{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,11]],"date-time":"2026-08-11T07:14:56Z","timestamp":1786432496868,"version":"3.56.0"},"reference-count":85,"publisher":"SAGE Publications","issue":"4","license":[{"start":{"date-parts":[[2020,6,25]],"date-time":"2020-06-25T00:00:00Z","timestamp":1593043200000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/"}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Organization &amp; Environment"],"published-print":{"date-parts":[[2020,12]]},"abstract":"<jats:p>This article asks how sustainable investing contributes to societal goals, conducting a literature review on investor impact\u2014that is, the change investors trigger in companies\u2019 environmental and social impact. We distinguish three impact mechanisms: shareholder engagement, capital allocation, and indirect impacts, concluding that the impact of shareholder engagement is well supported in the literature, the impact of capital allocation only partially, and indirect impacts lack empirical support. Our results suggest that investors who seek impact should pursue shareholder engagement throughout their portfolio, allocate capital to sustainable companies whose growth is limited by external financing conditions, and screen out companies based on the absence of specific environmental, social, and governance practices that can be adopted at reasonable costs. For rating agencies, we outline steps to develop investor impact metrics. For policy makers, we highlight that sustainable investing helps diffuse good business practices, but is unlikely to drive a deeper transformation without additional policy measures.<\/jats:p>","DOI":"10.1177\/1086026620919202","type":"journal-article","created":{"date-parts":[[2020,6,25]],"date-time":"2020-06-25T04:13:57Z","timestamp":1593058437000},"page":"554-574","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":283,"title":["Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact"],"prefix":"10.1177","volume":"33","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8807-2321","authenticated-orcid":false,"given":"Julian F.","family":"K\u00f6lbel","sequence":"first","affiliation":[{"name":"University of Zurich, Z\u00fcrich, Switzerland"},{"name":"MIT Sloan, Cambridge, MA, USA"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Florian","family":"Heeb","sequence":"additional","affiliation":[{"name":"University of Zurich, Z\u00fcrich, Switzerland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Falko","family":"Paetzold","sequence":"additional","affiliation":[{"name":"University of Zurich, Z\u00fcrich, Switzerland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-6405-5252","authenticated-orcid":false,"given":"Timo","family":"Busch","sequence":"additional","affiliation":[{"name":"University of Zurich, Z\u00fcrich, Switzerland"},{"name":"University of Hamburg, Hamburg, Germany"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"179","published-online":{"date-parts":[[2020,6,25]]},"reference":[{"key":"bibr1-1086026620919202","doi-asserted-by":"crossref","unstructured":"Admati A. R., Pfleiderer P. (2009). The \u201cWall Street Walk\u201d and shareholder activism: Exit as a form of voice. Review of Financial Studies, 22(7), 2645-2685. https:\/\/doi.org\/10.1093\/rfs\/hhp037","DOI":"10.1093\/rfs\/hhp037"},{"key":"bibr2-1086026620919202","doi-asserted-by":"crossref","unstructured":"Ahern K. R. (2014). Do common stocks have perfect substitutes? Product market