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  1. Sustainable stocks and the Russian war on Ukraine
    an event study in Europe
    Author: Kick, Andreas; Rottmann, Horst
    Published: June 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The popularity of sustainable investments is unbroken and attracts investors and researchers alike. Modelling the properties of such 'green' firms, Pástor, Stambaugh, and Taylor 2021 consider a hedge against climate risks in their theoretical model.... more

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    The popularity of sustainable investments is unbroken and attracts investors and researchers alike. Modelling the properties of such 'green' firms, Pástor, Stambaugh, and Taylor 2021 consider a hedge against climate risks in their theoretical model. Likewise, it could be assumed that companies with high social scores might offer a protection against related events. On February 24, 2022 with the Russian invasion on Ukraine one of the biggest events imaginable came to pass. Using standard event study methodology we analyse if and how Refinitiv's ESG-ratings, as well as the CO2 intensity, influence the cumulative abnormal returns during different event windows. We find that the abnormal returns of companies with high ecological scores are positively influenced in the pre and post-event window. However the effects are of no economical relevance. Therefore our results do not fully support the hypothesis of an 'ESG-hedge' against such an extreme event. If such an effect exists, it was superimposed by other properties accounting for stability and defensiveness.

     
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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/263728
    Series: CESifo working paper ; no. 9798 (2022)
    Subjects: abnormal returns; war; Ukraine; ESG
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  2. Analysis of ESG disclosures in pillar 3 reports
    a text mining approach
    Author: Moreno Bernal, Ángel Iván; Caminero García, Teresa
    Published: 2022
    Publisher:  Banco de España, Madrid

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    Series: Documentos ocasionales / Banco de España ; no. 2204
    Subjects: ESG; environment; social; governance; sustainability; climate change; carbon emissions; environmental risks; physical risk; transition risk; natural language processing; Pillar 3
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. The performance of socially responsible investments
    a meta-analysis
    Author: Hornuf, Lars; Yüksel, Gülistan
    Published: April 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). After a thorough literature search, we review 153 empirical studies containing 1,047 observations of SRI performance. We find that, on... more

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    In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). After a thorough literature search, we review 153 empirical studies containing 1,047 observations of SRI performance. We find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we find that global SRI portfolios outperform regional sub-portfolios. Moreover, high-quality publications, publications in finance journals, and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, we find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance. These findings have important implications for the policy evaluation of environmental, social, and governance goals in general, the asset management literature in particular, and the perspective of different scientific disciplines.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/260854
    Series: CESifo working paper ; no. 9724 (2022)
    Subjects: environmental social governance; ESG; socially responsible investment; SRI; meta-analysis
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Incorporating ESG into optimal stock portfolios for the global timber & forestry industry
    Author: Lööf, Hans; Sahamkhadam, Maziar; Stephan, Andreas
    Published: February, 2022
    Publisher:  The Royal Institute of Technology, Centre of Excellence for Science and Innovation Studies (CESIS), [Stockholm]

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    Series: CESIS electronic working paper series ; paper no. 490
    Subjects: portfolio optimization; ESG; forestry stocks; return; risk; vine copula
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  5. Stock prices and the Russia-Ukraine war
    sanctions, energy and esg
    Author: Deng, Ming; Leippold, Markus; Wagner, Alexander F.; Wang, Qian
    Published: 11 April 2022
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17207
    Subjects: Climate transition risk; Energy; ESG; Event studies; inflation; resilience; Russia-Ukraine war; Stock returns
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  6. Small and medium enterprises in emerging economies
    the Achilles' heel of corporate ESG responsibility practices?
    Author: Ferrazzi, Matteo; Tueske, Annamaria
    Published: 2022
    Publisher:  European Investment Bank, [Luxembourg]

    Companies in emerging economies lag in the introduction of environmental, social and governance practices, and firms in the Middle East and North Africa are among the worst performers. The actions of private small to medium enterprises in emerging... more

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    Companies in emerging economies lag in the introduction of environmental, social and governance practices, and firms in the Middle East and North Africa are among the worst performers. The actions of private small to medium enterprises in emerging economies to foster sustainability and green growth significantly lag in the transition to a more sustainable business environment and large gaps persist, according to data from the Enterprise Survey. Among emerging economies, those in the Middle East and North Africa (MENA) region are among the worst performers. Larger companies in the MENA region show better environmental, social, and governance performance than small and medium-size enterprises in other regions. But smaller firms in the Middle East and North Africa show extremely weak performance in many aspects, even when controlling for the relative level of economic development. The weakness of environmental, social and governance practices among firms in the region is due to both environmental and social factors (with large gaps in female participation in the workforce and management). This calls for urgent policy action to address these weaknesses and exploit the region's full potential. The analysis in this working paper relies on the Enterprise Surveys, conducted by the EIB, EBRD and the World Bank. This is the fourth of nine working papers supporting the full report: Unlocking sustainable growth in the Middle East and North Africa private sector.

