INVESTORSʼ REACTIONS FOR SUSTAINABILITY INDEX INCLUSION – IS CSR A GOOD NEWS?

• Authors: Karolina Daszyńska-Żygadło , Bożena Ryszawska , Tomasz Słoński , Bartosz Marek Zawadzki
• Languages of publication: EN

Abstracts

EN

This article presents the problem of measuring the impact of information disclosure aboutCSR activities on stock performance. The research was performed on two indexes which representPan-European capital market and local Central and Eastern European capital market. Differentmarket characteristics could limit the application of results presented in numerous studiesperformed on well-established markets. The information with relatively strong signal for investoris the inclusion to CSR index. In order to measure the investors’ reaction the event study analysiswas performed. It was proved that the short–term reaction was very similar on each market. Thereaction to announcement of CSR index inclusion was slightly negative, but this effect was offsetby the opposite reaction in the day of inclusion. The total reaction in the seven days event windowwas close to zero. However, the long-term reaction measured in 30 trading days window wasnegative for two markets, but the local market investors show more discontent.

Keywords

EN

CSR; Sustainability; ESG; event study

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Acta Universitatis Lodziensis. Folia Oeconomica
• Year: 2014
• Volume: 2
• Issue: 300

Dates

published

2014-02-19

Contributors

author

Karolina Daszyńska-Żygadło

• Wrocław University of Economics

author

Bożena Ryszawska

• Wrocław University of Economics

author

Tomasz Słoński

• Wrocław University of Economics

author

Bartosz Marek Zawadzki

• Wrocław University of Economics

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