competition and the elasticity of demand for stocks. Review of Economics and Statistics, 96(4), 756-766. https:\/\/doi.org\/10.1162\/REST_a_00414","DOI":"10.1162\/REST_a_00414"},{"key":"bibr3-1086026620919202","doi-asserted-by":"crossref","unstructured":"Amel-Zadeh A., Serafeim G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103. https:\/\/papers.ssrn.com\/abstract=2925310","DOI":"10.2469\/faj.v74.n3.2"},{"key":"bibr4-1086026620919202","unstructured":"Ansar A., Caldecott B., Tilbury J. (2013). Stranded assets and the fossil fuel divestment campaign : What does divestment mean for the valuation of fossil fuel assets? https:\/\/www.smithschool.ox.ac.uk\/publications\/reports\/SAP-divestment-report-final.pdf"},{"key":"bibr5-1086026620919202","doi-asserted-by":"crossref","unstructured":"Bagwell L. S. (1992). Dutch auction repurchases: An analysis of shareholder heterogeneity. Journal of Finance, 47(1), 71-105. https:\/\/doi.org\/10.1111\/j.1540-6261.1992.tb03979.x","DOI":"10.1111\/j.1540-6261.1992.tb03979.x"},{"key":"bibr6-1086026620919202","doi-asserted-by":"crossref","unstructured":"Baker M., Bergstresser D., Serafeim G., Wurgler J. (2018). Financing the response to climate change: The pricing and ownership of U.S. green bonds (Working Paper No. 2514). National Bureau of Economic Research. http:\/\/www.nber.org\/papers\/w25194","DOI":"10.3386\/w25194"},{"key":"bibr7-1086026620919202","doi-asserted-by":"crossref","unstructured":"Baker M. P., Stein J. C., Wurgler J. A. (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics, 118(3), 969-1005. https:\/\/doi.org\/10.1162\/00335530360698478","DOI":"10.1162\/00335530360698478"},{"key":"bibr8-1086026620919202","author":"Bamberger M.","year":"2012","journal-title":"Real world evaluation"},{"key":"bibr9-1086026620919202","unstructured":"Barko T., Cremers M., Renneboog L. (2017). Shareholder engagement on environmental, social, and governance performance. https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2977219"},{"key":"bibr10-1086026620919202","doi-asserted-by":"crossref","unstructured":"Beck T., Demirguc-Kunt A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking & Finance, 30(11), 2931-2943. https:\/\/doi.org\/10.1016\/j.jbankfin.2006.05.009","DOI":"10.1016\/j.jbankfin.2006.05.009"},{"key":"bibr11-1086026620919202","doi-asserted-by":"crossref","unstructured":"Beck T., Demirguc-Kunt A., Laeven L., Maksimovic V. (2006). The determinants of financing obstacles. Journal of International Money and Finance, 25(6), 932-952. https:\/\/doi.org\/10.1016\/j.jimonfin.2006.07.005","DOI":"10.1016\/j.jimonfin.2006.07.005"},{"key":"bibr12-1086026620919202","doi-asserted-by":"crossref","unstructured":"Beck T., Demirguc-Kunt A., Maksimovic V. (2008). Financing patterns around the world: Are small firms different? Journal of Financial Economics, 89(3), 467-487. https:\/\/doi.org\/10.1016\/j.jfineco.2007.10.005","DOI":"10.1016\/j.jfineco.2007.10.005"},{"key":"bibr13-1086026620919202","doi-asserted-by":"crossref","unstructured":"Beltratti A. (2005). Capital market equilibrium with externalities, production and heterogeneous agents. Journal of Banking & Finance, 29(12), 3061-3073. https:\/\/doi.org\/10.1016\/j.jbankfin.2004.11.004","DOI":"10.1016\/j.jbankfin.2004.11.004"},{"key":"bibr14-1086026620919202","doi-asserted-by":"crossref","unstructured":"Beneish M. D., Wahley R. E. (1996). An anatomy of the \u201cS&P Game\u201d: The effects of changing the rules. Journal of