Impact of S&P BSE sustainability indices membership and delisting on stock liquidity: Evidence from volume and spread event study

Environmental Challenges

Parmjit Kaur¹  Jasminder Kaur² 

[1] Corresponding author.;University Business School, Panjab University, Arts Block 3, Chandigarh, India;

关键词: BSE Sustainability Indices;    stock liquidity;    Corporate environmentalism;    Event study methodology;   

DOI  :  

来源: DOAJ

【 摘 要 】

Mounting perusal of stockholders regrading environmental management of firms has increased the number of listing applications to sustainability sectoral indices to signal environmentally responsible stance of companies. Where listing signifies promising non-financial facets of corporate performance, delisting indicates reckless attitude on the protection and restoration of eco-system while achieving growth in profits. This article assesses the market response to reconstitutions in BSE GreenEx and CarbonEx. Results show significant but peculiar trend during the event period. It is observed that inclusions backfired on Indian entities while the market rewards delisting of stocks. Such deviant findings could be imputed to the type of clienteles of listed and delisted firms.

【 授权许可】

Unknown