The wages of social responsibility—where are they? A critical review of ESG investing
G Halbritter, G Dorfleitner - Review of Financial Economics, 2015 - Elsevier
This paper contributes both to investigating the link between the corporate social and
financial performance based on environmental, social and corporate governance (ESG)
ratings and to reviewing the existing empirical evidence pertaining to this relationship. The
sample used includes ESG data of ASSET4, Bloomberg and KLD for the US market from
1991 to 2012. The econometrical framework applies an ESG portfolio approach using the
Carhart (1997) four-factor model as well as cross-sectional Fama and MacBeth (1973) …
financial performance based on environmental, social and corporate governance (ESG)
ratings and to reviewing the existing empirical evidence pertaining to this relationship. The
sample used includes ESG data of ASSET4, Bloomberg and KLD for the US market from
1991 to 2012. The econometrical framework applies an ESG portfolio approach using the
Carhart (1997) four-factor model as well as cross-sectional Fama and MacBeth (1973) …
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