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Corporate Environmental Policy and Shareholder Value: Following the Smart Money

Fernando, Chitru S. ; Sharfman, Mark P. ; Uysal, Vahap B.

Journal of financial and quantitative analysis, 2017-10, Vol.52 (5), p.2023-2051 [Periódico revisado por pares]

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Título:
Corporate Environmental Policy and Shareholder Value: Following the Smart Money
Autor: Fernando, Chitru S. ; Sharfman, Mark P. ; Uysal, Vahap B.
Assuntos: Clean technology ; Costs ; Emissions ; Environmental aspects ; Environmental policy ; Environmental risk ; Fines & penalties ; Friendliness ; Institutional investments ; Investors ; Money ; Quantitative analysis ; Risk exposure ; Risk factors ; Risk management ; Shareholders ; Social investing ; Social responsibility ; Stockholders ; Stocks ; Value
É parte de: Journal of financial and quantitative analysis, 2017-10, Vol.52 (5), p.2023-2051
Descrição: We examine the value consequences of corporate social responsibility through the lens of institutional shareholders. We find a sharp asymmetry between corporate policies that mitigate the firm’s exposure to environmental risk and those that enhance its perceived environmental friendliness (“greenness”). Institutional investors shun stocks with high environmental risk exposure, which we show have lower valuations, as predicted by risk management theory. These findings suggest that corporate environmental policies that mitigate environmental risk exposure create shareholder value. In contrast, firms that increase greenness do not create shareholder value and are also shunned by institutional investors.
Editor: New York, USA: Cambridge University Press
Idioma: Inglês

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