The stocks at stake: Return and risk in socially responsible investment.

By Rients Galema, A. Plantinga, Bert Scholtens. 2008

739 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/f12a72a5dec2b5ba8e6d6d86b5f921d1188215ac

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Citations in the corpus

Firm Internationalization and Corporate Social Responsibility (2014, positive): “Following similar arguments as above, using an aggregate CSR score might also mask variation in the relevance of its component dimensions (Griffin and Mahon 1997; Attig 2011; Galema et al. 2008).”
Fossil Fuel Divestment and Portfolio Performance (2018, background): “Modern Portfolio Theory (Markowitz, 1952; Roy, 1952; Tobin, 1958) implies that any constraint that reduces the investible universe will leave investors with a less efficient portfolio (Galema et al., 2008; Rudd, 1981).”
European Green Mutual Fund Performance: A Comparative Analysis with their Conventional and Black Peers (2015, neutral): “Furthermore, Galema et al. (2008) suggest that the inconclusiveness of the results may also be due to negative interrelations between the sub-dimensions of SRI mutual funds (e.g. environmental considerations vs. stakeholder relations), which may offset one another.”
Corporate Social Responsibility and Investment Efficiency (2016, neutral): “On the other hand, Godfrey (2005) argues that corporate philanthropy may be a source of interest conflicts between managers and shareholders.”
Measuring the level and risk of corporate responsibility – An empirical comparison of different ESG rating approaches (2015, background): “…16, 7, 450–466 Osthoff (2007) and Statman and Glushkov (2009) provide evidence of the fact that stocks with high ESG scores achieve excess returns, Galema et al (2008) and Mănescu (2011) do not suggest a statistically significant difference in risk-adjusted returns between screened and…”
Impact of Sustainability Performance of Company on its Financial Performance: A Study of Listed Indian Companies (2013, background): “…2011), no significant impact in short-term (Adams et al., 2012) and that the varying effects of different dimensions of sustainability may negate and offset each other leading to no significant influence on financial performance (Galema et al., 2008; Statman & Glushkov, 2009; Brammer et al., 2006).”
Corporate social responsibility, the cost of equity capital and ownership structure: An analysis of Chinese listed firms (2015, background): “These studies show that firms with better CSR have lower idiosyncratic risk (Lee and Faff, 2009) and higher market-to-book ratios (Galema et al., 2008), whereas socially irresponsible firms may face uncertain future explicit claims.”
The Effects of Corporate and Country Sustainability Characteristics on The Cost of Debt: An International Investigation (2014, neutral): “…research on the financial impacts of CSR on either the equity or debt valuation of the firm, the majority of relevant studies focus on identifying the influence of CSR on the cost of equity capital (Kempf and Osthoff, 2007; Galema et al., 2008; Hong and Kacperczyk, 2009; El Ghoul et al., 2011).”
Corporate Social Responsibility and Firm Debt Maturity (2015, positive): “Based on a theoretical model, Girerd-Potin et al. (2011) demonstrate that CSR performance determines, to some extent, the financial structure of the firm. The authors also show empirically that social performance reduces firm leverage weakly but significantly. These results are in line with those of”
Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence (2019, neutral): “Galema et al. (2008) provide evidence that CSR stocks have lower book-to-market ratios, i.e. that CSR stocks exhibit higher valuations.”
Corporate Social Responsibility and Market Efficiency: Evidence from ESG and Misvaluation Measures (2020, background): “While sustainable investing immediately raises questions about the resulting financial performance (e.g. Hong and Kacperczyk, 2009; Barber et al., 2019; Galema et al., 2008), we are particularly interested in implications of sustainable investing for stock market valuation.”
Which Dimensions of Social Responsibility Concern Financial Investors? (2013, methodology): “For Galema et al. (2008), the employee relations score is the only one to have a significant positive effect on individual stock excess returns. Statman and Glushkov (2009) show similar results over the period 1992–2007. They build portfolios with increasing SR scores and obtain significantly positi”
Sustaining Sustainability in Organizations (2012, background): “Albeit sustainable investment practices have increasingly gained importance in capital markets (Bauer et al. 2005; Galema et al. 2008), as of date, financial stakeholders do not play an important and far-reaching role in fostering sustainable business practices.”