Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility

  title={Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility},
  author={Rodolphe Durand and Luc Paugam and Herv{\'e} Stolowy},
  journal={HEC Paris: Strategy \& Business Policy (Topic)},
Research Summary In this study, we replicate and expand Hawn et al.’s study (Strategic Management Journal, 2018, 39, 949–976) that used Dow Jones Sustainability World Index (DJSI) events to measure variations in firms' Corporate Social Responsibility (CSR)‐activism and examined their effect on a firm's stock price. We use DJSI events to capture variations in firms' CSR visibility, holding CSR activism constant by restricting our analyses to CSR‐equivalent firms. First, we find similar results… 
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