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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 (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
In the citing paper
“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
Cho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012) · Accounting, Organizations and Society · doi:10.1016/j.aos.2011.12.001 · Cited by 652
“Both Toms (2002), using UK company annual report disclosures, and Brown, Guidry, and Patten (2010), investigating the impact of first-time issuances of sustainability-type reports in the US, report positive associations between the extent of disclosure and measures of corporate reputation.”
BackgroundAlshehhi, A., Nobanee, H., & Khare, N. (2018) · Sustainability · doi:10.3390/su10020494 · Cited by 656
Stock market reactions to adverse ESG disclosure via media channels
Wong, J. B., & Zhang, Q. (2021) · The British Accounting Review · doi:10.1016/j.bar.2021.101045 · Cited by 439
Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic
Carlos, W. C., & Lewis, B. W. (2018) · Administrative Science Quarterly · doi:10.1177/0001839217695089 · Cited by 393
“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).”
BackgroundCSR Initiatives as Market Signals: A Review and Research Agenda
Zerbini, F. (2015) · Journal of Business Ethics · doi:10.1007/s10551-015-2922-8 · Cited by 396
How Does the Market Value Corporate Sustainability Performance?
Lourenço, I., Branco, M. C., Curto, J. D., & Eugénio, T. (2011) · Journal of Business Ethics · doi:10.1007/s10551-011-1102-8 · Cited by 365
“An increasing number of studies on the relation between CSP and firm performance considers DJSI as a proxy for CSP (Lo and Sheu 2007; López et al. 2007; Consolandi et al. 2009; Cheung 2011; Robinson et al. 2011; Ziegler and Schröder 2010).”
InfluentialHawn, O., Chatterji, A., & Mitchell, W. (2014) · doi:10.2139/ssrn.2418300 · Cited by 339
“Through our analyses as well as multiple interviews with market actors, we advance recent CSR studies on the impact of additions to and deletions from social indices (Consolandi et al., 2009; Lackmann et al., 2011; Robinson et al., 2011), even in light of prior financial performance and CSR reputation (Doh et al.”
Hawn, O. V., Chatterji, A., & Mitchell, W. (2017) · Strategic Management Journal · doi:10.1002/smj.2752 · Cited by 377
Cordeiro, J. J., & Tewari, M. (2014) · Journal of Business Ethics · doi:10.1007/s10551-014-2115-x · Cited by 311
The Value Relevance of Environmental, Social, and Governance Performance: The Brazilian Case
Quirós, M. D. M. M., Quirós, J. L. M., & Gonçalves, L. M. V. (2018) · Sustainability · doi:10.3390/su10030574 · Cited by 359
“However, the potential benefit to a shareholder of the company in which it invests carrying out CSR activities depends on how that information affects the stock market value of the shares [14].”
BackgroundThe Value Relevance of Reputation for Sustainability Leadership
Lourenço, I., Callen, J. L., Branco, M. C., & Curto, J. D. (2013) · Journal of Business Ethics · doi:10.1007/s10551-012-1617-7 · Cited by 278
“DJSI depends on how it affects value (Robinson et al. 2011).”
BackgroundMethodInfluentialEuropean Banks' Reputation for Corporate Social Responsibility
Forcadell, F. J., & Aracil, E. (2017) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.1402 · Cited by 268
Science Mapping of the Knowledge Base on Sustainable Leadership, 1990–2018
Hallinger, P., & Suriyankietkaew, S. (2018) · Sustainability · doi:10.3390/su10124846 · Cited by 256
“Thus, as noted in this review, scholars have approached sustainable leadership from the perspective of responsible leadership [14,17,31,49,51], environmental leadership [15,18], and change leadership [21,22,28,46,88].”
BackgroundTaste, information, and asset prices: implications for the valuation of CSR
Friedman, H. L., & Heinle, M. S. (2016) · Review of Accounting Studies · doi:10.1007/s11142-016-9359-x · Cited by 237
“Robinson et al. (2011) and Hawn et al. (2014) show that the addition of a firm to the Dow Jones Sustainability Index is associated with positive abnormal returns, consistent with increased investor demand for shares of firms with positive and visible CSR indicators.”
