THE EFFECT OF CORPORATE SUSTAINABILITY INFORMATION ON SHARE RETURNS: ANALYSIS OF COMPANIES INCLUDED IN THE GLOBAL RANKING 100/O EFEITO DA INFORMACAO DE SUSTENTABILIDADE CORPORATIVA NOS RETORNOS DAS ACOES: ANALISE DE EMPRESAS INCLUIDAS NO RANKING GLOBAL 100

• Published in: Revista eletrônica de ciência administrativa 2017-05, Vol.16 (2), p.84
• Main Authors: Silva, Nathallya Etyenne Figueira, Callado, Aldo Leonardo Cunha
• Format: Article
• Language: Portuguese
• ISSN: 1677-7387; 1677-7387
• DOI: 10.21529/RECADM.2017010

This study aimed to analyze the effect of corporate returns after the disclosure of inclusion in the Global 100 ranking. For this purpose, the methodology of the Study of Events was used, based on the hypothesis of a semi-strong efficient market. The Global 100 rankings considered in this study were the ones released over 12 years, from 2005 to 2016. The survey sample composed of the shares of the companies that had data on the date of their inclusion, and thus consisting of 266 shares. The variable used was daily quotations of companies' shares during the estimation period (160 days) and event window (21 days) and the market indices of the countries in which the share was quoted, collected in the Thomson Reuters Database[R]. The results showed that the release of the Global 100 ranking did not cause significant positive or negative effect on the cumulative abnormal returns (CARs) of the shares of listed companies.