تحقیقات تجربی از عملکرد محیطی و ارزش بازار شرکت

This paper analyzes the shareholder value effects of environmental performance by measuring the stock market reaction associated with announcements of environmental performance. We examine the market reaction to two categories of environmental performance. The first category includes 417 announcements of Corporate Environmental Initiatives (CEIs) that provide information about self-reported corporate efforts to avoid, mitigate, or offset the environmental impacts of the firm's products, services, or processes. The second category includes 363 announcements of Environmental Awards and Certifications (EACs) that provide information about recognition granted by third-parties specifically for environmental performance. Although the market does not react significantly to the aggregated CEI and EAC announcements, we find statistically significant market reactions for certain CEI and EAC subcategories. Specifically, announcements of philanthropic gifts for environmental causes are associated with significant positive market reaction, voluntary emission reductions are associated with significant negative market reaction, and ISO 14001 certifications are associated with significant positive market reaction

This paper analyzes the shareholder value effects of environmental performance by measuring the stock market reaction (abnormal returns) associated with announcements of environmental performance. We examine the market reaction to two categories of environmental performance. The first category is announcements about self-reported corporate efforts to avoid, mitigate, or offset the environmental impacts of the firm's products, services, or processes. We refer to such announcements as Corporate Environmental Initiatives (CEIs). We examine the market reaction to the broad category of CEIs as well as its subcategories of specific announcement types. The second category is announcements about recognition granted by third-parties specifically for environmental performance. We refer to such announcements as Environmental Awards and Certifications (EACs), and examine the market reactions to both the broad category of EACs as well as its specific subcategories. We also contrast the market reactions to CEIs and EACs.

This paper analyzes the shareholder value effects of environmental performance by measuring the market reaction associated with announcements of two categories of environmental performance. The first category includes 417 announcements of Corporate Environmental Initiatives (CEIs) that provide information about self-reported corporate efforts to avoid, mitigate, or offset the environmental impacts of the firm's products, services, or processes. Given the numerous mechanisms and extensive discussion in the literature regarding how proactive environmental efforts can increase firm revenues or reduce costs, we hypothesize that the market reacts positively to CEIs. The second category includes 363 announcements of Environmental Awards and Certifications (EACs) that provide information about recognition granted by third-parties specifically for environmental performance. Since awards and certifications are third-party assessments of environmental performance, we hypothesize that the market also reacts positively to EACs. Further, we hypothesize that EACs send a stronger signal of environmental performance than CEIs and therefore result in a more positive market reaction.