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Article Dans Une Revue Bankers Markets & Investors : an academic & professional review Année : 2013

CSR and Market Valuation: International Evidence

Résumé

Do socially responsible firms benefit from ethical goodwill? On the one hand, taking externalities into account can be a competitive disadvantage. On the other hand, financial benefits may result from ethical behavior. Thanks to a worldwide dataset of ESG ratings (MSCI ESG ratings), we examine the relationship between a firm's CSR rating and its shareholder value. After controlling for industry, region, year and R&D, we observe, contrary to mainstream empirical studies, strong evidence of a negative impact of responsible behavior on corporate market value. More precisely, environmental performance was penalized by investors over the 2005-2009 period, whereas involvement in human capital seems to have been valued by the market.
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Dates et versions

hal-02156596 , version 1 (14-06-2019)

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Sylvain Marsat, Benjamin Williams. CSR and Market Valuation: International Evidence. Bankers Markets & Investors : an academic & professional review, 2013, 123, pp.29 - 42. ⟨10.2139/ssrn.1833581⟩. ⟨hal-02156596⟩
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