With the increasing awareness of corporate social responsibility and sustainable development in recent years,ESG has received widespread attention.From CSR to ESG,whether investors care about corporate ESG and whether firms can benefit from ESG remain unclear.This paper focuses on the ESG in-dex and uses event study methods to explore the market reaction around the adjustment of ESG index.We find that the inclusion in ESG index leads to a positive market reaction,indicating that investors increase their valuation of the included firms,while excluding from the ESG index does not cause a significant re-sponse.Furthermore,the frequency of inclusion does not affect the corresponding market reactions.
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