Causes and consequences of voluntary assurance of CSR reports
Clarkson, P. M., Li, Y., Richardson, G. D., & Tsang, A. (2019) · Accounting Auditing & Accountability Journal · doi:10.1108/aaaj-03-2018-3424 · Cited by 253
Suriyankietkaew, S., Krittayaruangroj, K., & Iamsawan, N. (2022) · Sustainability · doi:10.3390/su14105762 · Cited by 356
Corporate social responsibility and dividend policy
Benlemlih, M. (2018) · Research in International Business and Finance · doi:10.1016/j.ribaf.2018.07.005 · Cited by 238
Gerwanski, J., Kordsachia, O., & Velte, P. (2019) · Business Strategy and the Environment · doi:10.1002/bse.2278 · Cited by 177
Artificial Intelligence and Sustainable Decisions
Zhao, J., & Gómez Fariñas, B. (2023) · European Business Organization Law Review · doi:10.1007/s40804-022-00262-2 · Cited by 197
Can sustainable investments outperform traditional benchmarks? Evidence from global stock markets
Cunha, F. A. F. D. S., Meira, E., Orsato, R. J., Klötzle, M. C., Oliveira, F. L. C., & Caiado, R. G. G. (2019) · Business Strategy and the Environment · doi:10.1002/bse.2397 · Cited by 184
Diez-Cañamero, B., Bishara, T., Otegi-Olaso, J.-R., Mínguez, R., & Fernández, J. M. (2020) · Sustainability · doi:10.3390/su12052153 · Cited by 170
Aureli, S., Gigli, S., Medei, R., & Supino, E. (2019) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.1772 · Cited by 169
Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms
Reverte, C. (2014) · Review of Managerial Science · doi:10.1007/s11846-014-0151-7 · Cited by 173
“…predictible earnings and lower risk for investors (…) It is associated with better market’s ability to anticipate future earnings change (Hussainey and Salama 2010) and can increase the value of a firm’s future cash flows and/or reduce the variability of its cash flows (Robinson et al. 2011)’’.”
BackgroundImproving how sustainability reports drive change: A critical discourse analysis
Higgins, C., & Coffey, B. (2016) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2016.01.101 · Cited by 155
Do sustainable companies have a better financial performance? A study on Brazilian public companies
de Santis, P., de Albuquerque, A. A., & Lizarelli, F. L. (2016) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2016.05.180 · Cited by 136
Quantifying the asymmetric spillovers in sustainable investments
Iqbal, N., Naeem, M. A., & Suleman, M. T. (2021) · Journal of International Financial Markets Institutions and Money · doi:10.1016/j.intfin.2021.101480 · Cited by 133
Endrikat, J. (2015) · Journal of Business Ethics · doi:10.1007/s10551-015-2598-0 · Cited by 140
Leppelt, T., Foerstl, K. D., Reuter, C., & Hartmann, E. (2011) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2011.10.011 · Cited by 137
“A recent study argues that the initial listing leads to sustained abnormal returns of a company’s stock price and hence offsets the costs associated with the application (Robinson et al., 2011).”
BackgroundSustainability leadership: An integrative review and conceptual synthesis
Sajjad, A., Eweje, G., & Raziq, M. M. (2023) · Business Strategy and the Environment · doi:10.1002/bse.3631 · Cited by 148
Cross-Border Mergers and Acquisitions and CSR Performance: Evidence from China
Chen, X. C., Liang, X., & Wu, H. (2022) · Journal of Business Ethics · doi:10.1007/s10551-021-05025-6 · Cited by 113
“Firms build on CSR initiatives to signal to stakeholders their commitment toward social responsibility (Bansal & Hunter, 2003; Robinson et al., 2011).”
BackgroundJoshi, S., & Li, Y. (2016) · Journal of Management Accounting Research · doi:10.2308/jmar-10496 · Cited by 116
“…indices (Hamilton 1995; Khanna, Quimio, and Bojilova 1998; Khanna and Damon 1999; Oberndorfer, Schmidt, Wagner, and Ziegler 2013; Cheung and Roca 2013; Lackmann, Ernstberger, and Stich 2012; Cheung 2011; Robinson, Kleffner, and Bertels 2011; Consolandi, Jaiswal-Dale, Poggiani, and Vercelli 2008).”
