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The 'Best Corporate Citizens': Are They Good for Their Shareholders?Greg FilbeckKaplan Incorporated - Schweser Study Program Raymond F. GormanMiami University of Ohio - Richard T. Farmer School of Business Administration Zhao Xinaffiliation not provided to SSRN February 16, 2009 The Financial Review, Vol. 44, No. 2, May 2009 Abstract: 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, G14 Accepted Paper SeriesDate posted: February 20, 2009Suggested CitationContact Information
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