{"id":"https://openalex.org/W2084504178","doi":"https://doi.org/10.1080/09640568.2012.685927","title":"Corporate sustainability and shareholder wealth","display_name":"Corporate sustainability and shareholder wealth","publication_year":2012,"publication_date":"2012-08-13","ids":{"openalex":"https://openalex.org/W2084504178","doi":"https://doi.org/10.1080/09640568.2012.685927","mag":"2084504178"},"language":"en","primary_location":{"id":"doi:10.1080/09640568.2012.685927","doi":"https://doi.org/10.1080/09640568.2012.685927","is_oa":false,"landing_page_url":"https://doi.org/10.1080/09640568.2012.685927","pdf_url":null,"source":{"id":"https://openalex.org/S92470662","display_name":"Journal of Environmental Planning and Management","issn_l":"0964-0568","issn":["0964-0568","1360-0559"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","dongbi-d","jufo-1","ki-jl-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Environmental Planning and Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5040196342","display_name":"Justyna Przychodze\u0144","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I111398093","display_name":"Kozminski University","ror":"https://ror.org/033wpf256","country_code":"PL","type":"education","lineage":["https://openalex.org/I111398093"]}],"countries":["PL"],"is_corresponding":false,"raw_author_name":"Justyna Przychodzen","raw_affiliation_strings":["Department of Finance, Kozminski University, 59 Jagiellonska Street, Warsaw, 03-301, Poland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, Kozminski University, 59 Jagiellonska Street, Warsaw, 03-301, Poland","institution_ids":["https://openalex.org/I111398093"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5035408400","display_name":"Wojciech Przychodze\u0144","orcid":"https://orcid.org/0000-0002-1745-2906","observed_orcids":["https://orcid.org/0000-0002-1745-2906"]},"institutions":[{"id":"https://openalex.org/I111398093","display_name":"Kozminski University","ror":"https://ror.org/033wpf256","country_code":"PL","type":"education","lineage":["https://openalex.org/I111398093"]}],"countries":["PL"],"is_corresponding":true,"raw_author_name":"Wojciech Przychodzen","raw_affiliation_strings":["Department of Finance, Kozminski University, 59 Jagiellonska Street, Warsaw, 03-301, Poland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, Kozminski University, 59 Jagiellonska Street, Warsaw, 03-301, Poland","institution_ids":["https://openalex.org/I111398093"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5035408400"],"corresponding_institution_ids":["https://openalex.org/I111398093"],"apc_list":null,"apc_paid":null,"fwci":7.5945,"has_fulltext":false,"cited_by_count":85,"citation_normalized_percentile":{"value":0.96745654,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"56","issue":"4","first_page":"474","last_page":"493"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9854000210762024,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9854000210762024,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.006899999920278788,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10880","display_name":"Environmental Sustainability in Business","score":0.0017999999690800905,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-sustainability","display_name":"corporate sustainability","score":1.0},{"id":"https://openalex.org/keywords/shareholder-value","display_name":"shareholder value","score":0.9879999756813049},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.7639999985694885},{"id":"https://openalex.org/keywords/stock-market-valuation","display_name":"stock market valuation","score":0.5979999899864197},{"id":"https://openalex.org/keywords/business-strategy","display_name":"business strategy","score":0.6919999718666077},{"id":"https://openalex.org/keywords/s-p-500-firms","display_name":"S&P 500 firms","score":0.7919999957084656},{"id":"https://openalex.org/keywords/stock-price-volatility","display_name":"stock price volatility","score":0.7379999756813049},{"id":"https://openalex.org/keywords/sales-growth","display_name":"sales growth","score":0.7630000114440918},{"id":"https://openalex.org/keywords/sustainable-investing","display_name":"sustainable investment","score":0.38499999046325684},{"id":"https://openalex.org/keywords/social-and-environmental-performance","display_name":"environmental and social performance","score":0.6010000109672546}],"concepts":[{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.6853361129760742},{"id":"https://openalex.org/C2776667712","wikidata":"https://www.wikidata.org/wiki/Q5172498","display_name":"Corporate sustainability","level":3,"score":0.6330447793006897},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5553264021873474},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.5003657341003418},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.4680250287055969},{"id":"https://openalex.org/C193445137","wikidata":"https://www.wikidata.org/wiki/Q471719","display_name":"Market capitalization","level":4,"score":0.4565347135066986},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.45280858874320984},{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.449938029050827},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.43507203459739685},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4237581789493561},{"id":"https://openalex.org/C35138590","wikidata":"https://www.wikidata.org/wiki/Q1081659","display_name":"Common