Stock Market Reactions to Firms’ First Publication of Sustainability Reports: Evidence from multiple industries in Nordic countries, the United States, and China
This study investigates the market reactions to firms’ first publication of sustainability reports. The data of listed companies in the Nordic, the United States, and Chinese stock markets are utilized to examine whether the event leads to abnormal returns in the short term and whether the results are identical across regions. The companies are divided into two groups based on their impact on the