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Sustainable Development, Sustainability Leadership and Firm Valuation: Differences across Europe

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  • Maria del Mar Miralles‐Quiros
  • Jose Luis Miralles‐Quiros
  • Irene Guia Arraiano

Abstract

Sustainable 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

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  • Maria del Mar Miralles‐Quiros & Jose Luis Miralles‐Quiros & Irene Guia Arraiano, 2017. "Sustainable Development, Sustainability Leadership and Firm Valuation: Differences across Europe," Business Strategy and the Environment, Wiley Blackwell, vol. 26(7), pages 1014-1028, November.
    • Handle: RePEc:bla:bstrat:v:26:y:2017:i:7:p:1014-1028
    DOI: 10.1002/bse.1964
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