TAILIEUCHUNG - Adding Sustainability Variables to Asian Sectoral Analysis

The results above have several important implications for the international finance and diversification literature. First, while our analysis of interna- tional stock return comovements reveals significant weaknesses of theHeston– Rouwenhorst model, when viewed as a factor model, we also show that the Heston–Rouwenhorst empirical results regarding the primacy of country fac- tors stand the test of time. Second, all of our results confirm that there still ap- pear to be benefits from international diversification: For many country groups we do not find that significant trends in correlations and country factors still dominate industry factors. Yet, we do see the effects of globalization as well. The correlation trends would suggest. | Taking Stock Adding Sustainability Variables to Asian Sectoral Analysis February 2006 Auto Banking Metals Mining Oil Gas Petrochemicals Power Pulp Paper Timber Supply Chain Technology Supply Chain Researcher Sophie le Clue Editor Melissa Brown Association for Sustainable Responsible Investment in Asia IFC International Finance Corporation World Bank Group Project Sponsor International Finance Corporation Taking Stock Adding Sustainability Variables to Asian Sectoral Analysis CONTENTS COUNTRY AND SECTOR What the sector looks like Cross-cutting Long-term sector LABOUR AND ENVIRONMENTAL CHALLENGES SHAPE SUPPLY CHAIN Labour market changes undermine low cost labour Environmental problems new standards new CODES AND STANDARDS MORE COMPETITION IN AN UNLEVEL PLAYING THE INFLUENCE OF ESG REGULATORY HURDLES ON EXPORT MARKET THE LONGER TERM A SHIFT TO STRATEGIC From carrot-and-stick strategies to engagement and Structural shifts as suppliers aim for higher INVESTOR QUESTIONS FOR Sustainability Sustainability is a systemic concept relating to the continuity of economic social institutional and environmental aspects of development. In the terms of the 1987 Brundtland Report of the UN s World Commission on Environment and Development sustainability is Meeting the needs of the present generation without compromising the ability of future generations to meet their needs. The key concept for investors is the need to address a range of environmental social and governance ESG factors which will inevitably shape long-term returns as markets respond to changing resource requirements and public priorities. 2 Supply Chain INTRODUCTION An increasingly actively debated topic in sustainable investment today is how investors should respond to the impact of globalization on supply chains. What questions should .

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