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Publicação
How Does the Market Value Corporate Sustainability Performance?
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Orientador(es)
Resumo(s)
This study provides empirical evidence on how corporate sustainability performance (CSP), as proxied by
membership of the Dow Jones Sustainability Index, is reflected in the market value of equity. Using a theoretical framework combining stakeholder theory and resource-based perspectives, we develop a set of hypotheses that relate the market value of equity to CSP. For a sample of North American firms, our preliminary results show
that CSP has significant explanatory power for stock prices over the traditional summary accounting measures
such as earnings and book value of equity. However, further analyses suggest that we should not focus on
corporate sustainability itself. Our findings suggest that what investors really do is to undervalue large profitable firms with low level of CSP. Firms with incentives to develop a high level of CSP not engaging on such strategy are, thus, penalized by the market.
Descrição
De acordo com as políticas de copyright e de auto-arquivo de editores: neste caso, versão arquivada corresponde ao "postprint" (i.e. o rascunho final após o peer-review).
Palavras-chave
Corporate sustainability Value relevance
Contexto Educativo
Citação
Lourenço, I.C., Branco, M.C., Curto, J.D. et al. J Bus Ethics (2012) 108: 417. https://doi.org/10.1007/s10551-011-1102-8 [versão da editora]
Editora
Springer Verlag