Impact of Environmental Performance on Firm Value for Sustainable Investment: Evidence from Large US Firms

被引：105

作者：

Yadav, Prayag Lal ^{[1
]}

Han, Seung Hun ^{[1
]}

Rho, Jae Jeung ^{[1
]}

机构：

[1] Korea Adv Inst Sci & Technol, Daejeon, South Korea

来源：

BUSINESS STRATEGY AND THE ENVIRONMENT | 2016年 / 25卷 / 06期

基金：

新加坡国家研究基金会;

关键词：

environmental performance; firm value; environmental policy; sustainable investment; investor expectation; CORPORATE SOCIAL-RESPONSIBILITY; GREEN PRODUCT INNOVATION; FINANCIAL PERFORMANCE; ECONOMIC-PERFORMANCE; MANAGEMENT; EVENT; COMPETITIVENESS; DISCLOSURE; COMPANIES; POLICY;

D O I：

10.1002/bse.1883

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This research examines the impact of environmental performance on firm value, applying the event study methodology to Newsweek's Green Rankings' announcement of 2012 for large US firms. Specifically, it analyzes the impact of the absolute green score and green rank of firms on their performance in the stock market. We found that investors perceive the announcement as positive news, leading to significant positive standardized cumulative abnormal returns (SCARs). After controlling for industry- and firm-specific effects, we observed that firms with repeated green rankings for enhancing environmental performance showed significantly higher SCARs than those with either reduced or unchanged environmental performance. In addition, the environmental impact score measuring environmental damage from a firm's operational activities was found to be the most influential factor in improving the firm's value. Our findings are beneficial to managers in allocating resources to different types of environmental initiative, and provide valuable insight for sustainable environmental investment. Copyright (c) 2014 John Wiley & Sons, Ltd and ERP Environment

引用

页码：402 / 420

页数：19

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