Finance, 39(5), 1909-1930. https:\/\/doi.org\/10.2307\/2329543","DOI":"10.1111\/j.1540-6261.1996.tb05231.x"},{"key":"bibr15-1086026620919202","doi-asserted-by":"crossref","unstructured":"Berger A. N., Udell G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6), 613-673. https:\/\/doi.org\/10.2139\/ssrn.137991","DOI":"10.1016\/S0378-4266(98)00038-7"},{"key":"bibr16-1086026620919202","doi-asserted-by":"crossref","unstructured":"Betti G., Consolandi C., Eccles R. G. (2018). Supporting sustainable development goals is easier than you might think. Sustainability, 10(7), Article 2248. https:\/\/doi.org\/10.3390\/su10072248","DOI":"10.3390\/su10072248"},{"key":"bibr17-1086026620919202","doi-asserted-by":"crossref","unstructured":"Blanchard O., Rhee C., Summers L. (1993). The stock market, profit, and investment. Quarterly Journal of Economics, 108(1), 115-136. https:\/\/doi.org\/10.2307\/2118497","DOI":"10.2307\/2118497"},{"key":"bibr18-1086026620919202","doi-asserted-by":"crossref","unstructured":"Bloom N., Mahajan A., McKenzie D., Roberts J. (2010). Why do firms in developing countries have low productivity? American Economic Review, 100(2), 619-623. https:\/\/doi.org\/10.2139\/ssrn.1533430","DOI":"10.1257\/aer.100.2.619"},{"key":"bibr19-1086026620919202","unstructured":"Brest P., Born K. (2013). Unpacking the impact in impact investing. Stanford Social Innovation Review, 2013, 1-14. https:\/\/ssir.org\/articles\/entry\/unpacking_the_impact_in_impact_investing"},{"key":"bibr20-1086026620919202","doi-asserted-by":"crossref","unstructured":"Brest P., Gilson R. J., Wolfson M. A. (2018). How investors can (and can\u2019t) create social value. http:\/\/dx.doi.org\/10.2139\/ssrn.3150347","DOI":"10.2139\/ssrn.3150347"},{"key":"bibr21-1086026620919202","doi-asserted-by":"crossref","unstructured":"Carlos W. C., Lewis B. W. (2018). Strategic silence: Withholding certification status as a hypocrisy avoidance tactic. Administrative Science Quarterly, 63(1), 130-169. https:\/\/doi.org\/10.1177\/0001839217695089","DOI":"10.1177\/0001839217695089"},{"key":"bibr22-1086026620919202","doi-asserted-by":"crossref","unstructured":"Carpenter R. E., Petersen B. C. (2002). Is the growth of small firms constrained by internal finance? Review of Economics and Statistics, 84(2), 298-309. https:\/\/doi.org\/10.1162\/003465302317411541","DOI":"10.1162\/003465302317411541"},{"key":"bibr23-1086026620919202","doi-asserted-by":"crossref","unstructured":"Chang Y.C., Hong H., Liskovich I. (2015). Regression discontinuity and the price effects of stock market indexing. Review of Financial Studies, 28(1), 212-246. https:\/\/doi.org\/10.1093\/rfs\/hhu041","DOI":"10.1093\/rfs\/hhu041"},{"key":"bibr24-1086026620919202","doi-asserted-by":"crossref","unstructured":"Chatterji A., Durand R., Levine D. I., Touboul S. (2016). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal, 37(8), 1597-1614. https:\/\/doi.org\/10.1002\/smj.2407","DOI":"10.1002\/smj.2407"},{"key":"bibr25-1086026620919202","doi-asserted-by":"crossref","unstructured":"Chatterji A. K., Toffel M. W. (2010). How firms respond to being rated. Strategic Management Journal, 31(9), 917-945. https:\/\/doi.org\/10.1002\/smj.840","DOI":"10.1002\/smj.840"},{"key":"bibr26-1086026620919202","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2013.1863"},{"key":"bibr27-1086026620919202","doi-asserted-by":"crossref","unstructured":"Chowdhry B., Davies S. W., Waters B. (2019). Investing for Impact. Review