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On ESG Investing : Heterogeneous Preferences, Information, and Asset Prices
Goldstein, Itay; Kopytov, Alexandr; Shen, Lin; Xiang, … - National Bureau of Economic Research - 2022
We study how environmental, social and governance (ESG) investing reshapes information aggregation by prices. We … ESG risks but have different preferences over them. Because of the preference heterogeneity, traditional and green … determined. An increase in the fraction of green investors and an improvement in the ESG information quality can reduce price …
Persistent link: https://www.econbiz.de/10013191008
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Adoption of CSR and Sustainability Reporting Standards : Economic Analysis and Review
Christensen, Hans B. - 2019
) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR reporting … number of insights that are relevant to the current debate on CSR and sustainability reporting and provides scholars with …
Persistent link: https://www.econbiz.de/10012480115
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Toward an Understanding of Corporate Social Responsibility : Theory and Field Experimental Evidence
Hedblom, Daniel - 2019
We develop theory and a tightly-linked field experiment to explore the supply side implications of corporate social responsibility (CSR). Our natural field experiment, in which we created our own firm and hired actual workers, generates a rich data set on worker behavior and responses to both...
Persistent link: https://www.econbiz.de/10012480166
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Going Green in China : Firms’ Responses to Stricter Environmental Regulations
Fan, Haichao - 2019
This paper examines the effect of stringent environmental regulations on firms' environmental practices, economic performance, and environmental innovation. Reducing COD levels by 10% relative to 2005 levels is an aim of the Chinese 11th Five-Year Plan. Using a difference-in-differences...
Persistent link: https://www.econbiz.de/10012480484
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Impact Investing
Barber, Brad M. - 2019
We document that investors derive nonpecuniary utility from investing in dual-objective VC funds, thus sacrificing returns. Impact funds earn 4.7 percentage points (ppts) lower IRRs ex post than traditional VC funds. In random utility/willingness-to-pay (WTP) models investors accept 2.5-3.7 ppts...
Persistent link: https://www.econbiz.de/10012480526
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Competition Laws, Norms and Corporate Social Responsibility
Ding, Wenzhi - 2020
Theory offers differing perspectives and predictions about the impact of product market competition on corporate social responsibility (CSR). Using firm-level data on CSR from 2002 through 2015 and panel data on competition laws in 48 countries, we discover that intensifying competition induces...
Persistent link: https://www.econbiz.de/10012481348
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Corporate Social Responsibility and Imperfect Regulatory Oversight : Theory and Evidence from Greenhouse Gas Emissions Disclosures
de Bettignies, Jean-Etienne - 2020
This paper develops and tests a model in which 1) purpose-driven firms emerge as an optimal organizational form even for profit-maximizing entrepreneurs; and 2) CSR arises endogenously as a response to imperfect regulatory oversight. Purpose-driven organizations allow entrepreneurs to create...
Persistent link: https://www.econbiz.de/10012482378
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Corporate Social Responsibility Through an Economic Lens
Reinhardt, Forest L. - 2008
Business leaders, government officials, and academics are focusing considerable attention on the concept of "corporate social responsibility" (CSR), particularly in the realm of environmental protection. Beyond complete compliance with environmental regulations, do firms have additional moral or...
Persistent link: https://www.econbiz.de/10012464657
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Socially Responsible Investment in Japanese Pensions
Jin, Henry Hongbo - 2005
As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This...
Persistent link: https://www.econbiz.de/10012466925
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Behavioral Public Economics : Welfare and Policy Analysis with Non-Standard Decision-Makers
Bernheim, B. Douglas - 2005
This paper has two goals. First, we discuss several emerging approaches to applied welfare analysis under non-standard ("behavioral") assumptions concerning consumer choice. This provides a foundation for Behavioral Public Economics. Second, we illustrate applications of these approaches by...
Persistent link: https://www.econbiz.de/10012467161