The effect of green investment on corporate behavior
The effect of green investment on corporate behavior
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DOI：
10.2307/2676219
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发表时间：
2001-12-01
影响因子：
3.9
通讯作者：
Zechner, J
中科院分区：
文献类型：
--
作者：
Heinkel, R;Kraus, A;Zechner, J
本文探讨了在风险厌恶的均衡环境下，排他性道德投资对公司行为的影响。虽然存在道德投资可以影响公司的资本成本，从而影响投资的论点，但没有提出均衡模型来这样做。我们发现，由于绿色投资者回避污染企业的股票，排他性道德投资导致污染企业被较少的投资者持有。非绿色投资者之间缺乏风险分担，导致污染企业的股票价格下降，从而提高了它们的资本成本。如果更高的资本成本超过了改革的成本（即，污染企业清理其活动），那么污染企业将因为排他性的道德投资而承担社会责任。促使污染企业进行改革的一个关键决定因素是绿色投资者控制的资金比例。在我们的模型中，经验合理的参数估计表明，超过20%的绿色投资者需要诱导任何污染企业进行改革。现有的经验证据表明，最多有10%的资金是由绿色投资者投资的。
This paper explores the effect of exclusionary ethical investing on corporate behavior in a risk-averse, equilibrium setting. While arguments exist that ethical investing can influence a firm's cost of capital, and so affect investment, no equilibrium model has been presented to do so. We show that exclusionary ethical investing leads to polluting firms being held by fewer investors since green investors eschew polluting firms' stock. This lack of risk sharing among non-green investors leads to lower stock prices for polluting firms, thus raising their cost of capital. If the higher cost of capital more than overcomes a cost of reforming (i.e., a polluting firm cleaning up its activities), then polluting firms will become socially responsible because of exclusionary ethical investing. A key determinant of the incentive for polluting firms to reform is the fraction of funds controlled by green investors. In our model, empirically reasonable parameter estimates indicate that more than 20% green investors are required to induce any polluting firms to reform. Existing empirical evidence indicates that at most 10% of funds are invested by green investors.