Sustainable Disclosure Policies and Sustainable Performance of European Listed Companies
Vincenzo D’Apice (),
Giovanni Ferri and
Francesca Lipari ()
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Vincenzo D’Apice: Center for Relationship Banking & Economics, Lumsa, 00192 Rome, Italy
Francesca Lipari: Department of Mathematics, University Carlos III of Madrid, 28911 Madrid, Spain
Sustainability, 2020, vol. 12, issue 15, 1-19
Sustainable disclosure has become common for companies to publicly signal their responsible behavior. Our research idea is twofold. First—irrespective of its content—better quality sustainable disclosure should identify more sustainability compliant companies. Second, we propose that those companies should have a more stable—and thus more sustainable—performance. Focusing on the top-capitalized companies of the EU-28 stock exchanges, we assess how GRI sustainable-reporting quality associates with stock-price volatility and distance-to-default. Our results, which resist various robustness checks, confirm that better quality sustainable disclosure couples with more sustainable performance. Thus, pro-disclosure policies could enhance long-term value creation.
Keywords: stable and sustainable performance; sustainable disclosure; GRI; top listed companies; EU-28 (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:15:p:5920-:d:388447
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