Socially Responsible Investment and Market Performance: The Case of Energy and Resource Companies

Brzeszczyński, Janusz; Ghimire, Binam; Jamasb, Tooraj; McIntosh, Graham

doi:10.5547/01956574.40.5.jbrz

Cited by 18 publications

(9 citation statements)

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“…In all cases, studies have focused on certain aspects of ESG, and have been limited by their choice of metrics and data sources -see also [18]. In this study, we hope to profit from the emergence of EPRA's sBPR scores that have become available recently.…”

Section: Literature Reviewmentioning

confidence: 99%

Pricing ESG Equity Ratings and Underlying Data in Listed Real Estate Securities

2021

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By analyzing the adoption of the European Public Real Estate Association’s (EPRA) Sustainability Best Practices Recommendations (sBPR), we examine and discuss the application of transparent environmental, social and governance (ESG) ratings and their interaction with public real estate performance across European markets. Due to increasing concerns about the environment and the impact of investment on society at large, public property companies have made significant progress in improving transparency and enhancing the protection of shareholder value by sharing and reporting ESG best practices. We explore and review the EPRA sBPR database, which is highly useful for investors who are already screening listed real estate companies. Hence, in this project, we carefully study the diffusion process of this new ESG metric as a tool to enhance informational transparency regarding public real estate investment management and assess the effects of this transparency and ESG performance for the real estate stock returns. We find evidence of a sustainability premium that investors are willing to pay to access companies with better sustainable ratings.

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Section: Literature Reviewmentioning

confidence: 99%

Pricing ESG Equity Ratings and Underlying Data in Listed Real Estate Securities

2021

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“…Furthermore, the transition to a low-carbon economy will need significant financial expenditures on climate-friendly and energy-efficient activities (Reboredo et al, 2020). Similarly, businesses support the climate policy objectives by reallocating the financial resources away from traditional investment avenues toward green projects to enhance their financial performance profiles (BrzeszczzDski et al, 2019;Huynh, 2020;OECD, 2017). Thus, green bonds carrying the characteristics of environmentally friendly investments on the one hand and positively impacting the investors' returns is one of the favored risk management investments (Reboredo et al, 2020).…”

Section: Discussionmentioning

confidence: 99%

“…, 2020). Similarly, businesses support the climate policy objectives by reallocating the financial resources away from traditional investment avenues toward green projects to enhance their financial performance profiles (BrzeszczzDski et al. , 2019; Huynh, 2020; OECD, 2017).…”

Section: Discussionmentioning

confidence: 99%

Revisiting the financial market interdependence during COVID-19 times: a study of green bonds, cryptocurrency, commodities and other financial markets

Rao

Gupta

Sharma

et al. 2022

IJMF

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PurposeThe purpose of the present study is to contribute to the existing literature by examining the nexus and the connectedness between classes S&P Green Bond Index, S&P GSCI Crude Oil Index, S&P GSCI Gold, MSCI Emerging Markets Index, MSCI World Index and Bitcoin, during the pre-and post-Covid period beginning from August 2011 to July 2021 (10 years).Design/methodology/approachThe study employs time-varying parameter vector autoregression and Quantile regression methods to understand the impact of events on traditional and upcoming asset classes. To further understand the connectedness of assets under consideration, the study used Geo-Political Risk Index (GPR) and Global Economic Policy and Uncertainty index (GPEU).FindingsFindings show that these markets are strongly linked, which will only expand in the post-pandemic future. Before the pandemic, the MSCI World and Emerging Markets indices contributed the most shocks to the remaining market variables. Green bond index shows a greater correlation and shock transmission with gold. Bitcoin can no longer be used as a good hedging instrument, validating the fact that the 21st-century technology assets. The results further opine that under extreme economic consequences with high GPR and GPEU, even gold cannot be considered a safe investment asset.Originality/valueFinancial markets and the players who administer and communicate their investment logics are heavily reliant on conventional asset classes such as oil, gas, coal, nuclear and allied groupings, but these emerging asset classes are attempting to diversify.

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“…A considerable number of other studies find that no relationship exists (e.g. Petitjean, 2019;Brzeszczynski et al, 2019;Ng and Zheng, 2018). In addition, a very small minority of studies reports a negative relationship (e.g.…”

Section: Empirical Evidencementioning

confidence: 99%

“…While some papers find no relationship (e.g. Petitjean, 2019;Brzeszczynski et al, 2019), or even a negative impact (e.g. Oberndorfer et al, 2013), a large amount of papers find a positive impact of CSR on profit (e.g.…”

Section: Introductionmentioning

confidence: 99%

Imperfect Information and Incentives for Renewable Energy

Hulshof

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Several individuals other than myself have made key contributions to this thesis.To them, I want to say thanks. In particular, I am very thankful to Machiel, my supervisor. Machiel, you are responsible for catalysing my interest in the fields of energy economics and energy policy, already while writing my bachelor's thesis. Owing to my personality, the opportunity to pursue a PhD thesis came as a surprise to many people close to me, and myself. Thank you for this opportunity, and for the countless invaluable lessons. I learned a lot and enjoyed our collaboration. In addition, I want to thank Catrinus, my other supervisor, for facilitating my PhD position, constructive supervision and supporting me in the, sometimes rigid, discussions with the STORE&GO-project coordinator.I also want to thank Tooraj Jamasb, José Luis Moraga-González and Herman Vollebergh, the members of the reading committee. I highly appreciate your willingness and time to read and evaluate this thesis, and your instructive comments.Apart from doing research, the past few years I also enjoyed and learned a lot from being around Daniel, Jos, Mart, Nick and Ruben at and outside of the faculty. Daniel, it was a pleasure to receive non-voluntary debating lessons from you during lunch-I like to think that I benefited non-negligibly. Jos, your interest in others and pleasant company, while limited to afternoons at times, greatly contributed to an enjoyable life at the office. Mart, you were an excellent office mate, and our discussions of all sorts sincerely contributed to my thinking and writing. Nick, our field experiment regarding the functioning of crypto currencies in the form of jointly investing e 30, at the very peak of the market, was great fun. Ruben, learning about your extremely broad definition of luxuriance (as well as your level of intelligence) was a very valuable lesson for my humility. Furthermore, thank

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Socially Responsible Investment and Market Performance: The Case of Energy and Resource Companies

Cited by 18 publications

References 81 publications

Pricing ESG Equity Ratings and Underlying Data in Listed Real Estate Securities

Pricing ESG Equity Ratings and Underlying Data in Listed Real Estate Securities

Revisiting the financial market interdependence during COVID-19 times: a study of green bonds, cryptocurrency, commodities and other financial markets

Imperfect Information and Incentives for Renewable Energy

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