nach oben

Tipp

Weitere Kapitel dieses Buchs durch Wischen aufrufen

Erschienen in:

Kapitel lesen Erstes Kapitel lesen

2021 | OriginalPaper | Buchkapitel

9. What Is the Profitability of Sustainability Based on?

verfasst von : Hanna Silvola, Tiina Landau

Erschienen in: Sustainable Investing

Verlag: Springer International Publishing

Einloggen, um Zugang zu erhalten

Abstract

A company’s sustainability has a significant association with financial profitability. Investors must be able to identify the financial impacts of aspects related to sustainability, so they can comprehensively assess the risk-to-return ratio of the investment.

Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt 90 Tage mit der neuen Mini-Lizenz testen!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt 90 Tage mit der neuen Mini-Lizenz testen!

Jetzt informieren

Vorheriges Kapitel Is Sustainable Investing Profitable?

Nächstes Kapitel Changes in International Politics and Legislation

Albuquerque, R., Durnev, A., & Koskinen, Y. (2012). Corporate social responsibility and asset pricing in industry equilibrium.

Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87–103. CrossRef

Auer, B. R., & Schuhmacher, F. (2016). Do socially (ir)responsible investments pay? New evidence from international ESG data. The Quarterly Review of Economics and Finance, 59, 51–62. CrossRef

Berg, F., Kölbel, J., & Rigobon, R. (2020). Aggregate confusion: The divergence of ESG ratings. Available at SSRN: https://ssrn.com/abstract=3438533.

Bhimani, A., Silvola, H., & Sivabalan, P. (2016). Voluntary corporate social responsibility reporting: A study of early and late reporter motivations and outcomes. Journal of Management Accounting Research, 28(2), 77–101. CrossRef

Chan, P. T., & Walter, T. (2014). Investment performance of ‘environmentally-friendly’ firms and their initial public offers and seasoned equity offers. Journal of Banking & Finance, 44, 177–188. CrossRef

Cheema-Fox, A., LaPerla, B., Serafeim, G., & Wang, H. S. (2020, October). Corporate resilience and response during COVID-19 (Harvard Business School Working Paper, No. 20-108).

Derwall, J., Koedijk, K., & Horst, J. T. (2011). A tale of values-driven and profit-seeking social investors. Journal of Banking & Finance, 35, 2137–2147. CrossRef

Dimson, E., Karakas, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225–3268. CrossRef

Dorfleitner, G., Halbritter, G., & Nguyen, M. (2015). Measuring the level and risk of corporate responsibility—An empirical comparison of different ESG rating approaches. Journal of Asset Management, 16(7), 450–466. CrossRef

Duuren, E., Plantinga, A., & Scholtens, B. (2016). ESG integration and the investment management process: Fundamental investing reinvented. Journal of Business Ethics, 138(3), 525–533. CrossRef

European Parliamentary Research Service. (2015). Bringing transparency, coordination and convergence to corporate tax policies in the European Union. http://www.europarl.europa.eu/RegData/etudes/STUD/2015/558773/EPRS_STU(2015)558773_EN.pdf.

Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. CrossRef

Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. The New York Times Magazine.

Halbritter, G., & Dorfleitner, G. (2015). The wages of social responsibility—Where are they? A critical review of ESG investing. Review of Financial Economics, 26, 25–35.

Hoepner, A., & Schopohl, L. (2018). On the price of morals in markets: An empirical study of the Swedish AP-Funds and the Norwegian Government Pension Fund. Journal of Business Ethics, 151, 665–692. CrossRef

Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15–36. CrossRef

Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908–922. CrossRef

Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. CrossRef

Knuutinen, R. (2017). Hyvät pahat verot [ Love and hate for taxes]. Docendo Oy. ISBN 978-952291-347-0.

Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2007). Does it pay to be good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance (Harvard Business School Working Paper).

Morningstar. (2019). Vice Fund. https://www.morningstar.com/funds/xnas/vicex/betaquote.html. Referenced 25 November 2020.

McMurrian, R. C., & Matulich, E. (2016). Building customer value and profitability with business ethics. Journal of Business & Economics Research, 14(3), 83–90.

Nordea. (2018). Research insights. https://nordeamarkets.com/wp-content/uploads/2018/09/ESG_140918.pdf.

OECD. (2015). Measuring and monitoring BEPS. http://www.oecd.org/tax/measuring-and-monitoring-beps-action-11-2015-final-report-9789264241343-en.htm.

Porter, M. E., & Kramer, M. R. (2006). Strategy & society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78–92.

Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62–77.

Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance, 32(9), 1723–1742. CrossRef

Rogers, J., & Serafeim, G. (2019). Pathways to materiality: How sustainability issues become financially material to corporations and their investors (Harvard Business Review. Working Paper 20-056).

Schroders. (2018). Index-based ESG strategies: Key things to watch for. https://www.schroders.com/pl/sysglobalassets/digital/insights/2018/thought-leadership/e.s.g.-in-passive-final.pdf.

Serafeim, G. (2018). Public sentiment and the price of corporate sustainability (Harvard Business School Working Paper, 19–044).

Statman, M., & Glushkov, D. (2009). The wages of social responsibility. Financial Analysts Journal, 65(4), 33–46. CrossRef

Svensson, G., & Wood, G. (2008). A model of business ethics. Journal of Business Ethics, 77(3), 303–322. CrossRef

UNCTAD. (2015). World investment report 2015. http://unctad.org/en/PublicationsLibrary/wir2015_en.pdf.

Verheyden, T., Eccles, R. G., & Feiner, A. (2016). ESG for all? The impact of ESG screening on return, risk, and diversification. Journal of Applied Corporate Finance, 28(2), 47–55.

Titel: What Is the Profitability of Sustainability Based on?
verfasst von: Hanna Silvola
Tiina Landau
Verlag: Springer International Publishing
Buch: Sustainable Investing
Print ISBN: 978-3-030-71488-8

Electronic ISBN: 978-3-030-71489-5

Copyright-Jahr: 2021
DOI: https://doi.org/10.1007/978-3-030-71489-5_9