Amer (2016)

Amer, Estefania.  “The Penalization of Non-Communicating UN Global Compact’s Companies by Investors and its Implications for this Initiative’s Effectiveness.”  Business and Society, October 2016.

From the abstract:  "[T]his study shows that a company that fails to report to the [United Nations Global Compact] is penalized in the financial markets with an average cumulative abnormal return of -1.6% over a period of 5 trading days around the event."

LK comment:  Event study