of Financial Studies, 32(3), 864-904. https:\/\/doi.org\/10.1093\/rfs\/hhy068","DOI":"10.1093\/rfs\/hhy068"},{"key":"bibr28-1086026620919202","first-page":"151","volume-title":"The handbook of social psychology","author":"Cialdini R. B.","year":"1998","edition":"4"},{"key":"bibr29-1086026620919202","doi-asserted-by":"crossref","unstructured":"Cravo T. A., Piza C. (2016). The impact of business support services for small and medium enterprises on firm performance in low- and middle-income countries : A meta-analysis. http:\/\/documents.worldbank.org\/curated\/en\/521211467989461591\/The-impact-of-business-support-services-for-small-and-medium-enterprises-on-firm-performance-in-low-and-middle-income-countries-a-meta-analysis","DOI":"10.18235\/0000492"},{"key":"bibr30-1086026620919202","doi-asserted-by":"crossref","unstructured":"DellaVigna S., List J. A., Malmendier U. (2012). Testing for altruism and social pressure in charitable giving. Quarterly Journal of Economics, 127(1), 1-56. https:\/\/doi.org\/10.1093\/qje\/qjr050","DOI":"10.1093\/qje\/qjr050"},{"key":"bibr31-1086026620919202","doi-asserted-by":"crossref","unstructured":"Diller C., Kaserer C. (2009). What drives private equity returns? Fund inflows, skilled GPs, and\/or risk? European Financial Management, 15(3), 643-675. https:\/\/doi.org\/10.1111\/j.1468-036X.2007.00438.x","DOI":"10.1111\/j.1468-036X.2007.00438.x"},{"key":"bibr32-1086026620919202","doi-asserted-by":"crossref","unstructured":"Dimson E., Karaka\u015f O., Li X. (2015). Active ownership. Review of Financial Studies, 28(12), 3225-3268. https:\/\/doi.org\/10.1093\/rfs\/hhv044","DOI":"10.1093\/rfs\/hhv044"},{"key":"bibr33-1086026620919202","doi-asserted-by":"crossref","unstructured":"Dimson E., Karaka\u015f O., Li X. (2018). Coordinated engagements. https:\/\/papers.ssrn.com\/abstract=3209072","DOI":"10.2139\/ssrn.3209072"},{"key":"bibr34-1086026620919202","doi-asserted-by":"crossref","unstructured":"Dyck A., Lins K. V., Roth L., Wagner H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714. https:\/\/doi.org\/10.1016\/j.jfineco.2018.08.013","DOI":"10.1016\/j.jfineco.2018.08.013"},{"key":"bibr35-1086026620919202","doi-asserted-by":"crossref","unstructured":"Eccles R. G., Stroehle J. (2018). Exploring social origins in the construction of ESG measures https:\/\/papers.ssrn.com\/abstract=3212685","DOI":"10.2139\/ssrn.3212685"},{"key":"bibr36-1086026620919202","doi-asserted-by":"crossref","unstructured":"Edmans A., Goldstein I., Jiang W. (2012). The real effects of financial markets: The impact of prices on takeovers. Journal of Finance, 67(3), 933-971. https:\/\/doi.org\/10.1111\/j.1540-6261.2012.01738.x","DOI":"10.1111\/j.1540-6261.2012.01738.x"},{"key":"bibr37-1086026620919202","doi-asserted-by":"crossref","unstructured":"Egli F., Steffen B., Schmidt T. S. (2018). A dynamic analysis of financing conditions for renewable energy technologies. Nature Energy, 3(12), 1084-1092. https:\/\/doi.org\/10.1038\/s41560-018-0277-y","DOI":"10.1038\/s41560-018-0277-y"},{"key":"bibr38-1086026620919202","doi-asserted-by":"crossref","unstructured":"Evans D. S., Jovanovic B. (1989). An estimated model of entrepreneurial choice under liquidity constraints. Journal of Political Economy, 97(4), 808-827. https:\/\/doi.org\/10.1086\/261629","DOI":"10.1086\/261629"},{"key":"bibr39-1086026620919202","doi-asserted-by":"crossref","unstructured":"Fama E. F., French K. R. (2007). Disagreement, tastes, and asset