Sharfman, Fernando, and Uysal (2012)
Sharfman, Mark P., Chitru S. Fernando, and Vahap B. Uysal. “Is Being 'Green' a Resource? Does Attracting Green Investors Provide a More Sustainable Competitive Advantage?” Working paper (University of Oklahoma), June 29, 2012.
Authors' abstract: "Studying a sample of U.S. firms, we show that “green” firms attract a larger number of shareholders and a higher proportion of individual investors. Consistent with their broader investor base, green firms have higher stock market liquidity and lower trading costs, which reduce their cost of equity. We also find limited support for the notion that good environmental performance reduces the need for firms to expend advertising resources."