Can environmental sustainability be used to manage energy price risk?

被引：32

作者：

Henriques, Irene ^{[1
]}

Sadorsky, Perry ^{[1
]}

机构：

[1] York Univ, Schulich Sch Business, Toronto, ON M3J 1P3, Canada

来源：

ENERGY ECONOMICS | 2010年 / 32卷 / 05期

关键词：

Environmental sustainability; Energy price risk; Stock prices; Oil prices; OIL PRICES; STOCK RETURNS; CANADIAN OIL; SHOCKS; MARKET; PERFORMANCE; IMPACT; FIRMS;

D O I：

10.1016/j.eneco.2010.01.006

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Energy security issues and climate change are two of the most pressing problems facing society and both of these problems are likely to increase energy price variability in the coming years. This paper develops and estimates a model of a company's energy price exposure and presents evidence showing that increases in a company's environmental sustainability lowers its energy price exposure. This result is robust across two different measures of energy prices. These results should be useful to companies seeking new ways of addressing energy price risk as well as governments concerned about the impact that energy price risk can have on economic growth and prosperity. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：1131 / 1138

页数：8

共 52 条

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