- Rupture de stock
Société Editions ESKA
Version numérique PDF
Do socially responsible firms benefit from ethical goodwill? On the one hand, taking externalities into account can be a competitive disadvantage. On the other hand, financial benefits may result from ethical behavior. Thanks to a worldwide dataset of ESG ratings (MSCI ESG ratings), we examine the relationship between a firm?s CSR rating and its shareholder value. After controlling for industry, region, year and R&D, we observe, contrary to mainstream empirical studies, strong evidence of a negative impact of responsible behavior on corporate market value. More precisely, environmental performance was penalized by investors over the 2005-2009 period, whereas involvement in human capital seems to have been valued by the market.Keywords: Corporate Social Responsibility, ESG Rating, Firm valuation, Tobin?s qJEL classification: G11, G12Auteurs :Marsat Sylvain
Extrait de la revue BMI 123
BMI123-1113318
Nouveau
16 autres produits dans la même catégorie :
Availability: Out of stock
Sommaire
Articles
- Headquarters’ Control Capacity and the Choice of R&D Organizational Forms Abroad
- Equity Market Comovements and Financial Contagion: a Study of Latin America and the United States
- The Financial Volatility of Islamic Banks during the Subprime Crisis
- What Drives Stock Return Commonalities?
- Is there a “good” Measure of Market Risk during a Financial Crisis?
Availability: Out of stock
Availability: Out of stock
Availability: Out of stock
Availability: 100 In Stock
Sommaire
Articles
- New Challenges of ESG Issues
- Why are Mutual Fund Alphas Systematically Negative?
- Name Changes and Equity Mutual Fund Returns
- Does Corporate Governance Affect Stock Liquidity in the Tunisian Stock Market?
Focus On
- Prepacks
Availability: Out of stock
Availability: 100 In Stock
An Empirical Analysis of the Benefits of Inflation- Linked Bonds
A Review of Corporate Bond Indices
Managing Sovereign Credit Risk Exposure in a Global Equity Portfolio
Assessing Volatility Indicators: The Benefi t of Local Equity Volatility Indices
Liquidity in European Equity ETFs: What Really Matters?
Beneath the Sovereign Debt Iceberg
Availability: Out of stock
Do Institutional Investors Improve Stock Liquidity?
Changes in the Number of Reported Business Segments and Earnings Management
Ownership, Technical Effi ciency and Cost of Bad Loans: Evidence from the Tunisian Banking Industry
Strategic Management of Private Benefi ts in a Contingent Claim Framework
Bank capital and Risk-Taking: Old and New Perspectives from the Crisis
Availability: Out of stock
Sommaire
Articles
- Holder-Extendible Options with Modifiable Underlying-Assets
- Transparency and Market Quality
- CSR and Market Valuation
- Explaining the Stock Market’s Reaction to Macroeconomic Announcements
Focus On
- Rating Agencies and Financial Regulation : Thirty Years of Academic Research