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Research Advances in Valuation and ESG

  • 2023
  • OriginalPaper
  • Chapter
Published in:
Authors
Paul Jouy
Dejan Glavas
Published in
Valuation and Sustainability
Publisher
Springer International Publishing

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Abstract

The chapter delves into the theoretical frameworks and empirical evidence on the impact of green and nongreen investors on market equilibria and the cost of capital for polluting firms. Heinkel et al. (2001) introduced a model categorizing firms into polluting, clean, and reformed categories, showing how the share of green investors affects firms' behavior and cost of capital. Empirical studies, such as those by Chava (2014) and El Ghoul et al. (2018), have confirmed that firms with higher environmental concerns face a higher cost of capital. The chapter also discusses the pricing and ownership patterns of green bonds, highlighting the premiums and concentration effects of green assets. Additionally, it explores new asset pricing models that incorporate ESG factors, providing insights into the complex relationship between ESG considerations and stock returns.
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previous chapter Multiple Valuation and ESG
Title
Research Advances in Valuation and ESG
Authors
Paul Jouy
Dejan Glavas
Copyright Year
2023
Book
Valuation and Sustainability

Print ISBN: 978-3-031-30532-0

Electronic ISBN: 978-3-031-30533-7

Copyright Year: 2023

DOI
https://doi.org/10.1007/978-3-031-30533-7_7
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