Does it cost to be sustainable?

被引：158

作者：

Humphrey, Jacquelyn E. ^{[1
]}

Lee, Darren D. ^{[2
]}

Shen, Yaokan ^{[2
]}

机构：

[1] Australian Natl Univ, Res Sch Finance Actuarial Studies & Appl Stat, Canberra, ACT 0200, Australia

[2] Univ Queensland, UQ Business Sch, St Lucia, Qld 4072, Australia

来源：

JOURNAL OF CORPORATE FINANCE | 2012年 / 18卷 / 03期

关键词：

Sustainability; Corporate social performance; Environmental; Social; Governance; CORPORATE SOCIAL-RESPONSIBILITY; PERFORMANCE; RISK; PERSISTENCE; RETURNS;

D O I：

10.1016/j.jcorpfin.2012.03.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether firms' corporate social performance (CSP) ratings impact their performance (cost of capital) and risk Using a proprietary CSP ratings database, we find no difference in the risk-adjusted performance of UK firms with high and low CSP ratings. Additionally, the firms do not differ in their amount of idiosyncratic risk. We find some evidence of high-ranked firms being larger. The empirical evidence therefore indicates that investors and managers are able to implement a CSP investment or business strategy without incurring any significant financial cost (or benefit) in terms of risk or return. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：626 / 639

页数：14

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