Cited by 42 · see citing works
“In conventional communication studies, the effort a company makes to communicate sustainability is termed as sustainability performance signaling [34].”
BackgroundMembership of sustainability index in an emerging market: Implications for sustainability
Ateş, S. (2019) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2019.119465 · Cited by 41 · see citing works
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Wolfgramm, R. M., Flynn-Coleman, S., & Conroy, D. M. (2013) · Journal of Business Ethics · doi:10.1007/s10551-013-1977-7 · Cited by 40 · see citing works
Schrippe, P., & Ribeiro, J. L. D. (2018) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2018.10.001 · Cited by 39 · see citing works
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The Role of pro‐Social Orientation and National Context in Corporate Environmental Disclosure
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Corporate Social Responsibility and Information Asymmetry
Lü, Chia-Wu, Chueh, & Ting-shu (2015) · RePEc: Research Papers in Economics · Cited by 33 · see citing works
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Lin, W. L., Law, S. H., & Azman‐Saini, W. N. W. (2019) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.1883 · Cited by 30 · see citing works
Expected and realized returns on stocks with high- and low-ESG exposure
Stotz, O. (2021) · Journal of Asset Management · doi:10.1057/s41260-020-00203-z · Cited by 30 · see citing works
Chen, F. H., & Chi, D. (2013) · Quality & Quantity · doi:10.1007/s11135-013-9978-2 · Cited by 30 · see citing works
“…has been observed in a number of past studies that when an enterprise is awarded an SRI index, its corporate market value increases by about 2.1 % (Robinson et al. 2011) and its positive excess returns by about 0.03 % (Consolandi et al. 2009), clearly showing that promoting social responsibility…”
BackgroundInfluentialTesting social and environmental disclosure-reputation relationship: a longitudinal two-way analysis
Polo, F. C., & Hernández, M. I. S. (2020) · Sustainability Accounting Management and Policy Journal · doi:10.1108/sampj-11-2019-0409 · Cited by 30 · see citing works
Analyzing Disability in Socially Responsible Companies
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Shareholders and the environment: a review of four decades of academic research
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Sustainability membership and stock price: an empirical study using the Morningstar-SRI Index
Nakai, M., Yamaguchi, K., & Takeuchi, K. (2012) · Applied Financial Economics · doi:10.1080/09603107.2012.709602 · Cited by 27 · see citing works
“Robinson et al. (2011) also found an asymmetric stronger response to inclusion on an SRI index in the US market, which shows that investors in the US evaluate CSR in a manner similar to Japanese investors.”
BackgroundMethodResultBiktimirov, E. N., & Afego, P. (2021) · Finance research letters · doi:10.1016/j.frl.2021.102112 · Cited by 25 · see citing works
Does sustainability make banks more cost efficient?
Liang, L., Chang, H.-Y., & Shao, H.-L. (2018) · Global Finance Journal · doi:10.1016/j.gfj.2018.04.005 · Cited by 25 · see citing works
Gan, Q., Yang, L., Jin, L., Cheng, X., Qin, H., Su, J., & Xia, W. (2021) · Mathematical Problems in Engineering · doi:10.1155/2021/5522351 · Cited by 24 · see citing works
“[28] believe that a green image can create new markets for companies to gain a competitive advantage and protect the natural environment.”
BackgroundChoi, J. H., Kim, S., Yang, D., & Cho, K. (2021) · Sustainability · doi:10.3390/su131911124 · Cited by 22 · see citing works
Bolibok, P. M. (2021) · Sustainability · doi:10.3390/su132112006 · Cited by 22 · see citing works
“Inclusion in such indices is usually considered to be a significant accomplishment for a given firm, since it reflects endorsement of its sustainability practices by an independent, respectable external institution [65].”
Background
- Authors
- Robinson, M., Kleffner, A., & Bertels, S.
- Affiliations
- University of Calgary (CA)
- Simon Fraser University (CA)
- Corresponding author
- Bertels, Stephanie
- Venue
- Journal of Business Ethics
- Published
- 2011-01-21
- Volume
- 101
- Issue
- 3
- Pages
- 493-505
- ISSN
- 0167-4544 (ISSN-L)
- 1573-0697
- OpenAlex
- W2029888506
- Cited by
- 260
- References
- 35
- Citations by year
- 2026: 7 · 2025: 16 · 2024: 21 · 2023: 24 · 2022: 32 · 2021: 26 · 2020: 24 · 2019: 20 · 2018: 19 · 2017: 16 · 2016: 20 · 2015: 9 · 2014: 9 · 2013: 9 · 2012: 6
- FWCI
- 27.47
- Type
- journal article
- Language
- en
- Open access
- closed
- Licence
- www.springer.com/tdm (tdm)
- Locations
- Journal of Business Ethics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Keywords
- sustainable leadership, Dow Jones Sustainability World Index, sustainability index, corporate reputation, firm value, stock price reaction, corporate sustainability, North American firms
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