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Influence de la notation éthique sur l'évolution du prix des actions. Un modèle théorique

Author

Listed:
  • Denis Dupré
  • Isabelle Girerd-Potin
  • Sonia Jimenez-Garces
  • Pascal Louvet

Abstract

Socially responsible investments have shown a rapid expansion these past years because of the investors? new interest for these investments. This study proposes a theoretical model formalizing the impact of this new inclination for socially responsible investment on the stocks? prices. In order to reach this goal, we model the progressive transformation of financial markets as a result of ethical demand. In particular, we show that the emergence of a social rating makes the price of ethical stocks increase, and thus the cost of capital of these firms decrease. This benefit can encourage firms to adapt themselves by adopting an ethical behaviour if the decrease in their cost of capital is lower than the cost of becoming ethical. Classification JEL : M14, G11, G12

Suggested Citation

  • Denis Dupré & Isabelle Girerd-Potin & Sonia Jimenez-Garces & Pascal Louvet, 2009. "Influence de la notation éthique sur l'évolution du prix des actions. Un modèle théorique," Revue économique, Presses de Sciences-Po, vol. 60(1), pages 5-31.
    • Handle: RePEc:cai:recosp:reco_601_0005
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    Citations

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    Cited by:

    1. I. Girerd-Potin & Sonia Jimenez-Garcès & P. Louvet, 2012. "Which dimensions of social responsibility concern financial investors?," Post-Print halshs-00679629, HAL.
    2. Cellier, Alexis & Chollet, Pierre, 2016. "The effects of social ratings on firm value," Research in International Business and Finance, Elsevier, vol. 36(C), pages 656-683.
    3. Elise Alfieri & Yann Ferrat, 2022. "Une meilleure rémunération des mineurs : un effet positif sur la performance financière des cryptomonnaies," Innovations, De Boeck Université, vol. 0(2), pages 53-77.
    4. Alexis Cellier & Pierre Chollet & Jean-François Gajewski, 2011. "Les annonces de notations extra financières véhiculent-elles une information au marché ?," Post-Print hal-00950507, HAL.
    5. I. Girerd-Potin & S. Jimenez-Garces & Pascal Louvet, 2014. "Which Dimensions of Social Responsibility Concern Financial Investors?," Post-Print halshs-01333409, HAL.

    More about this item

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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