BackgroundSustainability Performance and Assurance: Influence on Reputation
Alon, A., & Vidovic, M. (2015) · Corporate Reputation Review · doi:10.1057/crr.2015.17 · Cited by 107
The Impact of Corporate Philanthropy on Reputation for Corporate Social Performance
Gardberg, N. A., Zyglidopoulos, S. C., Symeou, P. C., & Schepers, D. H. (2017) · Business & Society · doi:10.1177/0007650317694856 · Cited by 111
Corporate sustainability reporting practices in India: myth or reality?
Laskar, N., & Maji, S. G. (2016) · Social Responsibility Journal · doi:10.1108/srj-05-2015-0065 · Cited by 108
Adegbite, E. A., Gűney, Y., Kwabi, F. O., & Tahir, S. (2018) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-018-0705-x · Cited by 99
“Robinson et al. (2011) find a significant increase in the market share of firms that are added to the Dow Jones Sustainability Index.”
Does sustainability index matter to the hospitality industry?
Su, C.-H. J., & Chen, C. (2020) · Tourism Management · doi:10.1016/j.tourman.2020.104158 · Cited by 88
Macellari, M., Yuriev, A., Testa, F., & Boiral, O. (2020) · Environmental Impact Assessment Review · doi:10.1016/j.eiar.2020.106489 · Cited by 91
The Development of a Measurement Instrument for the Organizational Performance of Social Enterprises
Crucke, S., & Decramer, A. (2016) · Sustainability · doi:10.3390/su8020161 · Cited by 83
“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
“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).”
BackgroundAdopting a circular business model improves market equity value
Aboulamer, A. (2017) · Thunderbird International Business Review · doi:10.1002/tie.21922 · Cited by 73
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
Let's agree to disagree! On payoffs and green tastes in green energy investments
Ng, A., & Zheng, D. (2017) · Energy Economics · doi:10.1016/j.eneco.2017.10.023 · Cited by 69
Corporate life cycle, CSR, and dividend policy: empirical evidence of Indonesian listed firms
Trihermanto, F., & Nainggolan, Y. A. (2018) · Social Responsibility Journal · doi:10.1108/srj-09-2017-0186 · Cited by 67
Cundill, G. J., Smart, P., & Wilson, H. (2017) · International Journal of Management Reviews · doi:10.1111/ijmr.12157 · Cited by 65
“Managers in turn may send signals to shareholders, either in response to shareholder action or to pre-empt it (Goranova et al. 2007; Miller and Triana 2009; Robinson et al. 2011; Zhang and Wiersema 2009).”
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 74
“Signing sustainability initiatives is one way for firms to communicate their adherence to the values of their environment and to secure their legitimacy (e.g., DiMaggio & Powell, 1983; Meyer & Rowan, 1977; Robinson et al., 2011).”
BackgroundVasudeva, G. (2013) · Organization Science · doi:10.1287/orsc.2013.0822 · Cited by 62
“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
“This process is known as sustainability performance signaling [5].”
