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    Environmental, Social, and Governance (ESG) Profiles, Stock Returns, and Financial Policy: Australian Evidence

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    Authors
    Limkriangkrai, M.
    Koh, S.
    Durand, Robert
    Date
    2016
    Type
    Journal Article
    
    Metadata
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    Citation
    Limkriangkrai, M. and Koh, S. and Durand, R. 2016. Environmental, Social, and Governance (ESG) Profiles, Stock Returns, and Financial Policy: Australian Evidence. International Review of Finance. 17 (3): pp. 461–471.
    Source Title
    International Review of Finance
    DOI
    10.1111/irfi.12101
    ISSN
    1369-412X
    School
    Department of Finance and Banking
    URI
    http://hdl.handle.net/20.500.11937/51590
    Collection
    • Curtin Research Publications
    Abstract

    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.

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