The Eco-Efficiency Premium Puzzle

Abstract

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Exploring the Impact of Legal Systems and Financial Structure on Corporate Responsibility

“…The results show a strong relationship between CER and the various industrial sectors, and support earlier findings that industry differences are an important determinant of CER (see for instance Derwall et al, 2005). Depending on the environmental impact of their sectors, corporate environmental policies will be under more or less scrutiny; it will be correspondingly difficult for them to achieve positive environmentally responsible outcomes.…”

Corporate Social Responsibility: Is it Rewarded by the Corporate Bond Market? A Critical Note

“…that lower the company's profits, is possibly due to an increase in company-specific risk premium. Derwall et al (2005) also discover that eco-efficient companies have better stock returns than firms that consume more resources and/or produce more waste in their business activities. However, environmental issues are also important for bondholders and creditors.…”

Corporate Social Responsibility, Investor Behaviors, and Stock Market Returns: Evidence from a Natural Experiment in China

“…An extant literature uses social screens as main filters for evaluating CSR performance. Given the tension between modern portfolio theory and CSR performance (Derwall et al, 2005;Kurtz, 2005), the relationship between investment strategies and CSR is a critical issue. There are two competing theories explaining the impact of incorporating social screens in investors' decisions.…”