Zingg, Aline

Nom

Zingg, Aline

Affiliation principale

Institut de management

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https://libra.unine.ch/handle/123456789/738

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The value of voluntary sustainability reporting - an event study in the financial services industry
(2013-6-10)
Zingg, Aline
;
Reiner, Gerald
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.