Do Investors Actually Value Sustainability? New Evidence from Investor Reactions to the Dow Jones Sustainability Index (DJSI)
Open accessAbstract
Research exploring investor reactions to sustainability has substantial empirical limitations, which we address with a large-scale longitudinal financial event study of the first global sustainability index, DJSI World. We examine investor reactions to firms from 27 countries over 17 years that are added, deleted, or continue on the index. We find that once relevant controls and comparisons to observationally-equivalent firms beyond the index are included, DJSI events have only limited significance and/or materiality. Nonetheless, investors’ valuation of sustainability around the world has evolved over time, involving diminishing reactions to U.S. firms and increasing benefits, particularly of continuation on the index, over time. The study highlights the importance of careful analysis and longitudinal global samples in making inferences about the financial effects of social performance.
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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 Hawn, Chatterji, and Mitchell, 2014
The event-study results (Table 2a, p. 17) report a statistically significant −0.25% abnormal return for firms added to the DJSI, not a positive return. The Empirical findings (p. 27) likewise say investors appear to punish added firms. Although returns became less negative over time, the later positive return for additions was not statistically significant (Table 2c, p. 19). (LLM, conf=0.94)
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- Authors
- Hawn, O., Chatterji, A., & Mitchell, W.
- Affiliations
- University of North Carolina at Chapel Hill (US)
- Duke University (US)
- Corresponding author
- Hawn, Olga
- Venue
- Strategic Management Journal
- Publisher
- Elsevier BV
- Published
- 2014
- Volume
- 39
- Issue
- 4
- Pages
- 949-976
- ISSN
- 0143-2095 (ISSN-L)
- OpenAlex
- W3121508953
- Cited by
- 339
- References
- 73
- Citations by year
- 2026: 27 · 2025: 43 · 2024: 48 · 2023: 47 · 2022: 59 · 2021: 43 · 2020: 30 · 2019: 26 · 2018: 4 · 2017: 3 · 2016: 4 · 2015: 2 · 2014: 1 · 2013: 1 · 2012: 1
- FWCI
- 34.25
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- Strategic Management Journal (publishedVersion)
- SSRN Electronic Journal (acceptedVersion)
- TSpace (University of Toronto) (submittedVersion, cc-by-nc-nd)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- sustainability, investor valuation, Dow Jones Sustainability Index, corporate social responsibility, sustainability index, stock price reaction, index inclusion and exclusion, social performance
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