Sustainable Project Finance, the Adoption of the Equator Principles and Shareholder Value Effects
作者： Sebastian Eisenbach , Dirk Schiereck , Julian Trillig , Paschen von Flotow
DOI: 10.1002/BSE.1789
关键词: Accounting 、 Reputational risk 、 Sustainable development 、 Economics 、 Finance 、 Project finance 、 Event study 、 Shareholder value 、 Equator Principles 、 Code of conduct 、 Market share
摘要: Recent trends in the project finance industry include an increasing volume and a growing awareness of sustainable development. This has raised question whether how voluntary code conduct such as Equator Principles (EP) could enhance its impact on industry. We apply event study methodology, also consider market model conditional variance. find positive abnormal returns for financial institutions adopting EP, which supports reputational risk hypothesis. Furthermore, we document that adopters outperform global market, especially terms share. However, do not evidence non-adopters are excluded from lending syndicates. Results practical recommendations environmental policy. Copyright © 2013 John Wiley & Sons, Ltd ERP Environment
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