"绿色公司 "与财务业绩：绿色溢价

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-08-23 DOI:10.1016/j.iref.2024.103525

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引用次数: 0

摘要

我们研究了十五年来 S&P500 公司的企业环境责任与企业财务绩效之间的关系。我们通过建立有效市场假说下的风险调整超额收益 CAPM 模型，检验了詹森阿尔法、股票回报率、资产回报率、规模、销售额和利润对企业环境责任的影响，并引入了 "绿色溢价"，即股东为公司的 "绿色性 "付出的股票回报成本。尽管 "绿色 "实践与销售额和利润呈正相关，但研究结果表明，公司的市场价值并未增加，"绿色 "与股票表现之间存在显著的负相关关系。

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“Green Companies” and Financial Performance: The Green Premium

We examine the relationship between Corporate Environmental Responsibility and Corporate Financial Performance for the S&P500 firms over a period of fifteen years. We test the effect of Jensen's alpha, stock returns, return-on-asset, size, sales, and profit on Corporate Environmental Responsibility by building a CAPM model of risk-adjusted excess returns under efficient-market hypothesis and introduce the “Green Premium,” the cost in stock return stockholders have to incur for their company's “greenness”. Although, “green” practices are positively related to sales and profit, the results suggest that market value of the company is not increased and that a significant negative relationship exists between “greenness” and stock's performance.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.