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How Does the Market Value Corporate Sustainability Performance?

2012-07Journal article Open access
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dc.contributor.authorLourenço, Isabel C.
dc.contributor.authorCastelo Branco, Manuel
dc.contributor.authorCurto, José Dias
dc.contributor.authorEugénio, Teresa
dc.date.accessioned2018-10-09T14:35:45Z
dc.date.available2018-10-09T14:35:45Z
dc.date.issued2012-07
dc.descriptionDe 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).pt_PT
dc.description.abstractThis 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.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationLourenço, 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]pt_PT
dc.identifier.doi10.1007/s10551-011-1102-8pt_PT
dc.identifier.issn0167-4544
dc.identifier.other1573-0697
dc.identifier.urihttp://hdl.handle.net/10400.8/3582
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherSpringer Verlagpt_PT
dc.relation.publisherversionhttps://link.springer.com/article/10.1007/s10551-011-1102-8pt_PT
dc.subjectCorporate sustainabilitypt_PT
dc.subjectValue relevancept_PT
dc.titleHow Does the Market Value Corporate Sustainability Performance?pt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.conferencePlaceGermanypt_PT
oaire.citation.endPage428pt_PT
oaire.citation.issue4pt_PT
oaire.citation.startPage417pt_PT
oaire.citation.titleJournal of Business Ethicspt_PT
oaire.citation.volume108pt_PT
person.familyNameLourenço
person.familyNameCastelo Branco
person.familyNameEugénio
person.givenNameIsabel
person.givenNameManuel
person.givenNameTeresa
person.identifier.ciencia-id6913-73F2-D809
person.identifier.ciencia-id1F17-50A3-BEE2
person.identifier.orcid0000-0003-4338-6778
person.identifier.orcid0000-0003-3715-0881
person.identifier.orcid0000-0003-1040-3164
person.identifier.ridH-3564-2014
person.identifier.ridD-1705-2010
person.identifier.scopus-author-id53986265200
person.identifier.scopus-author-id57194672796
person.identifier.scopus-author-id54079668000
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication474aeb53-bba1-4534-9b78-d80f3426bf49
relation.isAuthorOfPublication612f547e-4fee-4d1a-8d51-c83d57260af8
relation.isAuthorOfPublication63b6d075-7a05-4f91-8d46-4e9cbe93dc09
relation.isAuthorOfPublication.latestForDiscovery612f547e-4fee-4d1a-8d51-c83d57260af8

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