prices. Journal of Financial Economics, 83(3), 667-689. https:\/\/doi.org\/10.1016\/j.jfineco.2006.01.003","DOI":"10.1016\/j.jfineco.2006.01.003"},{"key":"bibr40-1086026620919202","doi-asserted-by":"crossref","unstructured":"Fischer S., Merton R. C. (1984). Macroeconomics and finance: The role of the stock market (Working Paper No. 1291). National Bureau of Economic Research. http:\/\/www.nber.org\/papers\/w1291","DOI":"10.3386\/w1291"},{"key":"bibr41-1086026620919202","doi-asserted-by":"crossref","unstructured":"Frey B. S., Meier S. (2004). Social comparisons and pro-social behavior: Testing in a field experiment \u201cconditional cooperation.\u201d American Economic Review, 94(5), 1717-1722. https:\/\/doi.org\/10.1257\/0002828043052187","DOI":"10.1257\/0002828043052187"},{"key":"bibr42-1086026620919202","doi-asserted-by":"crossref","unstructured":"Friede G., Busch T., Bassen A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https:\/\/doi.org\/10.1080\/20430795.2015.1118917","DOI":"10.1080\/20430795.2015.1118917"},{"key":"bibr43-1086026620919202","doi-asserted-by":"crossref","unstructured":"Geddes A., Schmidt T. S., Steffen B. (2018). The multiple roles of state investment banks in low-carbon energy finance: An analysis of Australia, the UK and Germany. Energy Policy, 115(April), 158-170. https:\/\/doi.org\/10.1016\/j.enpol.2018.01.009","DOI":"10.1016\/j.enpol.2018.01.009"},{"key":"bibr44-1086026620919202","author":"Gertler P. J.","year":"2011","journal-title":"Impact evaluation in practice"},{"key":"bibr45-1086026620919202","unstructured":"Global Sustainable Investment Alliance. (2018). Global sustainable investment review 2018. http:\/\/www.gsi-alliance.org\/wp-content\/uploads\/2019\/03\/GSIR_Review2018.3.28.pdf"},{"key":"bibr46-1086026620919202","unstructured":"Gollier C., Pouget S. (2014). The \u201cwashing machine\u201d: Investment strategies and corporate behavior with socially responsible investors (Working Paper No. 457). https:\/\/www.tse-fr.eu\/sites\/default\/files\/medias\/doc\/wp\/fit\/wp_tse_457.pdf"},{"key":"bibr47-1086026620919202","doi-asserted-by":"crossref","unstructured":"Gompers P., Lerner J. (2000). Money chasing deals? The impact of fund inflows on private equity valuation. Journal of Financial Economics, 55(2), 281-325. https:\/\/doi.org\/10.1016\/S0304-405X(99)00052-5","DOI":"10.1016\/S0304-405X(99)00052-5"},{"key":"bibr48-1086026620919202","doi-asserted-by":"crossref","unstructured":"Goranova M., Ryan L. V. (2014). Shareholder activism: A multidisciplinary review. Journal of Management, 40(5), 1230-1268. https:\/\/doi.org\/10.1177\/0149206313515519","DOI":"10.1177\/0149206313515519"},{"key":"bibr49-1086026620919202","doi-asserted-by":"crossref","unstructured":"Greiner S., Michaelowa A. (2003). Defining investment additionality for CDM projects: Practical approaches. Energy Policy, 31(10), 1007-1015. https:\/\/doi.org\/10.1016\/S0301-4215(02)00142-8","DOI":"10.1016\/S0301-4215(02)00142-8"},{"key":"bibr50-1086026620919202","doi-asserted-by":"crossref","unstructured":"Hachenberg B., Schiereck D. (2018). Are green bonds priced differently from conventional bonds? Journal of Asset Management, 19(6), 371-383. https:\/\/doi.org\/10.1057\/s41260-018-0088-5","DOI":"10.1057\/s41260-018-0088-5"},{"key":"bibr51-1086026620919202","doi-asserted-by":"crossref","unstructured":"Hadlock C. J., Pierce J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. Review of Financial Studies, 23(5), 