Link: GreenBiz News | Stock Market Values Responsible Companies, Says New Prizewinning Study.
BERKELEY, Calif., Sept. 29, 2005 - The 2005 Moskowitz Prize for Socially Responsible Investing has been awarded to a new study which claims that the stock market could provide a higher value to companies rated above-average on environmental issues.
The prize is awarded by the Center for Responsible Business Center at the Haas School of Business, in cooperation with the Social Investment Forum, which promotes the concept, practice and growth of socially responsible investing.
The study -- titled The Economic Value of Corporate Eco-Efficiency -- found that "company managers do not face a tradeoff between eco-efficiency and financial performance, and that investors can use environmental information for investment decisions." The study examined a long-running debate about environmental versus financial performance by focusing on the concept of eco-efficiency, a measure developed by Innovest Strategic Value Advisors.
Nadja Guenster, Jeroen Derwall, Rob Bauer, and Kees Koedijk authored the study. Guenster, Derwall, and Koedijk -- are affiliated with the Rotterdam School of Management at Erasmus University, and Bauer is affiliated with Limburg Institute of Financial Economics at Maastricht University.
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