Chacon, Ryan; Feng, Zifeng; Wu, Zhonghua - 2022
We investigate the impacts of environmental, social, and governance (ESG) performance on a firm’s valuation, cash flow, and risk. Using newly available GRESB ESG performance data from 2019 to 2021 for global equity real estate investment trusts (REITs), we document that REITs with higher ESG...