Going Green: Market Reactions to CSRwire News Releases
Submitted by 3BL CSRwire
Going Green: Market Reactions to CSRwire News Releases, a recently released report by the University of California, Davis and Berkeley, has been approved for publication in the Journal of Accounting and Public Policy. Conducted by University of California management professors Paul Griffin, Ph.D. and Yuan Sun, Ph.D., the report connects voluntary disclosure and shareholder value.
Their motivation: "A lot of people were saying we need to engage in a climate change strategy but there was little or no evidence that this was improving shareholder value," says Dr. Griffin, adding, "We wanted to look at whether there was an association between voluntary disclosure and shareholder price."
According to the study – which used 10 years of archived news releases on CSRwire to compare the relationship – companies saw significant increases in their stock prices just days after issuing corporate social responsibility [CSR] releases disclosing their greenhouse gas emissions through CSRwire.
Top Findings: It Pays to Disclose Greenhouse Gas Emissions
By using CSRwire as a source for voluntary disclosures comparable over a decade, the study determined:
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