The Impact of Sustainability Index on Firm Performance: An Event Study

International Journal of Contemporary Economics and Administrative Sciences

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Field Value
 
Title The Impact of Sustainability Index on Firm Performance: An Event Study
 
Creator Çimen, Ayşegül
 
Description The aim of this paper is to find out the impact of inclusion of companies in Sustainability Index of Borsa Istanbul on the stock returns. Borsa Istanbul Sustainability Index has launched on the 4th of November 2014. Since that date, each year Borsa Istanbul announces which companies to be listed in the Sustainability Index based on the criteria met. For the empirical analysis, event study has implemented. Within the context of seven day event window, the impact of inclusion in the index and the announcement of Borsa Istanbul regarding the companies has been analyses respectively. Findings of the study reveal that inclusion in the Sustainability Index as well as the announcement of Borsa Istanbul have positive impact on the firm performance. Companies have abnormal returns which contradict with the assumptions of Efficient Market Hypothesis.
 
Publisher International Journal of Contemporary Economics and Administrative Sciences
 
Date 2019-06-29
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
 
Identifier http://www.ijceas.com/index.php/ijceas/article/view/287
10.5281/zenodo.3262277
 
Source International Journal of Contemporary Economics and Administrative Sciences; Vol 9 No 1 (2019): IJCEAS; 170-183
1925-4423
 
Language eng
 
Relation http://www.ijceas.com/index.php/ijceas/article/view/287/218
 
Rights Copyright (c) 2019 International Journal of Contemporary Economics and Administrative Sciences
http://creativecommons.org/licenses/by/4.0
 

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