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

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2023-11-05 DOI:10.1111/jfir.12357

Jiancheng Shen, Chen Chen, Zheng Liu

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引用次数: 0

摘要

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

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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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.