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  1. Doing safe by doing good
    ESG investing and corporate social responsibility in the U.S. and Europe
    Author: Bannier, Christina E.; Bofinger, Yannik; Rock, Björn
    Published: [2019]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    This paper examines the profitability of investing according to environmental, social and governance (ESG) criteria in the U.S. and Europe. Based on data from 2003 to 2017, we show that a portfolio long in stocks with the highest ESG scores and short... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper examines the profitability of investing according to environmental, social and governance (ESG) criteria in the U.S. and Europe. Based on data from 2003 to 2017, we show that a portfolio long in stocks with the highest ESG scores and short in those with the lowest scores yields a significantly negative abnormal return. Interestingly, this is caused by the strong positive return of firms with the lowest ESG activity. As we find that increasing ESG scores reduce firm risk (particularly downside risk), this hints at an insurance-like character of corporate social responsibility: Firms with low ESG activity need to offer a corresponding risk premium. The perception of ESG as an insurance can be shown to be stronger in more volatile capital markets for U.S. firms, but not for European firms. Socially responsible investment may therefore be of varying attractiveness in different market phases.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/200161
    Series: CFS working paper series ; no. 621
    Subjects: ESG; corporate social responsibility; sustainability; downside risk; insurance; Fama-French model; dynamic panel GMM estimation
    Scope: 1 Online-Ressource (circa 36 Seiten)
  2. Decarbonization factors
    Author: Cheema-Fox, Alex; LaPerla, Bridget R.; Serafeim, George; Turkington, David; Wang, Hui
    Published: [2019]
    Publisher:  Harvard Business School, [Boston, MA]

    In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and investor behavior towards decarbonization we construct decarbonization factors that go long low carbon intensity sectors, industries, or firms and short high carbon intensity. We consider several portfolio formation strategies and find strategies that lowered carbon emissions more aggressively performed better. Decarbonization factor returns are associated with contemporaneous institutional flows into the factors. Buying decarbonization factors when coincident flows are positive while selling when they are negative produces significantly positive alphas. Combining decarbonization factors that have positive contemporaneous flows would provide investors with significantly superior returns and continuous exposure to low carbon portfolios. The results are more pronounced in Europe relative to the US. Our results suggest that institutional investor flows contain information about anticipated fundamentals related to climate change developments

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper / Harvard Business School ; 20, 037
    Subjects: climate change; ESG; investment management; factor investing; investor behavio
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  3. Pathways to materiality
    how sustainability issues become financially material to corporations and their investors
    Author: Rogers, Jean; Serafeim, George
    Published: [2019]
    Publisher:  Harvard Business School, [Boston, MA]

    Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Inter-library loan:
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    Management and disclosure of environmental, social and governance (ESG) issues have received substantial interest over the last decade. In this paper, we outline a framework of how ESG issues become financially material, affecting corporate profitability and valuation. We argue that understanding this process is important both for actors driven by financial or societal motives. The former group, which includes companies and return-first investors, can use the framework to make resource allocation decisions based on expectations about future materiality thereby enhancing risk-adjusted returns. The latter group, which includes regulators, NGOs, and impact-first investors, can use the framework to design and implement interventions that create market-based incentives for companies and investors to align their behavior with social and environmental outcomes

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper / Harvard Business School ; 20, 056
    Harvard Business School Accounting & Management Unit Working Paper ; No. 20-056
    Subjects: sustainability disclosure; ESG; materiality; social impact; corporate valuation
    Scope: 1 Online-Ressource (circa 29 Seiten)
  4. Stakeholders and shareholders are executives really "penny wise and pound foolish" about ESG?
    Author: Larcker, David F.; Tayan, Brian; Trivedi, Vinay; Wurzbacher, Owen
    Published: [2019]
    Publisher:  [Stanford Graduate School of Business], [Stanford, CA]

    Currently, there is much debate about the role that non-investor stakeholder interests play in the governance of public companies. Critics argue that greater attention should be paid to the interest of stakeholders and that by investing in... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    Currently, there is much debate about the role that non-investor stakeholder interests play in the governance of public companies. Critics argue that greater attention should be paid to the interest of stakeholders and that by investing in initiatives and programs to promote their interests, companies will create long-term value that is greater, more sustainable, and more equitably shared among investors and society. However, advocacy for a more stakeholder-centric governance model is based on assumptions about managerial behavior that are relatively untested. In this Closer Look, we examine survey data of the CEOs and CFOs of companies in the S&P 1500 Index to understand the extent to which they incorporate stakeholder needs into the business planning and long-term strategy, and their view of the costs and benefits of ESG-related programs. We ask:• What are the real costs and benefits of ESG? • How do companies signal to constituents that they take ESG activities seriously? • How accurate are the ratings of third-party providers that rate companies on ESG factors?• Do boards understand the short- and long-term impact of ESG activities? • Do boards believe this investment is beneficial for the company?

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [Stanford University Graduate School of Business research paper ; no. 3418389]
    Subjects: corporate governance; shareholder; stakeholder; stakeholder perspective; ESG; environment; sustainable investing; corporate social responsibility; corporate sustainability; long-term investing; boards of directors; risk management; corporate governance research
    Scope: 1 Online-Ressource (circa 9 Seiten), Illustrationen