O efeito da informação de sustentabilidade corporativa nos retornos das ações: análise de empresas incluídas no ranking Global 100

Abstract

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®. 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.