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首页> 外文期刊>Environmental & Resource Economics >Is it Beneficial to be Included in a Sustainability Stock Index? A Panel Data Study for European Firms
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Is it Beneficial to be Included in a Sustainability Stock Index? A Panel Data Study for European Firms

机译：纳入可持续性股票指数是否有益？欧洲公司的面板数据研究

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摘要

This paper empirically examines the effect of inclusion in the Dow Jones Sustain-ability World Index (DJSI World) on corporate financial performance. On the basis of panel data for European firms that were included in the Dow Jones Stoxx 600 Index over time, our micro-econometric analysis with fixed and random effects models implies positive impacts on return on assets for continental European countries, but insignificant effects for Anglo-Saxon European countries (i.e., the United Kingdom and Ireland). Furthermore, the impacts on alternative indicators of corporate financial performance such as Tobin's Q are generally insignificant. The weak or neutral effect of inclusion in the DJSI World on corporate finan-cial performance can be explained by several mutually confounding factors. Furthermore, the composition of this sustainability stock index is influenced by factors that need not necessarily be directly connected to corporate environmental or social activities, so that potential positive and negative effects of corporate sustainability performance on financial performance can be weakened. Methodologically, this study again supports the strong relevance of unobserved firm heterogeneity since the application of misspecified pooled regression models leads to obviously biased estimation results.
机译：本文从经验上考察了纳入道琼斯可持续发展世界指数（DJSI World）对公司财务绩效的影响。根据随时间推移被纳入道琼斯Stoxx 600指数的欧洲公司的面板数据，我们的带有固定和随机效应模型的微观计量经济分析对欧洲大陆国家的资产收益率产生了积极影响，但对盎格鲁却没有太大影响-撒克逊欧洲国家（即英国和爱尔兰）。此外，对公司财务绩效的其他指标（如托宾Q）的影响通常很小。包含在DJSI世界中对公司财务绩效的弱或中性影响可以通过几个相互混淆的因素来解释。此外，此可持续性股票指数的构成受到不一定与公司环境或社会活动直接相关的因素的影响，因此可以减弱公司可持续性绩效对财务绩效的潜在正反作用。从方法上讲，该研究再次支持了未观察到的公司异质性的强烈关联性，因为错误指定的集合回归模型的应用导致明显的估计结果偏差。

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