Bannier, Christina E.; Bofinger, Yannik; Rock, Björn - 2019
This paper examines the profitability of investing according to environmental, social and governance (ESG) criteria in … the U.S. and Europe. Based on data from 2003 to 2017, we show that a portfolio long in stocks with the highest ESG scores … by the strong positive return of firms with the lowest ESG activity. As we find that increasing ESG scores reduce firm …