stock","level":3,"score":0.4184337258338928},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.40122491121292114},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.36087697744369507},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.35710301995277405},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.35532212257385254},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.33219680190086365},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/09640568.2012.685927","doi":"https://doi.org/10.1080/09640568.2012.685927","is_oa":false,"landing_page_url":"https://doi.org/10.1080/09640568.2012.685927","pdf_url":null,"source":{"id":"https://openalex.org/S92470662","display_name":"Journal of Environmental Planning and Management","issn_l":"0964-0568","issn":["0964-0568","1360-0559"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","dongbi-d","jufo-1","ki-jl-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Environmental Planning and Management","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:jenpmg:v:56:y:2013:i:4:p:474-493","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/09640568.2012.685927","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":51,"referenced_works":["https://openalex.org/W14467567","https://openalex.org/W31604314","https://openalex.org/W39941679","https://openalex.org/W43857184","https://openalex.org/W78473010","https://openalex.org/W145967548","https://openalex.org/W190127488","https://openalex.org/W198149393","https://openalex.org/W1540982571","https://openalex.org/W1593496994","https://openalex.org/W1595051401","https://openalex.org/W1934690157","https://openalex.org/W1985721027","https://openalex.org/W1995834279","https://openalex.org/W1998463806","https://openalex.org/W2003498350","https://openalex.org/W2004907241","https://openalex.org/W2005826018","https://openalex.org/W2014381720","https://openalex.org/W2022156202","https://openalex.org/W2047735993","https://openalex.org/W2052675864","https://openalex.org/W2055541284","https://openalex.org/W2056749365","https://openalex.org/W2059335617","https://openalex.org/W2072074955","https://openalex.org/W2073928172","https://openalex.org/W2082929842","https://openalex.org/W2089087592","https://openalex.org/W2096060544","https://openalex.org/W2096412823","https://openalex.org/W2097984602","https://openalex.org/W2106573564","https://openalex.org/W2124115302","https://openalex.org/W2125452690","https://openalex.org/W2129694656","https://openalex.org/W2133363003","https://openalex.org/W2136120210","https://openalex.org/W2136938669","https://openalex.org/W2142432035","https://openalex.org/W2153974569","https://openalex.org/W2161663387","https://openalex.org/W2164639462","https://openalex.org/W2164946207","https://openalex.org/W2177756622","https://openalex.org/W2465698871","https://openalex.org/W3025260591","https://openalex.org/W3121550950","https://openalex.org/W3125241540","https://openalex.org/W4248388162","https://openalex.org/W4298140396"],"related_works":["https://openalex.org/W2296853984","https://openalex.org/W2126434683","https://openalex.org/W2402054436","https://openalex.org/W4230984203","https://openalex.org/W4388100396","https://openalex.org/W2791176327","https://openalex.org/W4416123449","https://openalex.org/W3196177198","https://openalex.org/W3122199241","https://openalex.org/W2564902343"],"abstract_inverted_index":{"The":[0,125,155],"goal":[1],"of":[2,35,69,182],"this":[3,159,183],"study":[4],"is":[5,147,161],"to":[6,11,26,179],"provide":[7,18],"insights":[8],"in":[9,112,121,131,185],"relation":[10],"implementing":[12,169],"sustainability":[13,53,63,114,170],"into":[14,171],"corporate":[15,52,62,113],"strategy,":[16],"and":[17,85,95,115],"an":[19],"answer":[20],"about":[21],"whether":[22],"it":[23,146],"can":[24],"lead":[25],"higher":[27,150],"than":[28],"average":[29],"market":[30,143,152],"valuation.":[31],"Using":[32],"extensive":[33],"data":[34],"Standard":[36],"&":[37],"Poor's":[38],"(S&P)":[39],"500":[40],"companies":[41,47,60,80,108,133,166],"covering":[42],"the":[43,74,105,140,186],"years":[44],"2006\u201310,":[45],"85":[46],"were":[48],"selected":[49],"as":[50],"meeting":[51],"criteria.":[54],"An":[55],"investment":[56,130],"strategy":[57],"that":[58,79,107,116,129,167],"bought":[59],"with":[61,81,104,149],"would":[64],"have":[65],"earned":[66],"abnormal":[67],"returns":[68],"7.4%":[70],"per":[71],"year":[72],"during":[73],"sample":[75],"period.":[76],"We":[77],"find":[78],"balanced":[82],"financial,":[83],"social":[84],"environmental":[86],"activities":[87],"had":[88],"lower":[89,92,96],"revenues":[90],"growth,":[91],"growth":[93],"volatility":[94],"stock":[97,123,142,151],"price":[98],"volatility.":[99],"These":[100],"results":[101,126],"are":[102,119],"consistent":[103],"idea":[106],"benefit":[109],"from":[110,158],"investing":[111],"these":[117],"practices":[118],"reflected":[120],"their":[122,172],"prices.":[124],"also":[127,177],"indicate":[128],"sustainable":[132],"does":[134],"not":[135],"show":[136],"anti-cyclical":[137],"patterns":[138],"within":[139],"usual":[141],"cycle,":[144],"but":[145],"connected":[148],"crash":[153],"resistance.":[154],"empirical":[156],"evidence":[157],"paper":[160],"particularly":[162],"pronounced":[163],"for":[164],"public":[165],"consider":[168],"core":[173],"business":[174],"strategy.":[175],"It":[176],"contributes":[178],"better":[180],"understanding":[181],"concept":[184],"contemporary":[187],"capital":[188],"markets.":[189]},"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2025,"cited_by_count":10},{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":11},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":6},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":9},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":5},{"year":2013,"cited_by_count":2}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}