ESG Disclosure and Portfolio Performance

被引：20

作者：

Bermejo Climent, Ramon ^{[1
]}

Figuerola-Ferretti Garrigues, Isabel ^{[1
]}

Paraskevopoulos, Ioannis ^{[1
]}

Santos, Alvaro ^{[1
]}

机构：

[1] Univ Pontificia Comillas, Fac Econ & Business Adm ICADE, Alberto Aguilera 23, Madrid 28015, Spain

来源：

RISKS | 2021年 / 9卷 / 10期

关键词：

ESG investing; governance; sustainability; volatility; excess returns; PANEL-DATA; TRANSPARENCY;

D O I：

10.3390/risks9100172

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper illustrates the impact of Environmental Social and Governance (ESG) disclosure on European corporate equity performance. In this study, we use an extensive data set of European ESG ratings provided by Bloomberg to demonstrate that ESG disclosure is associated with improved return growth, with the Governance pillar exhibiting the strongest effect on corporate performance. The impact of ESG disclosure on volatility is changing over time, suggesting that the existence of opaque ratings limits the transmission of information disclosure into corporate performance.

引用

页数：14

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