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Is Sustainability a Golden Thread in the Eyes of Investors?: New Evidence on Investor Reaction to the Dow Jones Sustainability Index (DJSI)
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Author(s): Shalini Ramaswamy (CMS Business School, Jain University (Deemed), India), Chaya Bagrecha (CMS Business School, Jain University (Deemed), India)and Anshika Jain (CMS Business School, Jain University (Deemed), India)
Copyright: 2024
Pages: 15
Source title:
Utilizing Technology for Sustainable Resource Management Solutions
Source Author(s)/Editor(s): Kuldeep Singh (School of Management, Gati Shakti Vishwavidyalaya, Vadodara, India), Richa Singh Dubey (Motilal Nehru National Institute of Technology Allahabad (MNNIT) Allahabad, India), Douglas W.S. Renwick (Nottingham Business School, Nottingham Trent University, UK)and Rohan Crichton (David D. Reh School of Business, Clarkson University, USA)
DOI: 10.4018/979-8-3693-2346-5.ch007
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Abstract
A company's reputation is improved, and investor trust is increased when it is listed on the Dow Jones Sustainability Index (DJSI). DJSI issues annual announcements that disclose the addition of new companies and the removal of existing ones, based on their adherence to sustainability practices. This study aims to investigate whether such inclusions have any discernible effects on the stock returns of these companies and whether they result in abnormal gains or losses. Employing the method of event study, this analysis incorporates an event window spanning 61 days and an estimation window of 90 days. The study highlights how, in the context of India, the connection that exists between sustainability and the economic well-being of businesses appears to be insignificant.
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