1909-1940. https:\/\/doi.org\/10.1093\/rfs\/hhq009","DOI":"10.1093\/rfs\/hhq009"},{"key":"bibr52-1086026620919202","doi-asserted-by":"crossref","unstructured":"Haidt J. (2007). The new synthesis in moral psychology. Science, 316(5827), 998-1002. https:\/\/doi.org\/10.1126\/science.1137651","DOI":"10.1126\/science.1137651"},{"key":"bibr53-1086026620919202","doi-asserted-by":"crossref","unstructured":"Hartzmark S. M., Sussman A. B. (2017). Do investors value sustainability? A natural experiment examining ranking and fund flows. https:\/\/www.ssrn.com\/abstract=3016092","DOI":"10.2139\/ssrn.3016092"},{"key":"bibr54-1086026620919202","doi-asserted-by":"crossref","unstructured":"Heinkel R., Kraus A., Zechner J. (2001). The effect of green investment on corporate behavior. Journal of Financial and Quantitative Analysis, 36(4), 431-449. https:\/\/doi.org\/10.2307\/2676219","DOI":"10.2307\/2676219"},{"key":"bibr55-1086026620919202","doi-asserted-by":"crossref","unstructured":"Hertin J., Berkhout F., Wagner M., Tyteca D. (2008). Are EMS environmentally effective? The link between environmental management systems and environmental performance in European companies. Journal of Environmental Planning and Management, 51(2), 259-283. https:\/\/doi.org\/10.1080\/09640560701865040","DOI":"10.1080\/09640560701865040"},{"key":"bibr56-1086026620919202","volume-title":"Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States","author":"Hirschmann A. O","year":"1970"},{"key":"bibr57-1086026620919202","doi-asserted-by":"crossref","unstructured":"Hoepner A., Starks L. T., Sautner Z., Zhou X., Oikonomou I. (2016). ESG shareholder engagement and downside risk. https:\/\/ssrn.com\/abstract=2874252","DOI":"10.2139\/ssrn.2874252"},{"key":"bibr58-1086026620919202","doi-asserted-by":"crossref","unstructured":"Holtz-Eakin D., Joulfaian D., Rosen H. S. (1994). Sticking it out: Entrepreneurial survival and liquidity constraints. Journal of Political Economy, 102(1), 53-75. https:\/\/doi.org\/10.1086\/261921","DOI":"10.1086\/261921"},{"key":"bibr59-1086026620919202","doi-asserted-by":"crossref","unstructured":"Hong H., Kacperczyk M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15-36. https:\/\/doi.org\/10.1016\/j.jfineco.2008.09.001","DOI":"10.1016\/j.jfineco.2008.09.001"},{"key":"bibr60-1086026620919202","unstructured":"International Finance Corporation. (2019). Operating principles for impact management. https:\/\/www.ifc.org\/wps\/wcm\/connect\/Topics_Ext_Content\/IFC_External_Corporate_Site\/Impact-investing\/Principles\/Operating-principles"},{"key":"bibr61-1086026620919202","unstructured":"International Panel on Climate Change. (2018). Global warming of 1.5\u00b0C. http:\/\/www.ipcc.ch\/report\/sr15\/"},{"key":"bibr62-1086026620919202","doi-asserted-by":"crossref","unstructured":"Kaul A., Mehrotra V., Morck R. (2000). Demand curves for stocks do slope down: New evidence from an index weights adjustment. Journal of Finance, 55(2), 893-912. https:\/\/doi.org\/10.1111\/0022-1082.00230","DOI":"10.1111\/0022-1082.00230"},{"key":"bibr63-1086026620919202","doi-asserted-by":"crossref","unstructured":"Kersten R., Harms J., Liket K., Maas K. (2017). Small firms, large impact? A systematic review of the SME finance literature. World Development, 97(September), 330-348. https:\/\/doi.org\/10.1016\/j.worlddev.2017.04.012","DOI":"10.1016\/j.worlddev.2017.04.012"},{"key":"bibr64-1086026620919202","first-page":"67","volume-title":"Sanctioning Apartheid","author":"Knight R.","year":"1990"},{"key":"bibr65-1086026620919202","doi-asserted-by":"crossref","unstructured":"Lins K. V., Servaes H., Tamayo A. M. