THESIS
2014
xii, 94 pages : illustrations ; 30 cm
Abstract
This research analyses market response to the announcement on Environmental,
Social, Governance and Sustainability initiatives undertaken by 17 listed companies
in Hong Kong from 2010 to 2012. Prior studies have examined market reaction to
different kinds of initiatives within environmental and social aspects. This study
further explores whether investors react differently to environmental, social,
governance and sustainability initiatives. There is weak evidence supporting that the
market responds positively to these initiatives. However, we found that the investors
were selective in reacting to different kinds of initiatives. Compared with
environmental, social and governance (ESG) initiatives, the market reacted less
positively to corporate sustainability initiatives, such a...[
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This research analyses market response to the announcement on Environmental,
Social, Governance and Sustainability initiatives undertaken by 17 listed companies
in Hong Kong from 2010 to 2012. Prior studies have examined market reaction to
different kinds of initiatives within environmental and social aspects. This study
further explores whether investors react differently to environmental, social,
governance and sustainability initiatives. There is weak evidence supporting that the
market responds positively to these initiatives. However, we found that the investors
were selective in reacting to different kinds of initiatives. Compared with
environmental, social and governance (ESG) initiatives, the market reacted less
positively to corporate sustainability initiatives, such as the announcement of
inclusion in sustainability indices.
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