Sustainability

Working Paper

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
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
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
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

Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review

This study provides an economic analysis of the determinants and consequences of corporate social responsibility (CSR) and sustainability reporting. To frame our analysis, we consider a widespread mandatory adoption of CSR...

Hans Christensen | Luzi Hail | Christian Leuz
27 August 2018

The Sustainability Footprint of Institutional Investors: ESG Driven Price Pressure and Performance

We propose a novel way of measuring the equity portfolio-level environmental and social characteristics of a 13F institution (the “sustainability footprint”) and examine the relation between sustainability footprints and...

Rajna Gibson Brandon | Philipp Krueger | Shema F. Mitali

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