WebbSharfman and Fernando, 2008; Goss and Roberts, 2011; El Ghoul et al., 2011; Jo and Na, 2012; Bouslah et al., 2013) by examining the effect of CSR on ICC in the controversial … WebbOne of the first papers studying the relationship between sustainability and cost of capital was by Sharfman and Fernando ( 2008 ). Drawing on risk mitigation theory, the authors hypothesized that improved environmental risk management should lower a firm’s cost of debt and equity, and they found mixed results.

Corporate Social Responsibility versus Corporate Shareholder ...

WebbInstitutional investors shun stocks with high environmental risk exposure, which we show have lower valuations, as predicted by risk management theory. These findings suggest … WebbSharfman and Fernando (2008) and Heinkel et al. (2001) argue that ESG ratings might, in fact, affect the risk profile of firms by adding an extra-financial risk component to the … how are roads made

Is there a relation between the cost of debt and environmental ...

Webband consistent with Sharfman and Fernando (2008) and El Ghoul et al. (2010), we find that there is some evidence of lower factor-loading exposures in high CSR firms. Our most … Webb“Good” firms has a higher than median KLD score in social strengths but a lower than median KLD 1 The stakeholder theory predicts that socially responsible firms may be subjected to lower social or environment risk than socially irresponsible firms (e.g., Waddock and Graves, 1997; Feldman, Soyka and Ameer, 1997; Sharfman and Fernando, … how many miles in marathon