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Sustainability and Capital Markets—Are We There Yet?

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  • Chris Pinney
  • Sophie Lawrence
  • Stephanie Lau

Abstract

The High Meadows Institute issued a report in 2016 called ‘Charting the Future of Capital Markets’ that surveyed the mainstream capital market ecosystem by soliciting the views and practices of its key stakeholders around the issue of long‐term value creation. In this follow‐up report, the authors report that much has changed during the past three years. The role of investors in proactively shaping corporate practices is gaining more attention as ESG issues and responsible investment have become mainstream concerns, as new responsible investment regulations and frameworks have been implemented, and as shifting demographics continue to pressure capital market participants and stakeholders to change their practices. At the same time, the report notes significant remaining challenges. The lack of a standard industry definition and framework for ESG data and reporting on ESG continues to be a significant impediment, as does the shortage of qualified ESG analysts and infrastructure to support true ESG integration. Surveys also suggest most corporate boards have yet to recognize the full significance of ESG integration or its value to the firm.

Suggested Citation

  • Chris Pinney & Sophie Lawrence & Stephanie Lau, 2019. "Sustainability and Capital Markets—Are We There Yet?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 31(2), pages 86-91, June.
    • Handle: RePEc:bla:jacrfn:v:31:y:2019:i:2:p:86-91
    DOI: 10.1111/jacf.12350
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    Cited by:

    1. Anette Ahsen & Kevin Gauch, 2022. "Opportunities and Challenges of Purpose-Led Companies: An Empirical Study Through Expert Interviews," Corporate Reputation Review, Palgrave Macmillan, vol. 25(3), pages 198-211, August.
    2. Alberto Barroso del Toro & Laura Vivas Crisol & Xavier Tort-Martorell, 2022. "Comparing the Impacts of Sustainability Narratives on American and European Energy Shareholders: A Multi-Event Study Analysing Reactions to News before and during COVID-19," Sustainability, MDPI, vol. 14(23), pages 1-18, November.
    3. Ahsen, Anette von & Gauch, Kevin, 2024. "Opportunities and Challenges of Purpose-Led Companies: An Empirical Study Through Expert Interviews," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 149875, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    4. Alberto Barroso Del Toro & Laura Vivas Crisol & Xavier Tort-Martorell, 2022. "The Sustainability Narrative: A Multi Study Using Event Studies to Analyse the American Energy Companies Shareholder’s Reaction to Sustainability News," IJERPH, MDPI, vol. 19(23), pages 1-17, November.

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