Sustainable Development, Sustainability Leadership and Firm Valuation: Differences across Europe
研究了2001-2013年间欧洲十大股市中，企业入选道琼斯可持续发展指数（可持续领导力的代理指标）是否影响投资者估值，发现不同市场间存在显著差异。
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