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  • 2013 Fall: Volume 12, Issue 1
  • Greening of Corporate Governance: Wealth Effects of Sustainability Officer Hiring

    • WaQar I. Ghani ;
    • Rajneesh Sharma ;
    • A.J. Stagliano

    Title:

    Greening of Corporate Governance: Wealth Effects of Sustainability Officer Hiring

    Author(s):

    WaQar I. Ghani
    Rajneesh Sharma
    A.J. Stagliano

    Publication Date:

    2013

    Journal Title:

    The Journal of Finance Issues

    Volume Number:

    12

    Issue Number:

    1

    Abstract:

    This study reports on the impact that firms’ hiring of sustainability officers has on their shareholders’ wealth. Our stock market tests show a significantly positive effect on the wealth of shareholders of firms around the time of sustainability officer hiring announcements. It appears that hiring these officers by publicly traded firms is a signal to the market that the firm is serious about its sustainability plans and actions. These results also suggest that shareholders view a firm’s commitment to sustainability as a sound strategic choice that will accrue financial benefits for the long term.

    First Page:

    1

    Last Page:

    11

    Total Pages:

    11