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. Journal of Finance, 72(4), 1785-1824. https:\/\/doi.org\/10.2139\/ssrn.2555863","DOI":"10.1111\/jofi.12505"},{"key":"bibr66-1086026620919202","doi-asserted-by":"crossref","unstructured":"Loderer C., Cooney J. W., Van Drunen L. D. (1991). The price elasticity of demand for common stock. Journal of Finance, 46(2), 621-651. https:\/\/doi.org\/10.1111\/j.1540-6261.1991.tb02677.x","DOI":"10.1111\/j.1540-6261.1991.tb02677.x"},{"key":"bibr67-1086026620919202","doi-asserted-by":"crossref","unstructured":"Luo H. A., Balvers R. J. (2017). Social screens and systematic investor boycott risk. Journal of Financial and Quantitative Analysis, 52(1), 365-399. https:\/\/doi.org\/10.1017\/S0022109016000910","DOI":"10.1017\/S0022109016000910"},{"key":"bibr68-1086026620919202","doi-asserted-by":"crossref","unstructured":"Lynch A. W., Mendenhall R. R. (1997). New evidence on stock price effects associated with changes in the S&P 500 index. Journal of Business, 70(3), 351-383. https:\/\/doi.org\/10.1086\/209722","DOI":"10.1086\/209722"},{"key":"bibr69-1086026620919202","doi-asserted-by":"crossref","unstructured":"McCahery J. A., Sautner Z., Starks L. T. (2016). Behind the scenes: The corporate governance preferences of institutional investors. Journal of Finance, 71(6), 2905-2932. https:\/\/doi.org\/10.1111\/jofi.12393","DOI":"10.1111\/jofi.12393"},{"key":"bibr70-1086026620919202","doi-asserted-by":"crossref","unstructured":"Melnyk S. A., Sroufe R. P., Calantone R. (2003). Assessing the impact of environmental management systems on corporate and environmental performance. Journal of Operations Management, 21(3), 329-351. https:\/\/doi.org\/10.1016\/S0272-6963(02)00109-2","DOI":"10.1016\/S0272-6963(02)00109-2"},{"key":"bibr71-1086026620919202","volume-title":"Ethical and socially responsible investment: A reference guide for researchers","author":"Molthan P.","year":"2003"},{"key":"bibr72-1086026620919202","doi-asserted-by":"crossref","unstructured":"Morck R., Shleifer A., Vishny R. W. (1989). The stock market and investment: Is the market a sideshow? https:\/\/papers.ssrn.com\/abstract=2276193","DOI":"10.2307\/2534506"},{"key":"bibr73-1086026620919202","doi-asserted-by":"crossref","unstructured":"Rajan R., Zingales L. (1996). Financial dependence and growth (Working Paper No. 5758). National Bureau of Economic Research. http:\/\/www.nber.org\/papers\/w5758.pdf","DOI":"10.3386\/w5758"},{"key":"bibr74-1086026620919202","doi-asserted-by":"crossref","unstructured":"Renneboog L., Terhorst J., Zhang C. (2008). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302-322. https:\/\/doi.org\/10.2139\/ssrn.1102706","DOI":"10.1016\/j.jcorpfin.2008.03.009"},{"key":"bibr75-1086026620919202","doi-asserted-by":"crossref","unstructured":"Riedl A., Smeets P. (2017). Why do investors hold socially responsible mutual funds? Journal of Finance, 72(6), 2505-2550. https:\/\/doi.org\/10.1111\/jofi.12547","DOI":"10.1111\/jofi.12547"},{"key":"bibr76-1086026620919202","doi-asserted-by":"crossref","unstructured":"Searcy C., Elkhawas D. (2012). Corporate sustainability ratings: An investigation into how corporations use the Dow Jones Sustainability Index. Journal of Cleaner Production, 35(November), 