Environmental, social, and governance factor and financial returns: what is the relationship? Investigating environmental, social, and governance factor models

IF 6.6 2区 环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES Current Opinion in Environmental Sustainability Pub Date : 2024-01-05 DOI:10.1016/j.cosust.2023.101398
Karoline Bax , Eleonora Broccardo , Sandra Paterlini
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Abstract

Sustainable finance and environmental, social, and governance (ESG) issues have garnered significant attention in both industry and academia. However, the lack of consensus on these concepts has led to confusion about their impact on investors and markets, hindering the interpretation of empirical data and the development of effective regulations. This highlights the need for transparent analyses from the finance research community. By reviewing recent asset pricing literature to determine if it has effectively identified an ESG factor, the paper examines theoretical models linking ESG factors to asset performance, with differing views on whether high-ESG firms yield lower returns due to reduced risk or outperform due to sustainable practices and market sentiment. The paper also reviews empirical studies, presenting findings on whether green assets outperform brown assets in financial markets. The paper contributes to the debate on integrating ESG into investment strategies without compromising returns, providing practical insights for investors and policymakers navigating responsible investing.

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环境、社会和治理因素与财务回报:关系如何?研究环境、社会和治理因素模型
可持续金融以及环境、社会和治理(ESG)问题已引起业界和学术界的极大关注。然而,由于对这些概念缺乏共识,导致人们对它们对投资者和市场的影响感到困惑,从而阻碍了对经验数据的解释和有效法规的制定。这凸显了金融研究界进行透明分析的必要性。通过回顾近期的资产定价文献以确定其是否有效地识别了环境、社会和治理因素,本文研究了将环境、社会和治理因素与资产表现联系起来的理论模型,对于高环境、社会和治理公司是因风险降低而收益较低,还是因可持续实践和市场情绪而表现优异,存在不同观点。本文还回顾了实证研究,介绍了绿色资产在金融市场上的表现是否优于棕色资产的研究结果。本文有助于在不影响回报的前提下将环境、社会和公司治理纳入投资战略的讨论,为投资者和政策制定者进行责任投资提供了实用的见解。
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来源期刊
Current Opinion in Environmental Sustainability
Current Opinion in Environmental Sustainability ENVIRONMENTAL SCIENCES-ENVIRONMENTAL SCIENCES
CiteScore
13.80
自引率
2.80%
发文量
52
审稿时长
6-12 weeks
期刊介绍: "Current Opinion in Environmental Sustainability (COSUST)" is a distinguished journal within Elsevier's esteemed scientific publishing portfolio, known for its dedication to high-quality, reproducible research. Launched in 2010, COSUST is a part of the Current Opinion and Research (CO+RE) suite, which is recognized for its editorial excellence and global impact. The journal specializes in peer-reviewed, concise, and timely short reviews that provide a synthesis of recent literature, emerging topics, innovations, and perspectives in the field of environmental sustainability.
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