亚洲的气候风险与可持续投资

Q1 Social Sciences

Journal of Environmental Assessment Policy and Management Pub Date : 2024-04-03 DOI:10.1142/s146433322450008x

C. Vidya, K. Prabheesh

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引用次数: 0

摘要

本研究对气候风险对亚洲环境、社会和治理（ESG）投资的影响进行了实证分析。研究使用了 11 个亚洲国家 2015 年至 2022 年的月度数据，并采用面板自回归分布滞后模型（ARDL）协整方法进行了小波相干性分析，得出以下结论：（1）在中国和马来西亚的经济动荡期间，ESG 与股市回报呈正相关；(2) 气候风险对环境、社会和公司治理回报产生正向影响，这表明在不确定时期，环境、社会和公司治理会提高回报，而不是产生不利影响；(3) 传统资产的回报受到气候风险的负面影响；以及 (4) 在亚洲市场，环境、社会和公司治理投资可有效对冲气候风险，并为投资组合多样化提供合理策略。

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Climate Risk and Sustainable Investment in Asia

This study conducts an empirical analysis of the impact of climate risk on Environmental, Social, and Governance (ESG) investments in Asia. Using monthly data from 2015 to 2022 for 11 Asian countries and applying wavelet coherence analysis with a panel Auto-regressive Distributed Lag Model (ARDL) cointegration approach, the study concludes that (1) ESG and stock market returns are positively correlated during economic turmoil in China and Malaysia; (2) climate risk positively influences ESG returns, suggesting that it enhances returns during uncertain times rather than having a detrimental effect; (3) returns on conventional assets are negatively impacted by climate risk; and (4) ESG investments serve as an effective hedge against climate risk and provide a sound strategy for portfolio diversification in the Asian market.

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来源期刊

Journal of Environmental Assessment Policy and Management Social Sciences-Geography, Planning and Development

CiteScore

7.00

自引率

0.00%

发文量

期刊介绍： The Journal of Environmental Assessment Policy and Management is an interdisciplinary, peer reviewed, international journal covering policy and decision-making relating to environmental assessment (EA) in the broadest sense. Uniquely, its specific aim is to explore the horizontal interactions between assessment and aspects of environmental management (not just the vertical interactions within the broad field of impact assessment) and thereby to identify comprehensive approaches to environmental improvement involving both qualitative and quantitative information. As the concepts associated with sustainable development mature, links between environmental assessment and management systems become all the more essential.