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The current global economic development faces social and environmental challenges, such as climate change and environmental pollution, which requires firms to be more socially responsible. Due to the fast-growing corporate social responsibility (CSR) consciousness and concerns of individual...
Persistent link: https://www.econbiz.de/10012656385
We investigate the relationship between corporate and country sustainability on the cost of bank loans. We look into … operating in all major industries. Our principal findings reveal that country sustainability related to both social and … of one unit in country sustainability scores is associated with an average decrease in the costs of debt by 64 basis …
Persistent link: https://www.econbiz.de/10010437173
This article attempts to bring quantitative evidence of a firm's sustainability reporting in terms of non …-market transnational sustainability strategy on firm performance. The study presents an analysis of nearly 510 firm's ESG scores across 17 …
Persistent link: https://www.econbiz.de/10013258583
This paper develops a general equilibrium model of a productive economy with negative externalities. Investors are not willing to accept lower returns than their best investment alternatives and entrepreneurs maximize profits. If capital markets are subject to a search friction, an ESG fund can...
Persistent link: https://www.econbiz.de/10012291774
We investigate whether banks conduct environmental, social, and governance (ESG) washing practices in their lending decisions and how the market reacts to these practices. That is, banks with worse ESG sentiments intentionally lend to firms with higher ESG sentiments to improve their ESG...
Persistent link: https://www.econbiz.de/10013406025
performance of two sides of the ESG coin: corporations that invest to build attractive sustainability attributes, and investment …
Persistent link: https://www.econbiz.de/10013404525
This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR...
Persistent link: https://www.econbiz.de/10012897379
We investigate the relationship between corporate social responsibility (CSR) and risk, using measures that capture systematic, idiosyncratic, downside and extreme risks. We analyze the aggregate CSR score as well as its subdimensions. We base our analysis on a large panel of listed firms from...
Persistent link: https://www.econbiz.de/10012899479
(rises) when a firm invests in CSR. Our findings are robust to alternative variable definitions, sample selection, analyst …
Persistent link: https://www.econbiz.de/10012937453
This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR...
Persistent link: https://www.econbiz.de/10012940360