An Empirical Investigation Of Environmental Performance And The Market Value Of The Firm

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An Empirical Investigation of Environmental Performance and the Market Value of the Firm

Author : Brian Jacobs
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis An Empirical Investigation of Environmental Performance and the Market Value of the Firm by : Brian Jacobs

Download or read book An Empirical Investigation of Environmental Performance and the Market Value of the Firm written by Brian Jacobs and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 430 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 381 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 emissions reductions are associated with significant negative market reaction, and ISO 14001 certifications are associated with significant positive market reaction. The difference between the market reactions to the CEI and EAC categories is statistically insignificant. Overall, we find that the market is selective in reacting to announcements of environmental performance with certain types of announcements even valued negatively.

Is There a Relation Between the Cost of Debt and Environmental Performance?

Author : Thomas Ervin Schneider
Publisher :
ISBN 13 : 9780494433416
Total Pages : 116 pages
Book Rating : 4.4/5 (334 download)

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Book Synopsis Is There a Relation Between the Cost of Debt and Environmental Performance? by : Thomas Ervin Schneider

Download or read book Is There a Relation Between the Cost of Debt and Environmental Performance? written by Thomas Ervin Schneider and published by . This book was released on 2008 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study shows an economically significant relation between a firm's environmental performance and its cost of debt. Firms that have poor environmental performance will face future environmental liabilities related to compliance and clean-up costs due to increasingly strict environmental laws and regulations. Under current U.S. law, environmental liabilities can impair the value of fixed assets, as environmental claims often take precedence over the claims of creditors. Thus, future environmental liabilities are of particular concern to creditors. Previous accounting research has shown that a firm's market value of equity is significantly affected by its environmental performance. However, the same has yet to be shown for a firm's cost of debt capital. This study focuses on a sample of U.S. pulp and paper firms. The results imply that the market applies an 'environmental risk' premium of thirty-eight basis points to the cost of debt capital for the average public firm in the U.S. pulp and paper industry, based on its environmental performance. Environmental performance is measured using the annual toxic release inventory of the United States Environmental Protection Agency. It is a measure of the amount of toxic chemicals released to land, air and water by a firm's operating facilities. This paper adds to the literature, providing evidence that environmental performance is a value relevant measure with regards to creditors. Thus, recent calls in the United States for greater cooperation between the Securities and Exchange Commission and the Environmental Protection Agency should be addressed. These calls are for the reporting, on a firm-wide basis, of quantifiable data that is already required by the Environmental Protection Agency but is not typically available in detail in firms' reports to investors.

Firms' Environmental Performance

Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4./5 ( download)

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Book Synopsis Firms' Environmental Performance by :

Download or read book Firms' Environmental Performance written by and published by World Bank Publications. This book was released on 2006 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The empirical literature on environmental performance or compliance has followed two strands: one based on the impact of formal regulation as a means of inducing better environmental performance, and another centered on the role of informal regulation which mainly emphasizes the role of communities and capital markets. The authors analyze the impact of environmental news in print media on firms' environmental performance. Using data from a survey of industrial facilities in the Republic of Korea, probit estimation results indicate that the publication of environmental news in print media and the firm's awareness of this publication are important predictors of a firm's environmental performance, more so than environmental laws, regulations, and environmental training. This paper thus reemphasizes the key role of media in influencing firms' environmental performance. "--World Bank web site.

The Valuation Relevance of Environmental Performance Revisited

Author : Diogenis Baboukardos
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Valuation Relevance of Environmental Performance Revisited by : Diogenis Baboukardos

Download or read book The Valuation Relevance of Environmental Performance Revisited written by Diogenis Baboukardos and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study attempts to broaden our understanding of the value relevance of environmental performance by providing empirical evidence on the moderating role of financial environmental reporting. Previous studies find that firms' environmental performance can be both positively and negatively associated with market value. Such contradictory findings can be attributed to the fact that environmental performance is associated with future economic benefits and costs. This study suggests that firms with recognized environmental provisions on their balance sheets enable investors to disentangle these opposite effects either by signaling strong future financial performance or by enhancing the reliability of environmental performance information. Regardless of the mechanism by which this moderation effect is invoked, it is hypothesized that capital market participants place a positive and significantly higher value on the environmental performance ratings of firms with recognized environmental provisions than on the ratings of firms without environmental provisions. Utilizing a sample of 692 firm-year observations of French listed firms and employing a linear price-level model that associates the market value of a firm's equity with its environmental performance, I provide empirical evidence to corroborate this thesis. In addition to contributing to the academic debate on the market valuation implications of environmental performance, this study intends to provide useful insights from a country that can be considered a pioneer of environmental reporting legislation; hence, it provides valuable lessons for other jurisdictions that are in the process of developing their sustainability reporting regulations. Finally, the findings of this study support the calls for more integrated reporting showing that the interaction of financial and non-financial information has market valuation implications.

