An empirical study on stock price responses to the release of the environmental management ranking in Japan

Fumiko Takeda, Takanori Tomozawa

Research output: Contribution to journalArticlepeer-review

14 Citations (Scopus)

Abstract

This paper investigates how stock prices respond to the release of the environmental management ranking by using a standard event study methodology. Examining top 30 manufacturing companies in the environmental management ranking published by Nihon Keizai Shimbun (Nikkei newspaper) from 1998 to 2005, we find that stock prices on the whole did not respond significantly to the release of the ranking within a three-day event window. Moreover, stock prices of companies that experienced a downgrade increased significantly, while those that experienced an upgrade decreased significantly.

Original languageEnglish
JournalEconomics Bulletin
Volume13
Issue number1
Publication statusPublished - 2004
Externally publishedYes

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

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