     
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    Media type: Ebook
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    ISBN: 9789286153259
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    Series: Economics
    MENA enterprise survey report working papers ; volume 4
    Subjects: ESG; environmental; social; sustainability; corporate responsibility; SME; Middle East and North Africa; index aggregation; governance; newly industrialised country; sustainable development; small and medium-sized enterprises; corporate social responsibility; economic growth; green economy; private sector; Arab world
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  7. Financial aspects of sustainability
    drivers and consequences of corporate social responsibility and irresponsibility
    Author: Kreuzer, Christian
    Published: 2022

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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Fachhochschule Erfurt, Hochschulbibliothek
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Zentrale Hochschulbibliothek Lübeck
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Hochschule Magdeburg-Stendal, Hochschulbibliothek
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    UB Weimar
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    Source: Union catalogues
    Language: German
    Media type: Dissertation
    Format: Online
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    Subjects: ESG; Corporate Social Responsibility; Corporate Social Irresponsibility; SR mutual funds; Board
    Scope: 1 Online-Ressource (circa 144 Seiten), Illustrationen
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    Dissertation, Universität Regensburg, 2022
  8. The association between mandated environmental liability recognition and voluntary ESG disclosure quality
    Author: Bens, Daniel; Chen, Cai; Joos, Peter
    Published: [2022]
    Publisher:  INSEAD, [Fontainebleau]

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    Language: English
    Media type: Book
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    Series: Array ; 2022, 38
    Subjects: Asset Retirement Obligations; AROs; Voluntary Disclosure; ESG; Environmental
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  9. Green energy depends on critical minerals
    who controls the supply chains?
    Author: LeRuth, Luc; Mazarei, Adnan; Regibeau, Pierre; Renneboog, Luc
    Published: 14 September 2022
    Publisher:  CentER, Tilburg University, [Tilburg]

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    Series: Discussion paper / CentER ; no. 2022, 024
    Subjects: Ownership; voting power; corporate social responsibility; ESG; supply chain; recycling; rareearth elements; critical minerals; geopolitics
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  10. ESG management and credit risk premia: evidence from credit default swaps for Japan's major companies
    Author: Inaba, Kei-Ichiro; Hatakeyama, Yuji
    Published: May 2022
    Publisher:  Japan Center for Economic Research, [Tokyo]

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    Series: JCER discussion paper ; no. 154
    Subjects: Corporate social responsibility; ESG; Stakeholder influence capacity; Credit default swap
    Scope: 1 Online-Ressource (circa 37 Seiten)
  11. Investor-led sustainability in corporate governance
    Author: Ringe, Wolf-Georg
    Published: [2022]
    Publisher:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    The transition to a sustainable economy currently involves a fundamental transformation of our capital markets. Lawmakers, in an attempt to overcome this challenge, frequently seek to prescribe and regulate how firms may address environmental,... more

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    The transition to a sustainable economy currently involves a fundamental transformation of our capital markets. Lawmakers, in an attempt to overcome this challenge, frequently seek to prescribe and regulate how firms may address environmental, social, and governance (ESG) concerns by formulating conduct standards. Deviating from this conceptual starting point, the present paper makes the case for another path towards achieving greater sustainability in capital markets, namely through the empowerment of investors. This trust in the market itself is grounded in various recent developments both on the supply side and the demand side of financial markets, and also in the increasing tendency of institutional investors to engage in common ownership. The need to build coalitions among different types of asset managers or institutional investors, and to convince fellow investors of a given initiative, can then act as an in-built filter helping to overcome the pursuit of idiosyncratic motives and supporting only those campaigns that are seconded by a majority of investors. In particular, institutionalized investor platforms have emerged over recent years as a force for investor empowerment, serving to coordinate investor campaigns and to share the costs of engagement. ESG engagement has the potential to become a very powerful driver towards a more sustainability-oriented future. Indeed, I show that investor-led sustainability has many advantages compared to a more prescriptive, regulatory approach where legislatures are in the driver's seat. For example, a focus on investor-led priorities would follow a more flexible and dynamic pattern rather than complying with inflexible pre-defined criteria. Moreover, investor-promoted assessments are not likely to impair welfare creation in the same way as ill-defined legal standards; they will also not trigger regulatory arbitrage and would avoid deadlock situations in corporate decision-making. Any regulatory activity should then be limited to a facilitative and supportive role.

