The 'Best Corporate Citizens': Are They Good for Their Shareholders?
Kaplan Incorporated - Schweser Study Program
Raymond F. Gorman
Miami University of Ohio - Richard T. Farmer School of Business Administration
affiliation not provided to SSRN
February 16, 2009
The Financial Review, Vol. 44, No. 2, May 2009
Since 2000, Business Ethics magazine has published a list of the 100 Best Corporate Citizens. Our event study finds significant positive abnormal returns for new companies added to the annual listing on the press release date of the survey, both initially and in subsequent survey releases. Over longer holding periods, the top 100 companies consistently outperform the S&P 500, yet are not significantly different from a matched set of companies, with the exception of the initial survey year (2000). However, a rebalancing strategy based on new additions outperforms both the S&P 500 and a matched portfolio.
Keywords: Socially responsible investing, shareholders wealth, event study, investment
JEL Classification: G11, G14Accepted Paper Series
Date posted: February 20, 2009
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo7 in 0.281 seconds