79-92. https:\/\/doi.org\/10.1016\/j.jclepro.2012.05.022","DOI":"10.1016\/j.jclepro.2012.05.022"},{"key":"bibr77-1086026620919202","doi-asserted-by":"crossref","unstructured":"Shang J., Croson R. (2009). A field experiment in charitable contribution: The impact of social information on the voluntary provision of public goods. Economic Journal, 119(540), 1422-1439. https:\/\/doi.org\/10.1111\/j.1468-0297.2009.02267.x","DOI":"10.1111\/j.1468-0297.2009.02267.x"},{"key":"bibr78-1086026620919202","doi-asserted-by":"crossref","unstructured":"Shleifer A. (1986). Do demand curves for stocks slope down? Journal of Finance, 41(3), 579-590. https:\/\/doi.org\/10.1111\/j.1540-6261.1986.tb04518.x","DOI":"10.1111\/j.1540-6261.1986.tb04518.x"},{"key":"bibr79-1086026620919202","doi-asserted-by":"crossref","unstructured":"Stern N. (2008). The economics of climate change. American Economic Review, 98(2), 1-37. https:\/\/doi.org\/10.1257\/aer.98.2.1","DOI":"10.1257\/aer.98.2.1"},{"key":"bibr80-1086026620919202","doi-asserted-by":"crossref","unstructured":"Tang D. Y., Zhang Y. (2018). Do shareholders benefit from green bonds? Journal of Corporate Finance, 61(April), Article 101427. https:\/\/doi.org\/10.1016\/j.jcorpfin.2018.12.001","DOI":"10.1016\/j.jcorpfin.2018.12.001"},{"key":"bibr81-1086026620919202","doi-asserted-by":"publisher","DOI":"10.1086\/209602"},{"key":"bibr82-1086026620919202","doi-asserted-by":"crossref","unstructured":"V\u00f6r\u00f6smarty C. J., Rodr\u00edguez Osuna V., Koehler D. A., Klop P., Spengler J. D., Buonocore J. J., Cak A. D., Tessler Z. D., Corsi F., Green P. A., S\u00e1nchez R. (2018). Scientifically assess impacts of sustainable investments. Science, 359(6375), 523-525. https:\/\/doi.org\/10.1126\/science.aao3895","DOI":"10.1126\/science.aao3895"},{"key":"bibr83-1086026620919202","doi-asserted-by":"crossref","unstructured":"Wurgler J., Zhuravskaya E. (2002). Does arbitrage flatten demand curves for stocks? Journal of Business, 75(4), 583-608. https:\/\/doi.org\/10.1086\/341636","DOI":"10.1086\/341636"},{"key":"bibr84-1086026620919202","doi-asserted-by":"crossref","unstructured":"Yaron J., Schreiner M. (2001). Development finance institutions: Measuring their subsidy. The World Bank. https:\/\/elibrary.worldbank.org\/doi\/abs\/10.1596\/0-8213-4984-8","DOI":"10.1596\/0-8213-4984-8"},{"key":"bibr85-1086026620919202","doi-asserted-by":"crossref","unstructured":"Zerbib O. D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking & Finance, 98(January), 39-60. https:\/\/doi.org\/10.1016\/j.jbankfin.2018.10.012","DOI":"10.1016\/j.jbankfin.2018.10.012"}],"container-title":["Organization &amp; Environment"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/1086026620919202","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/full-xml\/10.1177\/1086026620919202","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/1086026620919202","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,5,2]],"date-time":"2026-05-02T03:05:23Z","timestamp":1777691123000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1177\/1086026620919202"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020,6,25]]},"references-count":85,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2020,12]]}},"alternative-id":["10.1177\/1086026620919202"],"URL":"https:\/\/doi.org\/10.1177\/1086026620919202","relation":{},"ISSN":["1086-0266","1552-7417"],"issn-type":[{"value":"1086-0266","type":"print"},{"value":"1552-7417","type":"electronic"}],"subject":[],"published":{"date-parts":[[2020,6,25]]}}}