Does the market recognize corporate social responsibility?
This article examines the impact of the Dow Jones Sustainability Index (DJSI) announcements that are prepared annually by RobecoSAM on the market value of Colombian firms. The analysis of 77 events and their impact on 13 firms for the 2009-2018 period found that DJSI-related events lead to insignifi...
- Autores:
-
Sanchez-Lopez, Juan
Godoy, Jesús
- Tipo de recurso:
- Article of investigation
- Fecha de publicación:
- 2022
- Institución:
- Universidad de Ibagué
- Repositorio:
- Repositorio Universidad de Ibagué
- Idioma:
- OAI Identifier:
- oai:repositorio.unibague.edu.co:20.500.12313/5468
- Acceso en línea:
- https://www.researchgate.net/publication/360126165_DOES_THE_MARKET_RECOGNIZE_CORPORATE_SOCIAL_RESPONSIBILITY
- Palabra clave:
- Colombian companies
Corporate social responsibility
Djsi
Market
Study of events
- Rights
- openAccess
- License
- http://purl.org/coar/access_right/c_abf2
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| dc.title.eng.fl_str_mv |
Does the market recognize corporate social responsibility? |
| dc.title.translated.none.fl_str_mv |
¿Reconoce el mercado la responsabilidad social corporativa? O mercado reconhece a responsabilidade social corporativa? |
| title |
Does the market recognize corporate social responsibility? |
| spellingShingle |
Does the market recognize corporate social responsibility? Colombian companies Corporate social responsibility Djsi Market Study of events |
| title_short |
Does the market recognize corporate social responsibility? |
| title_full |
Does the market recognize corporate social responsibility? |
| title_fullStr |
Does the market recognize corporate social responsibility? |
| title_full_unstemmed |
Does the market recognize corporate social responsibility? |
| title_sort |
Does the market recognize corporate social responsibility? |
| dc.creator.fl_str_mv |
Sanchez-Lopez, Juan Godoy, Jesús |
| dc.contributor.author.none.fl_str_mv |
Sanchez-Lopez, Juan Godoy, Jesús |
| dc.subject.proposal.eng.fl_str_mv |
Colombian companies Corporate social responsibility Djsi Market Study of events |
| topic |
Colombian companies Corporate social responsibility Djsi Market Study of events |
| description |
This article examines the impact of the Dow Jones Sustainability Index (DJSI) announcements that are prepared annually by RobecoSAM on the market value of Colombian firms. The analysis of 77 events and their impact on 13 firms for the 2009-2018 period found that DJSI-related events lead to insignificantly abnormal returns being generated for shareholders. The study suggests that this happens because Colombian companies do not widely disclose these types of event. © 2022, RAE Revista de Administracao de Empresas. All Rights Reserved. |
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2022 |
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2022-04-26 |
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2025-08-14T20:57:08Z |
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2025-08-14T20:57:08Z |
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Artículo de revista |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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Sanchez-Lopez, J y Godoy, J. (2022). Does the market recognize corporate social responsibility?. RAE Revista de Administracao de Empresas, 62(2), e2020-0649. 10.1590/s0034-759020220205x |
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10.1590/s0034-759020220205x |
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2178938X |
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00347590 |
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https://www.researchgate.net/publication/360126165_DOES_THE_MARKET_RECOGNIZE_CORPORATE_SOCIAL_RESPONSIBILITY |
| identifier_str_mv |
