Influence de la notation éthique sur l'évolution du prix des actions. Un modèle théorique

Denis Dupré, Isabelle Girerd-Potin, Sonia Jimenez-Garces and Pascal Louvet

Revue économique, 2009, vol. 60, issue 1, 5-31

Abstract: Socially responsible investments have shown a rapid expansion these past years because of the investors? new interest for these investments. This study proposes a theoretical model formalizing the impact of this new inclination for socially responsible investment on the stocks? prices. In order to reach this goal, we model the progressive transformation of financial markets as a result of ethical demand. In particular, we show that the emergence of a social rating makes the price of ethical stocks increase, and thus the cost of capital of these firms decrease. This benefit can encourage firms to adapt themselves by adopting an ethical behaviour if the decrease in their cost of capital is lower than the cost of becoming ethical. Classification JEL : M14, G11, G12

JEL-codes: G11 G12 M14 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (5)

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