| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14351 |
| DP14351 A theory of socially responsible investment | |
| Marcus Opp; Martin Oehmke | |
| 发表日期 | 2020-01-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We characterize necessary conditions for socially responsible investors to impact firm behavior in a setting in which firm production generates social costs and is subject to financing constraints. Impact requires a broad mandate, in that socially responsible investors need to internalize social costs irrespective of whether they are investors in a given firm. Impact is optimally achieved by enabling a scale increase for clean production. Socially responsible and financial investors are complementary: jointly they can achieve higher welfare than either investor type alone. When socially responsible capital is scarce, it should be allocated based on a social profitability index (SPI). This micro-founded ESG metric captures not only a firm's social status quo but also the counterfactual social costs produced in the absence of socially responsible investors. |
| 主题 | Financial Economics |
| 关键词 | Socially responsible investing Esg Spi Capital allocation Sustainable investment Social ratings |
| URL | https://cepr.org/publications/dp14351 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543244 |
| 推荐引用方式 GB/T 7714 | Marcus Opp,Martin Oehmke. DP14351 A theory of socially responsible investment. 2020. |
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