Skip to main content

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

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

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 haben noch keine Lizenz? 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 Wissensvorsprung sichern!

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 Wissensvorsprung sichern!

Literatur
Zurück zum Zitat Albuquerque, R., Durnev, A., & Koskinen, Y. (2012). Corporate social responsibility and asset pricing in industry equilibrium. Albuquerque, R., Durnev, A., & Koskinen, Y. (2012). Corporate social responsibility and asset pricing in industry equilibrium.
Zurück zum Zitat 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 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
Zurück zum Zitat 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 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
Zurück zum Zitat 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 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
Zurück zum Zitat 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 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
Zurück zum Zitat 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). 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).
Zurück zum Zitat 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 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
Zurück zum Zitat Dimson, E., Karakas, O., & Li, X. (2015). Active ownership. The Review of Financial Studies,28(12), 3225–3268.CrossRef Dimson, E., Karakas, O., & Li, X. (2015). Active ownership. The Review of Financial Studies,28(12), 3225–3268.CrossRef
Zurück zum Zitat 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 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
Zurück zum Zitat 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 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
Zurück zum Zitat 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 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
Zurück zum Zitat Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. The New York Times Magazine. Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. The New York Times Magazine.
Zurück zum Zitat 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. 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.
Zurück zum Zitat 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 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
Zurück zum Zitat 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 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
Zurück zum Zitat Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management,13(5), 908–922.CrossRef Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management,13(5), 908–922.CrossRef
Zurück zum Zitat Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review,91(6), 1697–1724.CrossRef Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review,91(6), 1697–1724.CrossRef
Zurück zum Zitat Knuutinen, R. (2017). Hyvät pahat verot [Love and hate for taxes]. Docendo Oy. ISBN 978-952291-347-0. Knuutinen, R. (2017). Hyvät pahat verot [Love and hate for taxes]. Docendo Oy. ISBN 978-952291-347-0.
Zurück zum Zitat 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). 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).
Zurück zum Zitat McMurrian, R. C., & Matulich, E. (2016). Building customer value and profitability with business ethics. Journal of Business & Economics Research,14(3), 83–90. McMurrian, R. C., & Matulich, E. (2016). Building customer value and profitability with business ethics. Journal of Business & Economics Research,14(3), 83–90.
Zurück zum Zitat 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. (2006). Strategy & society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78–92.
Zurück zum Zitat Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review,89(1/2), 62–77. Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review,89(1/2), 62–77.
Zurück zum Zitat 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 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
Zurück zum Zitat 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). 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).
Zurück zum Zitat Serafeim, G. (2018). Public sentiment and the price of corporate sustainability (Harvard Business School Working Paper, 19–044). Serafeim, G. (2018). Public sentiment and the price of corporate sustainability (Harvard Business School Working Paper, 19–044).
Zurück zum Zitat Statman, M., & Glushkov, D. (2009). The wages of social responsibility. Financial Analysts Journal,65(4), 33–46.CrossRef Statman, M., & Glushkov, D. (2009). The wages of social responsibility. Financial Analysts Journal,65(4), 33–46.CrossRef
Zurück zum Zitat Svensson, G., & Wood, G. (2008). A model of business ethics. Journal of Business Ethics,77(3), 303–322.CrossRef Svensson, G., & Wood, G. (2008). A model of business ethics. Journal of Business Ethics,77(3), 303–322.CrossRef
Zurück zum Zitat 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. 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.
Metadaten
Titel
What Is the Profitability of Sustainability Based on?
verfasst von
Hanna Silvola
Tiina Landau
Copyright-Jahr
2021
Verlag
Springer International Publishing
DOI
https://doi.org/10.1007/978-3-030-71489-5_9

Premium Partner