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The value of voluntary sustainability reporting - an event study in the financial services industry
Résumé 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.
   
Mots-clés Sustainability, Stock performance, Event study
   
Citation Zingg, A., & Reiner, G. (2013, 10 June). The value of voluntary sustainability reporting - an event study in the financial services industry. Paper presented at 20th EurOMA Conference, Dublin, Ireland.
   
Type Actes de congrès (Anglais)
Nom de la conférence 20th EurOMA Conference (Dublin, Ireland)
Date de la conférence 10-6-2013