Sustainability

Working Paper

11 September 2017

Trust, Social Capital, and the Bond Market Benefits of ESG Performance

We investigate whether a firm’s social capital, and the trust that it engenders, are viewed favorably by bondholders. Using firms’ environmental and social (E&S) performance to proxy for social capital, we find no...Read more

Hami Amiraslani | Karl Lins | Henri Servaes | Ane Tamayo
17 December 2019

ESG Performance and Disclosure: A Cross-Country Analysis

We use a unique dataset to examine the link between ESG disclosure and quality through a cross-country comparison of disclosure requirements and stewardship codes. We find a strong relationship between the extent of ESG disclosure and...

Florencio Lopez-de-Silanes | Joseph McCahery | Paul C. Pudschedl
07 May 2020

Contracts with (Social) Benefits: The Implementation of Impact Investing

We draw on new data and theory to examine how private market contracts adapt to serve multiple goals, particularly the social-benefit goals that impact funds add to their financial goals. Counter to the intuition from multitasking...

Christopher Geczy | Jessica Jeffers | David Musto | Anne M. Tucker
26 August 2019

Does Board Gender Diversity Affect Renewable Energy Consumption?

This paper examines the effect of board gender diversity on renewable energy consumption. Using a panel of 11,677 firm-year observations from the USA for 2008–2016, we find a positive relationship between board gender diversity and...

Muhammad Atif | Mohammed Hossain | Md. Samsul Alam | Marc Goergen
08 August 2019

Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review

This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on...

Hans Christensen | Luzi Hail | Christian Leuz
02 June 2017

Shareholder Engagement on Environmental, Social, and Governance Performance

We study investor activism promoting environmental, social and governance (ESG) improvements using a proprietary dataset. Targets have a higher market share, analyst coverage, stock returns, and liquidity. The engagements lead to...

Tamas Barko | Martijn Cremers | Luc Renneboog

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