- Out-of-Stock
Violating United Nations Global Compact Principles: An Event Study [extrait BMI 144]
- Write a review
€50.00
Tax included
Version numérique PDF
The Volkswagen diesel scandal of September 2015 demonstrated that financial metrics are insufficient to capture Corporate Socially Responsible risks. In this paper we conduct an event study of corporate news with violations of CSR principles as formulated in the UN Global Compact, using daily data and quoted companies between 2009 and 2015. We find that companies behaving irresponsibly face a significant stock price decrease on the announcement day. We analyze the impact of each principle and demonstrate that those components associated with stronger economic and legal consequences such as pollution, complicity, and bribery have a significant permanent impact while violations linked to freedom of association, human rights, child labour, forced labour, and discrimination do not reveal a pronounced persistent effect on stock prices. Another consequence is a large reputation cost.JEL classification: G14; G34; L21; M14.Keywords: Environmental, Social, and Corporate Governance; Corporate Social Responsible Investment; UN Global Compact; Event Study; Reputation Losses.Auteurs :Borisova Anastasia
Extrait de la revue BMI 144
BMI144-1129611
New
16 other products in the same category:
Availability: Out of stock
Sommaire
Articles
- Short-term Impacts of the 2004 Indian Ocean Tsunami on Stock Markets: A DCC-GARCH Analysis
- Equity Option Listing and Underlying Market Quality: Evidence from a Price Duration Model
- Does the Catering Theory of Dividend Apply to the French Listed Firms?
