ESG Arbitrage and Environmental Outcomes
Examining whether REITs use ESG strategically and the real environmental consequences.
ESG Arbitrage and Environmental Outcomes in REITs
with Jianfu Shen, Louis T.W. Cheng, Kalok Chan and Eddie C.M. Hui
British Accounting Review — Under review
This study examines the role of environmental materiality in ESG strategies adopted by REITs. Strategic ESG practices are associated with better financial performance but have adverse environmental consequences, resulting in increased greenhouse gas emissions and environmental damage costs.