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- Are firms that contribute to sustainable development valued by investors?Publication . Guia Arraiano, Irene; Miralles-Quiros, Maria del Mar; Miralles-Quiros, Jose LuisSustainability reporting contributes to making sustainable development a higher priority for companies, increases the social responsibility of their managers, and reinforces the credibility and trust of their stakeholders. However, prior research about the value relevance of sustainability disclosure for financial stakeholders provides inconclusive results. In this context, the aim of our research is to analyse whether sustainability disclosure provides relevant information and incremental value for investors in the European setting where this practice has been steadily increasing in the period 2001–2013. Our overall results support the belief that conducting business in accordance with ethical norms is value relevant for European investors. However, our results also reveal that there is no homogeneity among markets, even for the periods before and after the global financial crisis. These findings could have several implications for internal and external stakeholders such as managers, shareholders, and policymakers. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment.
- Sustainable development, sustainability leadership and firm valuation: differences across EuropePublication . Guia Arraiano, Irene; Miralles-Quirós, María del Mar; Miralles-Quirós, José LuisSustainable development is nowadays a high priority for firms all over the world. Consequently, numerous firms have increased their social responsibility initiatives, reinforcing the credibility and trust of their stakeholders. However, prior research about the relevance of sustainability leadership for the European investment community is scarce. In this context, the aim of this study is to examine whether sustainability leadership – proxied by membership of the Dow Jones Sustainability Index Europe – is value relevant for investors on the 10 major European stock markets over the 2001–2013 period. Our overall results reveal that there exist significant differences across markets. These findings are relevant especially for investors, but also for the managers of listed firms, market regulators and policymakers. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment