TY - CONF TI - The value of voluntary sustainability reporting - an event study in the financial services industry AB - This paper investigates the relationship between voluntary sustainability reporting and the stock performance of financial firms. A multi-period event study is used to identify the abnormal return associated with the announcement of the publication of Global Reporting Initiative compliant reports. The findings suggest a negative effect on stock performance – implying that shareholder wealth decreases as a result of this announcement – although weakening over the years. Inspecting the days surrounding the announcement reveal that a negative reaction persists, the latter being simply delayed until after the event, hence hinting at a market disappointed by sustainability reports content. AF - 20th EurOMA Conference PP - Dublin, Ireland SP - 1 EP - 10 PY - 2013-01-01 AU - Zingg, Aline AU - Reiner, Gerald ER -