Sustainable Project Finance, the Adoption of the Equator Principles and Shareholder Value Effects
研究发现采纳赤道原则的金融机构获得正向异常收益，支持声誉风险假说，且采纳者在全球项目融资市场中表现更好，但未发现非采纳者被排除出贷款银团。
ABSTRACT Recent trends in the project finance industry include an increasing volume and a growing awareness of sustainable development. This has raised the question of whether and a how voluntary code of conduct such as the Equator Principles (EP) could enhance its impact on the project finance industry. We apply an event study methodology, and also consider the market model and conditional variance. We find positive abnormal returns for financial institutions adopting the EP, which supports the reputational risk hypothesis. Furthermore, we document that adopters outperform the global project finance market, especially in terms of market share. However, we do not find evidence that non‐adopters are excluded from lending syndicates. Results include practical recommendations for environmental policy. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment