A study by Curran and Moran (2007) conducted on companies ‘public profile’ and ‘profitability’ with respect to their inclusion, exclusion and deletion from the FTSE4good index has revealed that; a companies’ inclusion substantially increases both (positive impact), a companies’ exclusion does not impact, however a companies’ deletion will have a negative impact on both. Consequently companies have realised the marketing/profit opportunities CSR presents.
M. Curran, D. M. (2007). Impact of the FTSE4Good Index on firm price: An event study. Journal of Environmental Management , 529–537.