2022
DOI: 10.1590/s0034-759020220205x
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Does the Market Recognize Corporate Social Responsibility?

Abstract: 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.

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Cited by 3 publications
(3 citation statements)
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“…Nesse sentido, os gestores são responsáveis não apenas pela maximização do valor para o acionista, conforme proposto pela teoria da firma, mas também pelo bem-estar das demais partes afetadas pelas decisões corporativas, o que pode ajudar ou dificultar o alcance dos objetivos da empresa (Phillips et al, 2003;Sanchez-Lopez & Bejarano, 2022). Ou seja, os gestores que atendem aos interesses dos stakeholders ajudam a empresa a obter seu apoio e cooperação, o que pode influenciar no desempenho global da organização (Marhfor et al, 2021).…”
Section: Fundamentação Teórica Teoria Dos Stakeholdersunclassified
“…Nesse sentido, os gestores são responsáveis não apenas pela maximização do valor para o acionista, conforme proposto pela teoria da firma, mas também pelo bem-estar das demais partes afetadas pelas decisões corporativas, o que pode ajudar ou dificultar o alcance dos objetivos da empresa (Phillips et al, 2003;Sanchez-Lopez & Bejarano, 2022). Ou seja, os gestores que atendem aos interesses dos stakeholders ajudam a empresa a obter seu apoio e cooperação, o que pode influenciar no desempenho global da organização (Marhfor et al, 2021).…”
Section: Fundamentação Teórica Teoria Dos Stakeholdersunclassified
“…In this sense, managers are responsible not only for maximizing shareholder value, as proposed by the theory of the firm, but also for the well-being of other parties affected by corporate decisions, which can help or hinder the achievement of the company's objectives (Phillips et al, 2003;Sanchez-Lopez & Bejarano, 2022). In other words, managers who serve stakeholders' interests help the company gain their support and cooperation, which can influence its overall performance (Marhfor et al, 2021).…”
Section: Stakeholder Theorymentioning
confidence: 99%
“…Likewise, it is vital to discover the contributions and limitations of corporate social responsibility. According to Sanchez and Bejarano (2022), it also encompasses those actions that seek to promote social well-being beyond the company's objectives and what the law establishes. These social responsibility actions generate value by increasing the possibility of success due to the long-term strengthening of social legitimacy; thus, from this perspective, value is generated.…”
Section: According Tomentioning
confidence: 99%