Journal of Financial & Quantitative Analysis. Sep2017, Vol. 52 Issue 5, p2023-2051. 29p.

公司的环保政策与股票股东价值：跟随聪明钱

作者：Chitru S. Fernando (Price College of Business, University of Oklahoma)

Mark P. Sharfman (Price College of Business, University of Oklahoma)

Vahap B. Uysal (Driehaus College ofBusiness, DePaul University )

摘要：我们从机构投资者的视角检验了企业社会责任的价值。我们发现减轻公司环境风险暴露的政策与提高其被人感知到的环境友好性（环保性）的政策之间存在强烈的不对称性。高环境风险暴露公司的股票估值较低，正如风险管理理论所预测的那样，机构投资者会选择避开这类股票。这一发现表明减轻环境风险暴露的环境政策能创造股东价值。相反，仅提升环保性的公司并不能创造股东价值，并且其股票不会被机构投资者青睐。

Corporate Environmental Policy and Shareholder Value: Following the Smart Money

Chitru S. Fernando (Price College of Business, University of Oklahoma)

Mark P. Sharfman (Price College of Business, University of Oklahoma)

Vahap B. Uysal (Driehaus College ofBusiness, DePaul University )

ABSTRACT

We examine the value consequences of corporate social responsibility through the lens of institutional shareholders. We find a sharp asymmetry between corporate policies that mitigate the firm’s exposure to environmental risk and those that enhance its perceived environmental friendliness (“greenness”). Institutional investors shun stocks with high environmental risk exposure, which we show have lower valuations, as predicted by risk management theory. These findings suggest that corporate environmental policies that mitigate environmental risk exposure create shareholder value. In contrast, firms that increase greenness do not create shareholder value and are also shunned by institutional investors.

原文链接: http://web.b.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=2&sid=333f4a09-ed92-48a9-a73e-77bd3384195d%40sessionmgr120

翻译：汪国颂