{"title":"锦上添花：ESG 对优质因子投资组合的影响","authors":"Chia-Wu Lu , Hsueh-Ling Wu , Yu-Hsuan Su","doi":"10.1016/j.frl.2024.106304","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the effect of Environmental, Social, and Governance (ESG) on the quality portfolios in Taiwanese market. The quality factor, which aggregates the character of profitability, growth, safety, and payout, is one of crucial factors in Warren Buffet's investment strategy suggested by literature. Our empirical results show that the beneficial effect of ESG is not prevailing, only significantly positively for the high-quality stocks, rather than the lower-quality ones, implying the market investors' willingness to pay a premium for ESG only for high quality firms. This “icing on the cake” phenomenon exists both on stock returns and also Tobin's Q.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2024-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The icing on the cake: ESG effect on the quality factor portfolios\",\"authors\":\"Chia-Wu Lu , Hsueh-Ling Wu , Yu-Hsuan Su\",\"doi\":\"10.1016/j.frl.2024.106304\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study investigates the effect of Environmental, Social, and Governance (ESG) on the quality portfolios in Taiwanese market. The quality factor, which aggregates the character of profitability, growth, safety, and payout, is one of crucial factors in Warren Buffet's investment strategy suggested by literature. Our empirical results show that the beneficial effect of ESG is not prevailing, only significantly positively for the high-quality stocks, rather than the lower-quality ones, implying the market investors' willingness to pay a premium for ESG only for high quality firms. This “icing on the cake” phenomenon exists both on stock returns and also Tobin's Q.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-10-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324013333\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324013333","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The icing on the cake: ESG effect on the quality factor portfolios
This study investigates the effect of Environmental, Social, and Governance (ESG) on the quality portfolios in Taiwanese market. The quality factor, which aggregates the character of profitability, growth, safety, and payout, is one of crucial factors in Warren Buffet's investment strategy suggested by literature. Our empirical results show that the beneficial effect of ESG is not prevailing, only significantly positively for the high-quality stocks, rather than the lower-quality ones, implying the market investors' willingness to pay a premium for ESG only for high quality firms. This “icing on the cake” phenomenon exists both on stock returns and also Tobin's Q.
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Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
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