期刊
JOURNAL OF CORPORATE FINANCE
卷 18, 期 3, 页码 626-639出版社
ELSEVIER
DOI: 10.1016/j.jcorpfin.2012.03.002
关键词
Sustainability; Corporate social performance; Environmental; Social; Governance
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.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据