Is corporate sustainability a value-increasing strategy for business?

被引：211
|
作者：
Lo, Shih-Fang
Sheu, Her-Jiun
机构：
[1] International Division, Chung-Hua Institution for Economic Research
[2] Taipei 106
[3] International Division, Chung-Hua Institution for Economic Research
[4] Department of Management Science, Graduate Institute of Finance, National Chiao-Tung University
来源：
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW | 2007年 / 15卷 / 02期
关键词：
corporate social responsibility; corporate governance; sustainability index; market value; Tobin's q; panel data;
D O I：
10.1111/j.1467-8683.2007.00565.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A new movement reconciling corporate sustainability and investment is gaining world-wide attention. Whether corporate sustainability has an impact on market value is examined using large US non-financial firms from 1999 to 2002 in this paper. Taking Tobin's q as the proxy for firm value, a significantly positive relation between corporate sustainability and its market value is found. We also find a strong interaction effect between corporate sustainability and sales growth on firm value. Moreover, there is evidence to support that being sustainable causes a firm to increase its value. This indicates that companies with remarkable sustainable development strategies are more likely to be rewarded by investors with a higher valuation in the financial markets.
引用
收藏
页码：345 / 358
页数：14
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