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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26394
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| Title: | | The environmental and macroeconomic effects of socially responsible investment  |
| Authors: | | Dam, Lammertjan Heijdra, Ben J. |
| Issue Date: | | 2008 |
| Series/Report no.: | | CESifo working paper 2349 |
| Abstract: | | We analyze the effects of socially responsible investment and public abatement on environmental quality and the economy in a continuous-time dynamic growth model featuring optimizing households and firms. Environmental quality is modelled as a renewable resource. Consumers can invest in government bonds or firm equity. Since investors feel partly responsible for environmental pollution when holding firm equity, they require a premium on the return to equity. We show that socially responsible investment behaviour by households partially offsets the positive effects on environmental quality of public abatement policies. |
| Subjects: | | Socially responsible investment economic growth environmental economics resource dynamics stock market |
| JEL: | | H23 M14 O16 O41 Q21 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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