出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：Corporate social responsibility,disclosed in sustainability reporting,influences the financial performance of companies.As a result,traditional stock market indices(TI) are expanded with the social responsible stock market indices(SRI).The aim of this study was to establish whether there are any differences in the behavior of the TI and SRI.To do this,the authors analyzed their efficiency.They used R/S analysis to calcu?late the Hurst exponent as a measure of persistence(long-term memory property).The presence of persistence was evidence in favor of less efficiency.According to empiri cal results,SRI has lower efficiency,in particular the Dow Jones Sustainability Index. Lower efficiency was also observed in the emerging markets with a responsible invest?ment segment,compared to the traditional stock market indices.Further standard?ization and a common methodological approach to corporate sustainability reporting disclosure are proposed.
关键词：corporate social responsibility;sustainability reporting;long-term memory;social responsible indices;efficient market hypotheses(EMH)
