Does Sustainable Investing Deprive Unsustainable Firms of Fresh Capital?

نویسندگان

چکیده

This article examines the sustainability characteristics of listed firms that raise fresh capital by issuing stocks or bonds. Issuance—that is, primary market—should be paramount importance to sustainable investors because this is where demand for and supply meet, contrary secondary market ownership existing bonds merely exchanged between investors. The authors find no evidence flowing more toward than unsustainable firms. profile equity issuers generally similar broad market, while debt even tend have a below-average profile. Thus, appear problems in obtaining funding public markets. results suggest investing has not been able deprive capital. They do disprove, however, may prevented such from raising capital, nor further mainstreaming lead noticeable impact on flows. TOPICS:ESG investing, security analysis valuation, fixed income structured finance, exchanges/markets/clearinghouses Key Findings ▪ Examining stock bond issuance firms, To date, deprived although might change future.

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ژورنال

عنوان ژورنال: Journal of impact and ESG investing

سال: 2021

ISSN: ['2693-1974', '2693-1982']

DOI: https://doi.org/10.3905/jesg.2021.1.012