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Research / Academic Paper ACTIVE

Which Corporate ESG News Does the Market React To?

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Abstract

We analyze 109,014 firm–day observations for 3,109 companies and examine market reaction to different ESG news. We find that prices react only to financially material ESG news, and the reaction is larger for news that is positive, receive more news coverage, and related to social capital issues. Using a prediction model based on pre-existing ESG ratings, we separate news into expected and unexpected components and find the market reacts to unexpected news. We conclude that investors are motivated by financial rather than nonpecuniary motive as they differentiate in their reactions based on whether the news is likely to affect fundamentals.

Source: resolved

Document Metadata

Issuer
Elsevier (Journal of Financial Economics)
Document Type
Research / Academic Paper
Publication Year
2022
Retrieved
5 May 2026
Source
doi.org
Record ID
XFDUWQYXNI
Validation
Inferred by XFID

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SHA-256 (file bytes)
997d66ada0b45890be8d6fe73828253604b1c7305349d7e1897e9c862302c465
SHA-256 (canonical content)
997d66ada0b45890be8d6fe73828253604b1c7305349d7e1897e9c862302c465
Source access-restricted (bot wall / registration / paywall) — last checked 6 July 2026

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Topics

Asset PricingEsgNon Financial Disclosure

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Academic / report citation
Elsevier (Journal of Financial Economics) (2022). Which Corporate ESG News Does the Market React To?. XFID: XF-DUWQYXN-I. Retrieved from https://xframework.id/XFDUWQYXNI
Identifier only
XF-DUWQYXN-I