Corporate Environmental Policy and Shareholder Value: Following the Smart Money
通过机构投资者的视角，研究发现降低环境风险的企业政策能创造股东价值，而提升“绿色”形象的政策则不能，且两者均被机构投资者回避。
We examine the value consequences of corporate social responsibility through the lens of institutional shareholders. We find a sharp asymmetry between corporate policies that mitigate the firm’s exposure to environmental risk and those that enhance its perceived environmental friendliness (“greenness”). Institutional investors shun stocks with high environmental risk exposure, which we show have lower valuations, as predicted by risk management theory. These findings suggest that corporate environmental policies that mitigate environmental risk exposure create shareholder value. In contrast, firms that increase greenness do not create shareholder value and are also shunned by institutional investors.