The eco-efficiency premium puzzle

被引：457

作者：

Derwall, J ^{[1
]}

Guenster, N

Bauer, R

Koedijk, K

机构：

[1] Erasmus Univ, RSM, Rotterdam, Netherlands

[2] Maastricht Univ, Maastricht, Netherlands

来源：

FINANCIAL ANALYSTS JOURNAL | 2005年 / 61卷 / 02期

关键词：

D O I：

10.2469/faj.v61.n2.2716

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Does socially responsible investing (SRI) lead to inferior or superior portfolio performance? This study focused on the concept of "eco-efficiency," which can be thought of as the economic value a company creates relative to the waste it generates, and found that SRI produced superior performance. Based on Innovest Strategic Value Advisors' corporate eco-efficiency scores, the study constructed and evaluated two equity portfolios that differed in eco-efficiency. The high-ranked portfolio provided substantially higher average returns than its low-ranked counterpart over the 1995-2003 period. This performance differential could not be explained by differences in market sensitivity, investment style, or industry-specific factors. Moreover, the results remained significant for all levels of transaction costs, suggesting that the incremental benefits of SRI can be substantial.

引用

页码：51 / 63

页数：13

共 45 条

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