Publication: What determines the inclusion in a sustainability stock index? A panel data analysis for European firms
What determines the inclusion in a sustainability stock index? A panel data analysis for European firms
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Ziegler, A., & Schröder, M. (2010). What determines the inclusion in a sustainability stock index? A panel data analysis for European firms. Ecological Economics, 69, 1–33. https://doi.org/10.1016/j.ecolecon.2009.10.009
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This paper empirically examines the determinants of the inclusion of European firms in the Dow Jones Sustainability World Index and the Dow Jones Stoxx Sustainability Index. While a restricted econometric analysis implies a positive effect of corporate financial performance, this impact becomes ambiguous in more flexible panel probit models. Our estimation results therefore strengthen the importance of the use of panel data and the incorporation of unob-served heterogeneity. Furthermore, our analysis shows that the sustainability asse
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- Ziegler, Andreas
- Schröder, Michael
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Ziegler, A., & Schröder, M. (2010). What determines the inclusion in a sustainability stock index? A panel data analysis for European firms. Ecological Economics, 69, 1–33. https://doi.org/10.1016/j.ecolecon.2009.10.009
