A Systematic Literature Review on Financial Stock Performance of Sustainable Investments

Anouck Faverjon, C. Hardy and Marie Lambert
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Anouck Faverjon: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
C. Hardy: HEC-University of Liège - Department of Economics
Marie Lambert: HEC-University of Liège - Department of Economics

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Abstract: Despite a growing body of literature, there is still no consensus on the effects of firm sustainable performance (assessed through the so-called environmental, social and governance (ESG) criteria) on their financial returns. Empirical research started in the late 1990s, while theoretical frameworks have been developed recently. This paper reconciles previous empirical evidence with recent theories and provides a classification of existing empirical work regarding these theories. We provide a guide for academics, practitioners, regulators and policy-makers to understand the financial impact of sustainable investing and the ways to enhance it

Keywords: Economics; Finance; Business and Industry; Environment and Sustainability; Global Development (search for similar items in EconPapers)
Date: 2023
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Published in The Routledge Handbook of Green Finance, pp.463-484, 2023, ⟨10.4324/9781003345497-32⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04331809

DOI: 10.4324/9781003345497-32

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