中国
文件夹
盈利能力指数
衡平法
库存(枪支)
公司治理
金融经济学
业务
经济
货币经济学
财务
政治学
机械工程
工程类
法学
作者
Xiaoke Zhang,Xuankai Zhao,Yu He
标识
DOI:10.1080/1540496x.2022.2026768
摘要
The capital market in China has progressed rapidly within the realm of ESG and sustainability. This study investigates whether and how ESG investing works in China. The portfolio-level analysis shows that both high- and low-level ESG portfolios can earn higher abnormal returns, which implies a non-linear relationship between ESG and portfolio excess returns. In stock-level analysis, the effect of ESG on future stock returns varies by pillar and sector. Governance and social pillars work in opposite directions to predict returns. In the secondary (tertiary) sector, higher ESG scores predict lower (higher) returns. Furthermore, we find that higher ESG performance is associated with worse future profitability, which impairs firm value, and lower cost of equity capital, which increases firm value.
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