BackgroundInfluentialThe role of marketing capability in linking CSR to corporate financial performance
Yim, S., Bae, Y. H., Lim, H., & Kwon, J. (2019) · European Journal of Marketing · doi:10.1108/ejm-08-2017-0526 · Cited by 58
Stock Market Reaction to Quality, Safety, and Sustainability Awards in Logistics
Eroglu, C., Kurt, A. C., & Elwakil, O. S. (2016) · Journal of Business Logistics · doi:10.1111/jbl.12145 · Cited by 55
Vives, A., & Wadhwa, B. (2012) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2012.715578 · Cited by 54
“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 77
“…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
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
“, (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
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
Ardiana, P. A. (2019) · Australian Accounting Review · doi:10.1111/auar.12293 · Cited by 50
Martins, A., GOMES, D. R. D. R., & Branco, M. C. (2020) · Sustainability · doi:10.3390/su13010296 · Cited by 53
“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
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
“…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
“(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
“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
“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
Corporate Social Responsibility
Hong, H. G., & Shore, E. (2023) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-111021-094347 · Cited by 54
Feng, Y., Lai, K., & Zhu, Q. (2019) · International Journal of Production Economics · doi:10.1016/j.ijpe.2019.107563 · Cited by 48
Saeidi, P., Robles, L. A. A., Saeidi, S. P., & Zamora, M. I. V. (2021) · Heliyon · doi:10.1016/j.heliyon.2021.e07672 · Cited by 66
Dorfleitner, G., Kreuzer, C., & Sparrer, C. (2022) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2022.08.027 · Cited by 49
The effect of corporate social responsibility transparency on corporate payout policies
Zadeh, M. H. (2020) · International Journal of Managerial Finance · doi:10.1108/ijmf-07-2020-0386 · Cited by 45
The Influence of Strategic Disclosure on Corporate Climate Performance Ratings
Callery, P. J. (2022) · Business & Society · doi:10.1177/00076503221115715 · Cited by 39
“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
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
“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 45
“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
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
“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].”
BackgroundNeto, R. D. C. S., de Lima, C. R. M., Basil, D. G., Veras, M. D. O., & Guerra, J. B. S. O. D. A. (2020) · Sustainable Development · doi:10.1002/sd.2049 · Cited by 44
Maraqa, B., & Bein, M. A. (2020) · Sustainability · doi:10.3390/su12093908 · Cited by 42
“[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
“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
Margaret, I., Schoubben, F., & Verwaal, E. (2023) · Global Strategy Journal · doi:10.1002/gsj.1490 · Cited by 45
Wolfgramm, R. M., Flynn-Coleman, S., & Conroy, D. M. (2013) · Journal of Business Ethics · doi:10.1007/s10551-013-1977-7 · Cited by 47
Schrippe, P., & Ribeiro, J. L. D. (2018) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2018.10.001 · Cited by 39
Polo, F. C., & Hernández, M. I. S. (2022) · Journal of Business Research · doi:10.1016/j.jbusres.2022.07.038 · Cited by 40
Nisha, N. T., Nawaz, N., Mahalakshmi, J., Gajenderan, V., & Hasani, I. (2022) · Sustainability · doi:10.3390/su14116899 · Cited by 37
The Role of pro‐Social Orientation and National Context in Corporate Environmental Disclosure
Boura, M., Tsouknidis, D. A., & Lioukas, S. K. (2020) · European Management Review · doi:10.1111/emre.12416 · Cited by 34
Adamska, A., & Dąbrowski, T. J. (2021) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2021.126715 · Cited by 34
Corporate Social Responsibility and Information Asymmetry
Lü, Chia-Wu, Chueh, & Ting-shu (2015) · RePEc: Research Papers in Economics · Cited by 33
Tuazon, G. F., Wolfgramm, R. M., & Whyte, K. P. (2019) · Journal of Business Ethics · doi:10.1007/s10551-019-04219-3 · Cited by 32
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
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
Chen, F. H., & Chi, D. (2013) · Quality & Quantity · doi:10.1007/s11135-013-9978-2 · Cited by 30
“…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
Analyzing Disability in Socially Responsible Companies
Juan, A. I. S. S., Saavedra, I., & Muñoz, V. F. D. T. (2015) · Social Indicators Research · doi:10.1007/s11205-015-1198-9 · Cited by 28
Shareholders and the environment: a review of four decades of academic research
Capelle‐Blancard, G., Desroziers, A., & Scholtens, B. (2021) · Environmental Research Letters · doi:10.1088/1748-9326/ac3c6e · Cited by 28
Kılıç, M., Gürler, H. E., Kaya, A., & Lee, C. W. (2022) · Sustainability · doi:10.3390/su142416695 · Cited by 28
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
“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
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
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
“[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
Bolibok, P. M. (2021) · Sustainability · doi:10.3390/su132112006 · Cited by 22
“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
Metadata
- 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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