     
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    Media type: Book
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    Other identifier:
    hdl: 10419/261466
    Series: LawFin working paper ; no. 36
    Subjects: sustainability; ESG; climate change; capital markets; institutional investors; investor coalitions
    Scope: 1 Online-Ressource (circa 51 Seiten)
  12. Responsible investment and responsible consumption
    Author: Hakenes, Hendrik; Schliephake, Eva
    Published: 07 July 2022
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Media type: Book
    Format: Online
    Series: Array ; DP17445
    Subjects: Socially responsible investment (SRI); ethical investment; socially responsibleconsumption (SRC); sustainable investment; Sustainable consumption; green investment,Divestment; ESG; SPI
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  13. Green bond premiums in the chinese secondary market
    Author: Janda, Karel; Kortusova, Anna; Zhang, Binyi
    Published: [2022]
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    Green bonds have gained prominence in China's capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume in the Chinese green bond market has been growing rapidly in recent years, the impact... more

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    Green bonds have gained prominence in China's capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume in the Chinese green bond market has been growing rapidly in recent years, the impact of the green label on bond pricing has not been adequately studied. Therefore, this paper investigates whether this newly developed financial instrument offers investors in China an attractive yield compared to other equivalent conventional bonds. By matching green bonds with their conventional counterparts and subsequently applying a fixed-effects estimation, our empirical results reveal a significant green bond yield premium of 1.8 basis points (bps) on average in the Chinese secondary market. In addition to that, we find that CBI certified green bond generate higher yields than self-labelled green bond in the Chinese market. Investors are found to be willing pay a higher price for green bonds issued by environmental, social and governance (ESG) performance-rated issuers. Our results point to some practical implications for investors and policymakers.

     
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    Other identifier:
    hdl: 10419/272792
    Series: IES working paper ; 2022, 20
    Subjects: Green Finance; Green bonds; ESG; China
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  14. Sustainable finance literacy and the determinants of sustainable investing
    Author: Filippini, Massimo; Leippold, Markus; Wekhof, Tobias
    Published: March 2022
    Publisher:  [CeRP, Center for Research on Pensions and Welfare Policies], [Torino]

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    Series: Working paper / CeRP ; 210 (22)
    Subjects: Sustainable finance literacy; sustainable finance products; ESG; household finance,open-ended questions; gender gap
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  15. Stock prices and the Russia-Ukraine war
    sanctions, energy and ESG
    Author: Deng, Ming; Leippold, Markus; Wagner, Alexander F.; Wang, Qian
    Published: [2022]
    Publisher:  Swiss Finance Institute, Geneva

    In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks strongly exposed to the regulatory risks of the transition to a low-carbon economy did well, suggesting an expected slow-down of that transition. Analysts... more

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    In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks strongly exposed to the regulatory risks of the transition to a low-carbon economy did well, suggesting an expected slow-down of that transition. Analysts increased their earnings estimates for these stocks. The stock price effects were strongest in the US. In Europe, the effects were less pronounced or even opposite, arguably because market participants expect stronger policy responses supporting renewable energy sources in the face of the pronounced dependence of Europe on Russian oil and gas. Overall, investors thus expect the speed of transition to a low-carbon economy to be diverging between the US and Europe. The analysis controls for a range of different Environmental, Social, and Governance (ESG) measures (for which we obtain mixed results). Companies that more frequently refer to inflation in their conference calls with analysts performed worse. Internationally oriented firms did poorly, and investors were particularly concerned regarding companies' exposure to China. Overall, the results offer a preview of the challenging economic impact of the Russia-Ukraine war

     
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    Series: Research paper series / Swiss Finance Institute ; no 22, 29
    Subjects: Climate transition risk; energy; ESG; event study; inflation; resilience; Russia-Ukraine war; stock returns
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  16. Can unconventional monetary policy contribute to climate action?
    Author: Eliet-Doillet, Alice; Maino, Andrea
    Published: [2022]
    Publisher:  Swiss Finance Institute, Geneva

    This paper investigates the impact of central banks when supporting policies aiming at greening the financial system. The July 2021 Monetary Policy Strategy Review of the European Central Bank unexpectedly dedicated a whole workstream to climate... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    This paper investigates the impact of central banks when supporting policies aiming at greening the financial system. The July 2021 Monetary Policy Strategy Review of the European Central Bank unexpectedly dedicated a whole workstream to climate change. The announcement had a significant effect on the pricing and issuance of green bonds in the Eurozone. We find that ECB eligible 'green bonds’ Yield-to-Maturity decreased following the announcement when compared to equivalent conventional bonds. Firms incorporated in the Eurozone reacted to the announcement by increasing the amount of green bond issued, for both the segments of ECB-eligible and non-ECB-eligible green bonds