Sanchez-Lopez, J y Godoy, J. (2022). Does the market recognize corporate social responsibility?. RAE Revista de Administracao de Empresas, 62(2), e2020-0649. 10.1590/s0034-759020220205x 10.1590/s0034-759020220205x 2178938X 00347590 |
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https://www.researchgate.net/publication/360126165_DOES_THE_MARKET_RECOGNIZE_CORPORATE_SOCIAL_RESPONSIBILITY |
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e220 |
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62 |
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RAE Revista de Administracao de Empresas |
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Adamska, A., & Dabrowski, T. (2016). Do investors appreciate information about corporate social responsibility? Evidence from the polish equity market. Engineering Economics, 27(4) 364-372. doi: 10.5755/j01.ee.27.4.13377 Arya, B., & Zhang, G. (2009). Institutional reforms and investor reactions to CSR announcements: evidence from an emerging economy. Journal of Management Studies, 46(7), 1089-1112. doi: 10.1111/j.1467-6486.2009.00836.x Baden, D. A., Harwood, I. A., & Woodward, D. G. (2009). The effect of buyer pressure on suppliers in SMEs to demonstrate CSR practices: An added incentive or counter productive? European Management Journal, 27(6), 429-441. doi: 10.1016/j.emj.2008.10.004 Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18. doi: 10.1016/0304-405X(81)90018-0 Bardos, K. S., Ertugrul, M., & Gao, L. S. (2020). Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance, 62. doi: 10.1016/j.jcorpfin.2020.101588 Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794-816. doi: 10.5465/amr.2007.25275520 Barnett, M. L., & Salomon, R. M. (2006). Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance. Strategic Management Journal, 27(11), 1101-1122. JSTOR. https://doi.org/10/eq8pve Branco, M. C., & Rodrigues, L. L. (2006). Corporate social responsibility and resource-based perspectives. Journal of Business Ethics, 69(2), 111-132. doi: 10.1007/s10551-006-9071-z Brooks, C. (2014). Introductory econometrics for finance (3rd ed.). Cambridge: Cambridge University Press. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48. doi: 10.1016/0007-6813(91)90005-G Cellier, A., & Chollet, P. (2016). The effects of social ratings on firm value. Research in International Business and Finance, 36, 656-683. doi: 10.1016/j.ribaf.2015.05.001 Chang, K., Shim, H., & Yi, T. D. (2019). Corporate social responsibility, media freedom, and firm value. Finance Research Letters, 30, 1-7. doi: 10.1016/j.frl.2019.03.019 Chen, Y.-S., & Chang, C.-H. (2013). Greenwash and green trust: The mediation effects of green consumer confusion and green perceived risk. Journal of Business Ethics, 114(3), 489-500. doi: 10.1007/s10551-012-1360-0 Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23. doi: 10.1002/smj.2131 Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. In W. C. Zimmerli, M. Holzinger, & K. Richter (Eds.), Corporate Ethics and Corporate Governance (pp. 173–178). Springer Berlin Heidelberg. Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the relationship between CSR and financial performance. Sustainability, 11(2), 343. doi: 10.3390/su11020343 Chung, C. Y., Jung, S., & Young, J. (2018). Do CSR activities increase firm value? Evidence from the Korean market. Sustainability, 10(9), 3164. doi: 10.3390/su10093164 Corrado, C. J. (2011). Event studies: A methodology review. Accounting & Finance, 51(1), 207-234. doi: 10.1111/j.1467-629X.2010.00375.x Crisóstomo, V. L., Freire, F. de S., & Vasconcellos, F. C. de. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295-309. doi: 10.1108/17471111111141549 De Jong, M. D. T. De, Harkink, K. M., & Barth, S. (2018). Making green stuff? Effects of corporate greenwashing on consumers. Journal of Business and Technical Communication, 32(1), 77-112. doi: 10.1177/1050651917729863 De Wet, W. A. de. (2004). The role of asymmetric information on investments in emerging markets. Economic Modelling, 21(4), 621-630. doi: 10.1016/j.econmod.2003.09.002 Duarte, J. B. D., & Pérez-Iñigo, J. M. M. (2014). Comprobación de la eficiencia débil en los principales mercados financieros latinoamericanos. Estudios Gerenciales, 30(133), 365-375. doi: 10.1016/j.estger.2014.05.005 Durand, R., Paugam, L., & Stolowy, H. (2019). Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility. Strategic Management Journal, 40(9), 1471-1490. doi: 10.1002/smj.3035 El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406. doi: 10.1016/j.jbankfin.2011.02.007 Flammer, C. (2012). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758-781. doi: 10.5465/amj.2011.0744 Freeman, R. E. (1999). Response: Divergent stakeholder theory. The Academy of Management Review, 24(2), 233-236. doi: 10.2307/259078 Friedman, M. (1970). The social responsibility of business is to increase its profits. In W. C. Zimmerli, M. Holzinger, & K. Richter (Eds.), Corporate ethics and corporate governance (pp. 173-178). Berlin. Springer Berlin Heidelberg. González, M., Guzmán, A., Téllez, D. F., & Trujillo, M. A. (2021). What you say and how you say it: Information disclosure in Latin American firms. Journal of Business Research, 127, 427-443. doi: 10.1016/j.jbusres.2019.05.014 Hawn, O., Chatterji, A. K., & Mitchell, W. (2018). Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI). Strategic Management Journal, 39(4), 949-976. doi: 10.1002/smj.2752 Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405-440. doi: 10.1016/S0165-4101(01)00018-0 Karim, K., Suh, S., & Tang, J. (2016). Do ethical firms create value? Social Responsibility Journal, 12(1), 54-68. doi: 10.1108/SRJ-09-2014-0127 Kelly, B., & Ljungqvist, A. (2012). Testing asymmetric-information asset pricing models. The Review of Financial Studies, 25(5), 1366-1413. doi: 10.1093/rfs/hhr134 Kramer, M. R., & Porter, M. E. (2006). Estrategia y sociedad: El vínculo entre ventaja competitiva y responsabilidad social corporativa. Harvard Business Review, 84(12), 42-56. Recuperado de https://www.iarse.org/uploads/Porter_y_Kramer_Estrategia_y_Sociedad_HBR_dic_2006.pdf Li, D., Xin, L., Chen, X., & Ren, S. (2017). Corporate social responsibility, media attention and firm value: Empirical research on Chinese manufacturing firms. Quality & Quantity, 51(4), 1563-1577. doi: 10.1007/s11135-016-0352-z McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854-872. doi: 10.5465/256342 McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. The Academy of Management Review, 26(1), 117. doi: 10.2307/259398 Montiel, I., Husted, B. W., & Christmann, P. (2012). Using private management standard certification to reduce information asymmetries in corrupt environments. Strategic Management Journal, 33(9), 1103-1113. doi: 10.1002/smj.1957 Netto, S. V. de F., Sobral, M. F. F., Ribeiro, A. R. B., & Soares, G. R. da L. (2020). Concepts and forms of greenwashing: A systematic review. Environmental Sciences Europe, 32(1), 19. doi: 10.1186/s12302-020-0300-3 Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441. doi: 10.1177/0170840603024003910 Pérez, A., López-Gutiérrez, C., García-De Los Salmones, M. D. M., & San-Martín, P. (2020). Stakeholder salience, positive CSR news and the market value of banks. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 49(4), 483–502. doi: 10.1080/02102412.2019.1681718 Porter, M. E., & Kramer, M. R. (December, 2006). Strategy & society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92. Recuperado de https://hbr.org/2006/12/strategy-and-society-the-link-between-competitive-advantage-and-corporate-social-responsibility RobecoSAM. (2019). SAM Corporate Sustainability Assessment Informe de progreso de América Latina 2019. Recuperado de https://www.spglobal.com/esg/csa/static/docs/Informe_de_progreso_de_America_Latina_2019.pdf Robinson, M., Kleffner, A., & Bertels, S. (2011). Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics, 101(3), 493-505. doi: 10.1007/s10551-011-0735-y Rodríguez-Salcedo, C. G. (2020, marzo 9). El Presupuesto General de la Nación 2020 se calculó con un precio del Brent en US$67. Recuperado de https://www.larepublica.co/finanzas/esta-es-la-influencia-que-tienen-los-precios-del-petroleo-en-la-economia-colombiana-2974654 Ruiz-Dávila, B. D. R., & Muñoz, G. G. (2020). Hipótesis de mercados eficientes y estrategias de inversión en el MILA: 2014-2019. Análisis Económico, 35(90), 67-90. Recuperado de http://www.scielo.org.mx/scielo.php?script=sci_abstract&pid=S2448-66552020000300067&lng=es Searcy, C., & Elkhawas, D. (2012). Corporate sustainability ratings: An investigation into how corporations use the Dow Jones Sustainability Index. Journal of Cleaner Production, 35, 79-92. doi: 10.1016/j.jclepro.2012.05.022 Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045-1061. doi: 10.1287/mnsc.1120.1630 Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374. doi: 10.2307/1882010 Sprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445-453. doi: 10.1016/j.bushor.2010.05.006 Su, W., Peng, M. W., Tan, W., & Cheung, Y.-L. (2016). The signaling effect of corporate social responsibility in emerging economies. Journal of Business Ethics, 134(3), 479-491. doi: 10.1007/s10551-014-2404-4 Vargas, L. (2016). Corporate Social Responsibility and Financial Performance: GIC’s Share Prices Value Impact – Event Study. In Crowther, David & Seifi, Shahla (Eds.), Corporate Responsibility and Stakeholding (Vol. 10, pp. 165–177). Emerald Group Publishing Limited. Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance–Financial Performance Link. Strategic Management Journal, 18(4), 303–319. Recuperado de http://www.jstor.org/stable/3088143 Wang, Y.-S., & Chen, Y.-J. (2017). Corporate social responsibility and financial performance: Event study cases. Journal of Economic Interaction and Coordination, 12(2), 193-219. doi: 10.1007/s11403-015-0161-9 |
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Sanchez-Lopez, Juanb81c1348-4f74-4f2e-a466-af1ff940ba1d-1Godoy, Jesús33f93ac1-d30b-4c53-8428-c899d01c36186002025-08-14T20:57:08Z2025-08-14T20:57:08Z2022-04-26This article examines the impact of the Dow Jones Sustainability Index (DJSI) announcements that are prepared annually by RobecoSAM on the market value of Colombian firms. The analysis of 77 events and their impact on 13 firms for the 2009-2018 period found that DJSI-related events lead to insignificantly abnormal returns being generated for shareholders. The study suggests that this happens because Colombian companies do not widely disclose these types of event. © 2022, RAE Revista de Administracao de Empresas. All Rights Reserved.application/pdfSanchez-Lopez, J y Godoy, J. (2022). Does the market recognize corporate social responsibility?. RAE Revista de Administracao de Empresas, 62(2), e2020-0649. 10.1590/s0034-759020220205x10.1590/s0034-759020220205x2178938X00347590https://www.researchgate.net/publication/360126165_DOES_THE_MARKET_RECOGNIZE_CORPORATE_SOCIAL_RESPONSIBILITYFundacao Getulio VargasBrazil06492e22062RAE Revista de Administracao de EmpresasAdamska, A., & Dabrowski, T. (2016). Do investors appreciate information about corporate social responsibility? Evidence from the polish equity market. Engineering Economics, 27(4) 364-372. doi: 10.5755/j01.ee.27.4.13377Arya, B., & Zhang, G. (2009). Institutional reforms and investor reactions to CSR announcements: evidence from an emerging economy. Journal of Management Studies, 46(7), 1089-1112. doi: 10.1111/j.1467-6486.2009.00836.xBaden, D. A., Harwood, I. A., & Woodward, D. G. (2009). The effect of buyer pressure on suppliers in SMEs to demonstrate CSR practices: An added incentive or counter productive? European Management Journal, 27(6), 429-441. doi: 10.1016/j.emj.2008.10.004Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18. doi: 10.1016/0304-405X(81)90018-0Bardos, K. S., Ertugrul, M., & Gao, L. S. (2020). Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance, 62. doi: 10.1016/j.jcorpfin.2020.101588Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794-816. doi: 10.5465/amr.2007.25275520Barnett, M. L., & Salomon, R. M. (2006). Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance. Strategic Management Journal, 27(11), 1101-1122. JSTOR. https://doi.org/10/eq8pveBranco, M. C., & Rodrigues, L. L. (2006). Corporate social responsibility and resource-based perspectives. Journal of Business Ethics, 69(2), 111-132. doi: 10.1007/s10551-006-9071-zBrooks, C. (2014). Introductory econometrics for finance (3rd ed.). Cambridge: Cambridge University Press.Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48. doi: 10.1016/0007-6813(91)90005-GCellier, A., & Chollet, P. (2016). The effects of social ratings on firm value. Research in International Business and Finance, 36, 656-683. doi: 10.1016/j.ribaf.2015.05.001Chang, K., Shim, H., & Yi, T. D. (2019). Corporate social responsibility, media freedom, and firm value. Finance Research Letters, 30, 1-7. doi: 10.1016/j.frl.2019.03.019Chen, Y.-S., & Chang, C.-H. (2013). Greenwash and green trust: The mediation effects of green consumer confusion and green perceived risk. Journal of Business Ethics, 114(3), 489-500. doi: 10.1007/s10551-012-1360-0Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23. doi: 10.1002/smj.2131Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. In W. C. Zimmerli, M. Holzinger, & K. Richter (Eds.), Corporate Ethics and Corporate Governance (pp. 173–178). Springer Berlin Heidelberg.Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the relationship between CSR and financial performance. Sustainability, 11(2), 343. doi: 10.3390/su11020343Chung, C. Y., Jung, S., & Young, J. (2018). Do CSR activities increase firm value? Evidence from the Korean market. Sustainability, 10(9), 3164. doi: 10.3390/su10093164Corrado, C. J. (2011). Event studies: A methodology review. Accounting & Finance, 51(1), 207-234. doi: 10.1111/j.1467-629X.2010.00375.xCrisóstomo, V. L., Freire, F. de S., & Vasconcellos, F. C. de. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295-309. doi: 10.1108/17471111111141549De Jong, M. D. T. De, Harkink, K. M., & Barth, S. (2018). Making green stuff? Effects of corporate greenwashing on consumers. Journal of Business and Technical Communication, 32(1), 77-112. doi: 10.1177/1050651917729863De Wet, W. A. de. (2004). The role of asymmetric information on investments in emerging markets. Economic Modelling, 21(4), 621-630. doi: 10.1016/j.econmod.2003.09.002Duarte, J. B. D., & Pérez-Iñigo, J. M. M. (2014). Comprobación de la eficiencia débil en los principales mercados financieros latinoamericanos. Estudios Gerenciales, 30(133), 365-375. doi: 10.1016/j.estger.2014.05.005Durand, R., Paugam, L., & Stolowy, H. (2019). Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility. Strategic Management Journal, 40(9), 1471-1490. doi: 10.1002/smj.3035El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406. doi: 10.1016/j.jbankfin.2011.02.007Flammer, C. (2012). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758-781. doi: 10.5465/amj.2011.0744Freeman, R. E. (1999). Response: Divergent stakeholder theory. The Academy of Management Review, 24(2), 233-236. doi: 10.2307/259078Friedman, M. (1970). The social responsibility of business is to increase its profits. In W. C. Zimmerli, M. Holzinger, & K. Richter (Eds.), Corporate ethics and corporate governance (pp. 173-178). Berlin. Springer Berlin Heidelberg.González, M., Guzmán, A., Téllez, D. F., & Trujillo, M. A. (2021). What you say and how you say it: Information disclosure in Latin American firms. Journal of Business Research, 127, 427-443. doi: 10.1016/j.jbusres.2019.05.014Hawn, O., Chatterji, A. K., & Mitchell, W. (2018). 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