Environmental, Social, and Governance (ESG) Profiles, Stock Returns, and Financial Policy: Australian Evidence
MetadataShow full item record
This study investigates the independent effects of environmental (E), social (S), corporate governance (G), and the composite ESG ratings on stock returns and corporate financing decisions of the largest stocks in the Australian equity market. Firms with high composite ESG ratings tend to increase their leverage. For the individual ratings, we find different inferences: firms with low E and high G ratings tend to raise less debt. Firms with high G ratings hold less cash, while those with low G ratings have lower dividend payouts. S ratings have no impact on corporate financing decisions. There appears to be no significant difference in risk-adjusted returns for portfolios based on ESG ratings, effectively indicating that there is no cost of ESG investment.
Showing items related by title, author, creator and subject.
Chikolwa, Bwembya C (2008)According to the Reserve Bank of Australia (2006) the increased supply of Commercial Mortgage-Backed Securities (CMBS), with a range of subordination, has broadened the investor base in real estate debt markets and reduced ...
O'Regan, T.; Balnaves, Mark (2011)There are key figures in the design and the maintenance of audience ratings that are often unknown to the public, but whose careers have been in assessing, evaluating and innovating ratings systems. They also tend to be ...
Factors influencing the rate of degradation of Amoxycillin sodium and potassium clavulanate in the liquid and frozen states.Vahdat, Laleh (2000)Kinetics of the reactions of amoxycillin sodium and potassium clavulanate alone and in combination were investigated in the liquid and frozen states at selected pH values of 2.0, 4.6 and 7.0. A stability indicating HPLC ...