     
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    Series: Research paper series / Swiss Finance Institute ; no 22, 35
    Subjects: Climate Change; Central Banks; Green Bonds; Carbon Emissions; Quantitative Easing; Monetary Policy; ESG
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  17. Green bonds' reputation effect and its impact on the financing costs of the real estate sector
    Author: Petreski, Aleksandar; Schäfer, Dorothea; Stephan, Andreas
    Published: 2022
    Publisher:  Global Labor Organization (GLO), Essen

    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein-... more

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    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein- difference analyses and instrumental variable estimations are applied to identify the causal impact of frequent green vis-à-vis frequent non-green bond issuing on a firm's cost of capital and credit rating. The paper argues that it is repetitive issuance which lowers a firm's cost of capital, while the effects from first or one-time green bond issuance is the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non-green bonds has no effect on the cost of equity capital.

     
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    hdl: 10419/265365
    Series: GLO discussion paper ; no. 1182
    Subjects: bond issuance; green debt; reputation capital; sustainability; ESG
    Scope: 1 Online-Ressource (circa 27 Seiten)
  18. Green bonds' reputation effect and its impact on the financing costs of the real estate sector
    Author: Petreski, Aleksandar; Schäfer, Dorothea; Stephan, Andreas
    Published: 2022
    Publisher:  DIW Berlin, German Institute for Economic Research, Berlin

    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein-... more

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    This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein- difference analyses and instrumental variable estimations are applied to identify the causal impact of frequent green vis-à-vis frequent non-green bond issuing on a firm's cost of capital and credit rating. The paper argues that it is repetitive issuance which lowers a firm's cost of capital, while the effects from first or one-time green bond issuance is the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non-green bonds has no effect on the cost of equity capital.

     
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    Format: Online
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    hdl: 10419/265521
    Series: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 2019
    Subjects: bond issuance; green debt; reputation capital; sustainability; ESG
    Scope: 1 Online-Ressource (circa 28 Seiten)
  19. Corporate sustainability, investment, and capital structure
    Author: Nishihara, Michi
    Published: November 2022
    Publisher:  Graduate School of Economics, Osaka University, Toyonaka, Osaka, Japan

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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 11094/89430
    Series: Discussion papers in economics and business ; 22, 05
    Subjects: sustainability; ESG; real options; capital structure
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  20. Climate impact investing
    Author: De Angelis, Tiziano; Tankov, Peter; Zerbib, Olivier David
    Published: [2022]
    Publisher:  CCA, Fondazione Collegio Carlo Alberto, Torino

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    Series: Carlo Alberto notebooks ; no. 676 (May 2022)
    Subjects: Climate finance; socially responsible investing; ESG; impact investing
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
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    "This paper previously circulated under the title "Environmental Impact Investing."" - Fußnote, 2. Seite des Dokuments
  21. The impact of ESG ratings on the systemic risk of European blue-chip firms
    Author: Eratalay, Mustafa Hakan; Cortés Ángel, Ariana Paola
    Published: 2022
    Publisher:  The University of Tartu FEBA, Tartu

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    ISBN: 9789985413005
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    hdl: 11159/7123
    Series: [Working paper series] / Faculty of Social Sciences, School of Economics and Business Administration ; no. 139
    Subjects: systemic risk; network centrality; sustainable; ESG; volatility; principal components; Covid-19
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  22. Sustainable finance literacy and the determinants of sustainable investing
    Author: Filippini, Massimo; Leippold, Markus; Wekhof, Tobias
    Published: 2022
    Publisher:  Swiss Finance Institute, Geneva

    This paper introduces the concept of sustainable finance literacy, which refers to retail investors' knowledge of regulations, norms, and standards for financial products with sustainable characteristics. We survey a large sample of Swiss households... more

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    This paper introduces the concept of sustainable finance literacy, which refers to retail investors' knowledge of regulations, norms, and standards for financial products with sustainable characteristics. We survey a large sample of Swiss households and measure different literacy concepts using two complementary approaches. First, we use traditional multiple-choice questions, and second, a novel approach based on open-ended questions that ask respondents to write a text response. We find that Swiss households, which typically show high financial literacy by international standards, exhibit a low level of sustainable finance literacy. Interestingly, multiple-choice questions lead to a gender gap, with women performing worse than men. However, this difference disappears when open-ended questions are used. Moreover, despite its low level, sustainable finance literacy is a highly significant factor for sustainable product ownership. Therefore, our results reveal an urgent need to establish transparent regulatory standards and strengthen information campaigns on sustainable financial products

