Does Environmental Investment Pay Off? – Portfolio Analyses of the E in ESG during Political Conflicts and Public Health Crises

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-11-05 DOI:10.1111/jfir.12357

Jiancheng Shen, Chen Chen, Zheng Liu

引用次数: 0

Abstract

Abstract This paper examines the contribution of environmental investment on firm value during the Russia‐Ukraine War and Global Public Health Crisis. Using media‐based environmental scores, we investigate the performance of the emission‐reduction‐based and green‐innovation‐based portfolios. The results indicate that while engaging in environmental activities decreases firm value during the noncrisis time, it creates value when companies face market‐wide crises. Our findings suggest that environmental investment serves as a risk‐hedging vehicle for political and health crises. In addition, compared to corporate ESG disclosures, firm‐level media‐based environmental scores mitigate the endogeneity between a company's ESG disclosure policies and its firm characteristics.

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环境投资有回报吗?-政治冲突和公共卫生危机期间ESG中的E的组合分析

摘要本文考察了俄乌战争和全球公共卫生危机期间环境投资对企业价值的贡献。利用基于媒介的环境得分，我们研究了基于减排和基于绿色创新的投资组合的绩效。结果表明，在非危机时期，从事环境活动会降低企业价值，而在面临全市场危机时，从事环境活动则会创造价值。我们的研究结果表明，环境投资可以作为政治和健康危机的风险对冲工具。此外，与企业ESG披露相比，公司层面基于媒体的环境评分减轻了公司ESG披露政策与其公司特征之间的内生性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.