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We provide a synthesis of four decades of empirical research regarding the reaction of shareholders to environmental events. This literature is at the crossroads of finance, environmental economics, management and corporate social responsibility (CSR). To set the stage, we first provide an account of the Brumadinho ecological disaster that occurred in Brazil in January 2019. Second, we provide a critical review of more than one hundred event studies. These papers cover a diverse set of events, such as industrial accidents, public disclosure programs, legal actions following environmental violations, changes in environmental regulation, environmental news, or corporate initiatives. This review makes four contributions. First is the synthesis of a large strand of literature in a structured setting, so as to be readily handled by both experts and non-experts. Second is the observation that stock market penalties in the event of environmental concerns are likely to be quite low: on average there is a (temporary) drop in the excess stock market return of about 2%. Third is to highlight the limits of corporate social responsibility as a business strategy towards a sustainable society. Fourth is to provide an open access bibliographic database.
The seminar will be held on Wednesday September 15, at 11.00 a.m., in the -1.26 room of the School of Economics and Management and also online via zoom.
Due to the restrictions caused by the Covid-19 pandemic, there are only 17 places available in the room, the registration is mandatory and the deadline is September 15 at 10 a.m. Please send an e-mail to email@example.com.
To join the webinar, click on the link: https://videoconf-colibri.zoom.us/j/82167662099
Join the NIPE seminars Google calendar: https://bit.ly/2LKkPyV
Looking forward to your attendance.