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Akim Van Stekelenburg Amsterdam Business School, University of Amsterdam, Netherlands Netherlands. Georgios Georgakopoulos Strathclyde Business School, University of Strathclyde, UK United Kingdom. Virginia Sotiropoulou Department of Economics, University of Patras, Greece Greece.

Vasileiou Department of Business Administration, TEI of Western Greece, Greece Greece. Ilias Vlachos Leeds University Business School, UK United Kingdom.

This paper investigates the relation between corporate financial performance CFP and corporate sustainability performance CSP. This is done by first analyzing a sample of European stocks that were added to or deleted from the Dow Jones Sustainability Europe Index DJSI Europe over the period , and second by analyzing a sample of European stocks that were recognized as industry group leaders in CSP by the DJSI Europe over the same period.

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The impacts are measured in terms of abnormal stock returns. For the first analysis no strong evidence could be found that the announcement of the inclusion and exclusion events has any significant impact on stock return.

However, on the day of change CD and in the period following CD, index inclusion exclusion stocks experience a significant but temporary increase decrease in stock return. From the second analysis, on industry group leaders, it can be concluded that the market rewards firms with high CSP.

In the period after the day of change, industry group leader stocks experience a permanent and significant positive growth in stock returns. To make sure that you can receive messages from us, please add the 'ccsenet.

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Information For Readers For Authors For Librarians. About The Authors Akim Van Stekelenburg Amsterdam Business School, University of Amsterdam, Netherlands Netherlands.

The Relation between Sustainability Performance and Stock Market Returns: An Empirical Analysis of the Dow Jones Sustainability Index Europe. Akim Van Stekelenburg, Georgios Georgakopoulos, Virginia Sotiropoulou, Konstantinos Z.

Abstract This paper investigates the relation between corporate financial performance CFP and corporate sustainability performance CSP. Search Scope All Authors Title Abstract Index terms Full Text.