     
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    Series: Research paper series / Swiss Finance Institute ; no 22, 02
    Subjects: Sustainable finance literacy; sustainable finance products; ESG; household finance,open-ended questions; gender gap
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  23. Nachhaltigkeit und Wettbewerb
    zu einer Reform des Wettbewerbsrechts für die Erreichung von Nachhaltigkeitszielen
    Author: Inderst, Roman; Thomas, Stefan
    Published: [2022]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt

    Die notwendige ökologische Transformation aber auch darüberhinausgehend die zunehmenden Erwartungen, die Gesellschaft und Politik an die Wirtschaft stellen, erfordern eine Prüfung des Wettbewerbsrechts und seiner Durchsetzung, insbesondere auch der... more

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    Die notwendige ökologische Transformation aber auch darüberhinausgehend die zunehmenden Erwartungen, die Gesellschaft und Politik an die Wirtschaft stellen, erfordern eine Prüfung des Wettbewerbsrechts und seiner Durchsetzung, insbesondere auch der dabei verwendeten (ökonomischen) Konzepte und Methoden, dahingehend, ob die aktuelle Praxis nicht einer stärkeren Berücksichtigung von Nachhaltigkeitszielen in unbegründeter Weise im Wege steht. Auf europäischer Ebene hat der Diskurs darüber im Jahr 2021 erheblich an Fahrt gewonnen. Wir stellen wesentliche Initiativen dar. Dabei zeigt sich unseres Erachtens allerdings auch, dass für eine konstruktive Weiterentwicklung noch die nötigen konzeptionellen und methodischen Grundlagen fehlen.

     
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    Language: German
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    Other identifier:
    hdl: 10419/249445
    Series: SAFE policy letter ; no. 94 (January 2022)
    Subjects: Nachhaltigkeit; ESG; Wettbewerbsrecht
    Scope: 1 Online-Ressource (20 Seiten), Illustrationen
  24. Socially optimal sustainability standards with non-consequentialist ("warm glow") investors
    Author: Inderst, Roman; Opp, Markus
    Published: [2022]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, [Frankfurt am Main]

    Agencies around the world are in the process of developing taxonomies and standards for sustainable (or ESG) investment products. A key assumption in our model is that of non-consequentialist private investors (households) who derive a "warm glow"... more

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    Agencies around the world are in the process of developing taxonomies and standards for sustainable (or ESG) investment products. A key assumption in our model is that of non-consequentialist private investors (households) who derive a "warm glow" decisional utility when purchasing an investment product that is labelled as sustainable. We ask when such labelling is socially beneÖcial even when the social planner can impose a minimum standard on investment and production. In a model of Önancial constraints (Holmstrˆm and Tirole 1997), which we close to include consumer surplus, we also determine the optimal labelling threshold and show how its stringency is a§ected by determinants such as the prevalence of warm-glow investor preferences, the presence of social network e§ects, or the relevance of Önancial constraints at the industry level.

     
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    hdl: 10419/251783
    Series: SAFE working paper ; no. 346 (March 2022)
    Subjects: Sustainability; ESG; green financing; labelling
    Scope: 1 Online-Ressource (circa 28 Seiten)
  25. Institutional investors and ESG preferences
    Author: López-de-Silanes, Florencio; McCahery, Joseph A.; Pudschedl, Paul C.
    Published: [2022]
    Publisher:  [CentER, Center for Economic Research], [Tilburg]

    We study the effect of environmental, social and governance (ESG) scores on the portfolio allocations of institutional investors. Using a unique data set, we find that institutional investor holdings (as measured by 13F filings) are strongly driven... more

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    We study the effect of environmental, social and governance (ESG) scores on the portfolio allocations of institutional investors. Using a unique data set, we find that institutional investor holdings (as measured by 13F filings) are strongly driven by the ESG quality of companies. While investors are driven to add high quality ESG companies to their portfolios, there is a negative relationship to ESG when it comes to taking large ownership stakes. Blockholders appear much less motivated by ESG scores. Evaluating individual ESG scores, we find that the individual ESG governance score has the highest impact on institutional investor holdings

     
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    Series: [TILEC discussion paper] ; [DP 2022, 003]
    Subjects: ESG; Sustainable Finance; Institutional Investors; Financial Performance; Disclosure
    Scope: 1 Online-Ressource (circa 52 Seiten)