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Does corporate environmental responsibility create value? The role of investors’ ESG preferences ==============摘要============== We exploit novel micro-level emission data to investigate whether corporate environmental responsibility enhances stock value. This green premium is more pronounced for firms located in regions where residents have high social trust or held by shareholders with long-term investment horizons. The results suggest that the positive shocks in demands for corporate environmental responsibility among market participants drive the differences in returns between firms that successfully transition to a green economy and those that do not. Overall, the results underline the pivotal role of investor preference for ESG in generating the green premium. 我们利用新颖的微观排放数据来研究企业环境责任是否会提高股票价值。对于位于居民社会信任度较高的地区或由具有长期投资眼光的股东持有的公司，这种绿色溢
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