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Does it cost to be sustainable?

Humphrey, Jacquelyn; Lee, Darren D; Shen, Yaokan


We investigate whether firms' corporate social performance (CSP) ratings impact their performance (cost of capital) and risk. Using a proprietary CSP ratings database, we find no difference in the risk-adjusted performance of UK firms with high and low CSP ratings. Additionally, the firms do not differ in their amount of idiosyncratic risk. We find some evidence of high-ranked firms being larger. The empirical evidence therefore indicates that investors and managers are able to implement a CSP...[Show more]

CollectionsANU Research Publications
Date published: 2012
Type: Journal article
Source: Journal of Corporate Finance
DOI: 10.1016/j.jcorpfin.2012.03.002


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