The Impact of Membership in a Socially Responsible Index on Stock Prices: A Systemic Review of the Literature

ESG values are always at the heart of investors' concerns. Several studies have shown that company prices react to the publication of sustainability information. The objective of this work is to synthesize the existing empirical literature that evaluates the impact of additions/deletions of companies in a socially responsible index on their financial performance. The study was conducted on a number of 43 papers selected following a number of inclusion criteria over the period from 2010 to 2021. The papers were retrieved from widely recognized international databases, organized in Mendeley and transferred to NVIVO for textual analysis. We pursued this according to the methodological protocol proposed by Okoli (2015). The results of the systemic review prove that the majority of the studies confirmed the existence of a positive (negative) significant impact following the inclusion (exclusion) announcements