An impact investment strategy
نویسندگان
چکیده
Abstract Impact investing is based on using the ESG framework as a tool to evaluate firms that engage in generating positive impact. Most impact investors and fund managers now integrate their investment stock-picking process. However, due lack of standardisation reporting, it remains challenge for public identify truly sustainable companies. We propose an additional measure tax avoidance are socially responsible. When indulge excessive behaviour, may be viewed unethical or irresponsible. empirical association between corporate social responsibility into strategy adopt firm‐level ratings practices. In pure avoidance, we find high‐ESG rated low yields buy hold abnormal return 3.4% per annum 11.4% 3 years horizon. Next, if were combine traditional strategies risk with measures, portfolios high price‐to‐book‐ratio earn 21.2%, while portfolio price-to-book earns 29.8% long run. Collectively, our results suggest that, whilst does provide return, not necessarily outperform strategies. Our robust other factors sector firm.
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ژورنال
عنوان ژورنال: Review of Quantitative Finance and Accounting
سال: 2023
ISSN: ['1573-7179', '0924-865X']
DOI: https://doi.org/10.1007/s11156-023-01149-0