Sustainable Reporting and Financial Performance in Spanish Market: Special Reference to the Financial Sector

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Recent years have witnessed the growth of the number of firms that reports on social and environmental information according to international principles like Global Reporting Initiative or another international standard. Arguments used to justify this process are widely different. This process has become more important in Spain than in other European countries. According to this issue, the objective of this paper is to measure the possible relationship between this proxy of sustainability and the market value of the firms quoting in the Continuous Market of the Madrid Stock Exchange developing an event study approach. Due to the high level of capitalisation, a specific analysis is made to the financial sector with the aim of testing the conclusions obtained in the global model. Principal findings indicate that investors rewarded companies with higher transparency to their stakeholders regarding a positive causal relationship between the sustainable reporting and the market value of the firm.


Keywords: Ethic Investment, Financial Performance, Sustainable Reporting, Corporate Social Responsibility
Stream: Economic Sustainability, Social Sustainability
Presentation Type: Virtual Presentation in English
Paper: Sustainable Reporting and Financial Performance in Spanish Market


Eduardo Ortas Fredes

University Lecturer, Accounting and Finance Department
Economics and Business Faculty, University of Zaragoza

Zaragoza, Spain


José M. Moneva

University Lecturer, Accounting and Finance Department
Economics and Business Faculty, University of Zaragoza

Zaragoza, Spain


Ref: S08P0218