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| Author: | Janney, J.J. Dess, G. Forlani, V. |
| Title: | Glass houses? Market reactions to firms joining the UN global compact |
| Journal: | Journal of Business Ethics
2009 : DEC II, VOL. 90:3, p. 407-423 |
| Index terms: | business ethics social responsibility public companies multinational companies event studies United Nations |
| Language: | eng |
| Abstract: | This study explores the market reactions to publicly held multinational firms announcing their affiliation with the United Nations Global Compact (UNGC) which is a voluntary initiative supporting four areas of United Nations (UN), that is, Human rights, Labor, Environmental, and Anti-corruption. Because firms have to file annual Communication on Progress (COP) reports toward these initiatives, this is argued to create a differentiating transparency of interest to stakeholders. Using a sample of 175 global firms, there is found support to the theory for joining the UNGC. Returns differ markedly, however, btw. multinational enterprises (MNEs) headquartered in the United States (negative) and Europe (positive). It is also found that failing to complete the annual COP generates a negative market reaction. |
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