with Drs. Liang Hu and Hiu Lam Choy

Environmental, Social, and Governance (ESG) performance has become a pivotal aspect of Corporate Social Responsibility (CSR), signifying firms’ commitment to sustainable and ethical business practices. This study investigates the relationship between ESG performance, as measured by Bloomberg ESG scores, and cost of capital using panel data from U.S.-domiciled and U.S.-listed firms spanning 2014 to 2022. My analysis demonstrates that lagged ESG scores are positively and significantly associated with the cost of capital in the subsequent year. This finding reflects: (i) investors require a higher return for firms with strong ESG practices, suggesting that ESG-conscious firms may be perceived as taking on additional costs or risks that do not immediately translate into financial benefits; (ii) ESG effects take time to influence capital market prices, and stronger ESG performance may initially increase firms' cost of capital rather than reduce it;  and (iii) the financial impact of ESG investments is complex, as they can raise financing costs in the short term, requiring firms to weigh the trade-offs strategically. These findings contribute to the ongoing debate on ESG's financial implications, emphasizing its role in shaping firms' cost of capital and investment decisions.

with Caroline Adamczyk

Work in progress

An Updated Measure of Food Insecurity

with Brenna Friday

"An Assessment of the Impacts of Corporate Social Responsibility"

Washington, D.C.

"Capital Markets' Response to ESG"

Washington, D.C.

[CSMGEP Dissertation Session] "Food Security in Southeastern Michigan: The ESG Test"

New Orleans, LA

"Modeling Intersections of Food Insecurity, Disease Risk, and Climate Vulnerability in Metropolitan Detroit"

Washington, D.C.

"Planning for Food Security During Emergencies"

Detroit, MI