FAIRFAX, Va., Aug. 17 -- George Mason University issued the following news release:
Amid increasingly stiff competition for capital, one way for a business to stand out is to make strong social impact pledges.
For example, companies can voluntarily commit to environmental impact goals in hopes of attracting sustainability-minded investors and lowering cost of capital. However, it isn't easy to tell whether these commitments, in and of themselves, make a difference to the marketplace-or, for that matter, to the planet.
"In regular settings, it's really hard to evaluate the real economic effect of providing environmental commitments, and also establish that in making the commitment, the company is catering to real stakeholder preferences a...