ESG preferences, risk and return
研究指出，高ESG评级公司的预期回报受投资者偏好和风险因素影响，偏好会降低资本成本但也压低投资者回报，而ESG作为风险因素同样指向低回报。
Abstract There are two primary factors that affect expected returns for companies with high ESG (environmental, social and governance) ratings—investor preferences and risk. Although investor preferences for highly rated ESG companies can lower the cost of capital, the flip side of the coin is lower expected returns for investors. Regarding risk, the jury remains out on whether there is an ESG‐related risk factor. However, to the extent, ESG is a risk factor it also points towards lower expected returns for investments in highly rated companies. Though ESG investing may have social benefits, higher expected returns for investors are not among them.