120922 20240319081004.0 doi 10.1016/j.jclepro.2021.129862 sideral 131481 ART-2022-131481 eng Vilas, Pablo Universidad de Zaragoza (orcid)0000-0002-4549-8098 Cluster analysis to validate the sustainability label of stock indices: An analysis of the inclusion and exclusion processes in terms of size and ESG ratings 2022 Access copy available to the general public Unrestricted Sustainability stock indices play an important role in guiding socially responsible funds to their constituents. Thus, to find out whether the term sustainability is more than just a label, we analyze the inclusion and exclusion criteria applied by sustainability indices, and we compare them with those applied by conventional indices. We analyze the level of sustainability and size of the companies included in and excluded from five sustainability indices compared to a control group of 11 conventional indices. Our results show that the level of sustainability influences the inclusion process and, to a lesser extent, the exclusion process of the five FTSE4Good indices. However, we find similar results for several conventional indices. In addition, the size criterion dominates the sustainability criterion in the inclusion and exclusion processes of sustainability indices like in conventional indices. Further, we use different cluster algorithms to determine that the inclusion and exclusion processes of four of the five sustainability indices are different from those of the conventional indices. Our results validate the use of the “sustainability” label for four of five sustainability indices but also show that further differentiation between sustainability and conventional indices is needed. info:eu-repo/grantAgreement/ES/DGA/S38-20R info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 info:eu-repo/grantAgreement/ES/MICINN-AEI/10.13039/501100011033 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 11.1 2022 ENGINEERING, ENVIRONMENTAL 8 / 55 = 0.145 2022 Q1 T1 GREEN & SUSTAINABLE SCIENCE & TECHNOLOGY 8 / 46 = 0.174 2022 Q1 T1 ENVIRONMENTAL SCIENCES 22 / 275 = 0.08 2022 Q1 T1 1.981 2022 Environmental Science (miscellaneous) 2022 Q1 Strategy and Management 2022 Q1 Renewable Energy, Sustainability and the Environment 2022 Q1 Industrial and Manufacturing Engineering 2022 Q1 18.5 2022 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Andreu, Laura Universidad de Zaragoza (orcid)0000-0003-3661-5448 Sarto, José Luis Universidad de Zaragoza (orcid)0000-0001-6078-0465 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 330 (2022), 129862 [14 pp.] J. clean. prod. Journal of Cleaner Production 0959-6526 2763411 http://zaguan.unizar.es/record/120922/files/texto_completo.pdf Versión publicada 2588997 http://zaguan.unizar.es/record/120922/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:120922 articulos driver 2024-03-18-14:29:45 ARTICLE