Is There a Gold Social Seal? The Financial Effects of Additions to and Deletions from Social Stock Indices

This study investigates the financial effects of additions to and deletions from the most well-known social stock index: the MSCI KLD 400. Our study makes use of the unique setting that index reconstitution provides and allows us to bypass possible issues of endogeneity that commonly plague empirica...

Full description

Saved in:  
Bibliographic Details
Authors: Kappou, Konstantina (Author) ; Oikonomou, Ioannis (Author)
Format: Electronic Article
Language:English
Check availability: HBZ Gateway
Journals Online & Print:
Drawer...
Fernleihe:Fernleihe für die Fachinformationsdienste
Published: Springer Science + Business Media B. V 2016
In: Journal of business ethics
Year: 2016, Volume: 133, Issue: 3, Pages: 533-552
Further subjects:B M14
B CSP
B Corporate social responsibility
B CSR
B Socially Responsible Investment
B G32
B G14
B Sri
B MSCI KLD 400 index
Online Access: Presumably Free Access
Volltext (JSTOR)
Volltext (lizenzpflichtig)

MARC

LEADER 00000caa a22000002 4500
001 1785656767
003 DE-627
005 20230331053539.0
007 cr uuu---uuuuu
008 220112s2016 xx |||||o 00| ||eng c
024 7 |a 10.1007/s10551-014-2409-z  |2 doi 
035 |a (DE-627)1785656767 
035 |a (DE-599)KXP1785656767 
035 |a (DE-He213)s10551-014-2409-z-e 
040 |a DE-627  |b ger  |c DE-627  |e rda 
041 |a eng 
084 |a 1  |2 ssgn 
100 1 |a Kappou, Konstantina  |e VerfasserIn  |4 aut 
245 1 0 |a Is There a Gold Social Seal? The Financial Effects of Additions to and Deletions from Social Stock Indices 
264 1 |c 2016 
336 |a Text  |b txt  |2 rdacontent 
337 |a Computermedien  |b c  |2 rdamedia 
338 |a Online-Ressource  |b cr  |2 rdacarrier 
520 |a This study investigates the financial effects of additions to and deletions from the most well-known social stock index: the MSCI KLD 400. Our study makes use of the unique setting that index reconstitution provides and allows us to bypass possible issues of endogeneity that commonly plague empirical studies of the link between corporate social and financial performance. By examining not only short-term returns but also trading activity, earnings per share, and long-term performance of stocks that are involved in these events, we bring forward evidence of a ‘social index effect’ where unethical transgressions are penalized more heavily than responsibility is rewarded. We find that the addition of a stock to the index does not lead to material changes in its market price, whereas deletions are accompanied by negative cumulative abnormal returns. Trading volumes for deleted stocks are significantly increased on the event date, while the operational performances of the respective firms deteriorate after their deletion from the social index. 
650 4 |a M14 
650 4 |a G32 
650 4 |a G14 
650 4 |a Sri 
650 4 |a Socially Responsible Investment 
650 4 |a MSCI KLD 400 index 
650 4 |a CSR 
650 4 |a CSP 
650 4 |a Corporate Social Responsibility 
700 1 |a Oikonomou, Ioannis  |e VerfasserIn  |4 aut 
773 0 8 |i Enthalten in  |t Journal of business ethics  |d Dordrecht [u.a.] : Springer Science + Business Media B.V, 1982  |g 133(2016), 3, Seite 533-552  |h Online-Ressource  |w (DE-627)270937129  |w (DE-600)1478688-6  |w (DE-576)121465284  |x 1573-0697  |7 nnns 
773 1 8 |g volume:133  |g year:2016  |g number:3  |g pages:533-552 
856 |3 Volltext  |u http://www.jstor.org/stable/24703720  |x JSTOR 
856 |u https://centaur.reading.ac.uk/37748/1/Is_there_a_Gold_Social_Seal%20Oikonomou%20and%20Kappou.pdf  |x unpaywall  |z Vermutlich kostenfreier Zugang  |h repository [oa repository (via OAI-PMH doi match)] 
856 4 0 |u https://doi.org/10.1007/s10551-014-2409-z  |x Resolving-System  |z lizenzpflichtig  |3 Volltext 
935 |a mteo 
936 u w |d 133  |j 2016  |e 3  |h 533-552 
951 |a AR 
ELC |a 1 
ITA |a 1  |t 1 
LOK |0 000 xxxxxcx a22 zn 4500 
LOK |0 001 4033715665 
LOK |0 003 DE-627 
LOK |0 004 1785656767 
LOK |0 005 20220112043837 
LOK |0 008 220112||||||||||||||||ger||||||| 
LOK |0 035   |a (DE-Tue135)IxTheo#2021-12-30#5E89781AA8119401D47EA010080EF0BDBC6575D4 
LOK |0 040   |a DE-Tue135  |c DE-627  |d DE-Tue135 
LOK |0 092   |o n 
LOK |0 852   |a DE-Tue135 
LOK |0 852 1  |9 00 
LOK |0 866   |x JSTOR#http://www.jstor.org/stable/24703720 
LOK |0 935   |a ixzs  |a ixrk  |a zota 
OAS |a 1 
ORI |a SA-MARC-ixtheoa001.raw 
STA 0 0 |a Corporate social responsibility 
STB 0 0 |a Responsabilité sociale de l'entreprise 
STC 0 0 |a Responsabilidad social de la empresa 
STD 0 0 |a Corporate social responsibility,Responsabilità sociale d'impresa,Responsabilità sociale d'impresa 
STF 0 0 |a 企業社會責任 
STG 0 0 |a Responsabilidade social da empresa 
STH 0 0 |a Корпоративная социальная ответственность 
STI 0 0 |a Εταιρική κοινωνική ευθύνη,Corporate social responsibility 
SYE 0 0 |a Corporate social responsibility,Corporate citizenship,Corporate environment responsibility,Corporate environmental responsibility,Corporate responsibility,Corporate sustainability management,Corporate volunteering,CSR (Corporate social responsibility),Environmental social governance,ESG,Gesellschaftliche Unternehmensverantwortung,Gesellschaftliche Verantwortung von Unternehmen,Gesellschaftliches Engagement von Unternehmen,Nachhaltigkeitsmanagement,Soziale Verantwortung von Unternehmen,Soziales Engagement von Unternehmen,Unternehmensverantwortung,Unternehmerische Sozialverantwortung,CSR,Corporate Citizenship,Unternehmerische Gesellschaftsverantwortung,Unternehmerische Sozialverantwortung,Unternehmen