Environmental Marketing

Author : William Winston
Publisher : Routledge
ISBN 13 : 1136590331
Total Pages : 452 pages
Book Rating : 4.1/5 (365 download)

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Book Synopsis Environmental Marketing by : William Winston

Download or read book Environmental Marketing written by William Winston and published by Routledge. This book was released on 2013-04-03 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Environmental Marketing: Strategies, Practice, Theory, and Research is a timely resource for the 1990s. It examines a broad range of issues that affect environmental behavior while providing materials and guidance to marketing decisionmakers. It will guide your organization toward a decidedly “green” marketing movement, toward marketing concepts and tools that not only serve your organization's objectives but preserve and protect the environment as well. Environmental Marketing clearly defines the potential roles of organizations, consumers, and governments and examines how these groups impact environmental factors through the marketing process. The book helps you understand alternative perspectives to green marketing issues and, in turn, enables you to make clearer, more conscious decisions toward improving your environmental marketing performance. This resourceful text begins by defining the concept of environmental or “green” marketing and how the idea of a healthy planet and successful marketing strategies can co-exist. It discusses the consumer's behavior toward environmental products and how marketers can effectively educate them, the guidelines involved in doing so, and the consequences of failing to do so. The marketer's position on environmental changes in industry is examined along with alternatives for striking a balance between marketing objectives and environmental concerns. Finally, the book discusses the global response to environmental marketing and where multi-national organizations belong within this balance. Environmental Marketing is a book for all managers involved in decisions impacting the environment. It is also of great interest to public policymakers and academics who wish for quick insight into environmental marketing issues.

Environmental Costs and Liabilities

Author : Canadian Institute of Chartered Accountants
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Environmental Costs and Liabilities by : Canadian Institute of Chartered Accountants

Download or read book Environmental Costs and Liabilities written by Canadian Institute of Chartered Accountants and published by . This book was released on 1993 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Association Between Corporate Environmental Performance and Firm Value of Some Selected Asian Companies

Author : Santanu Kumar Ghosh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Association Between Corporate Environmental Performance and Firm Value of Some Selected Asian Companies by : Santanu Kumar Ghosh

Download or read book Association Between Corporate Environmental Performance and Firm Value of Some Selected Asian Companies written by Santanu Kumar Ghosh and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A) Introduction: It is generally held, that the business enterprises should act in environmentally responsible way. The issue of the impact of environmentally friendly behavior of business on its financial performance (CFP) still remains unresolved. Based on the context of developed countries, different studies show contradictory results about the utility of corporate environmental performance (CEP) with respect to the firm value. However, study in the developing country context, particularly on the Asian region is scanty. Therefore, the present study seeks to re-examine the relationship between the CEP and firm value of some selected Asian companies over the periods.b) Method: An empirical study with multiple linear regression models has been made to find out the relationship between CEP and firm value (in terms of market value) of 85 companies from Indian, China, Korea and Japan, on the basis of financial and non-financial reports from the periods 2010 to 2012.c) Results: The results show that the CEP has positive relationship with the change in the market value of the high CEP firm. Significant relationship is also found between actual CEP (in terms of 'quantitative' disclosure) and firm's market value. It is also found that the change in the firm value has positive correlation with such CEPs, which appear to have improved over the previous year. And, these results differ between companies from developed and developing countries.d) Discussion: The study brings out that a positive relationship exists between the CEP and CFP among the selected Asian companies. The result may motivate the companies from the developing regions to achieve a better state of CEP. A study with larger sample for longer period of time may provide better results.

The Value Relevance of Environmental Performance

Author : Lars G. Hassel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Value Relevance of Environmental Performance by : Lars G. Hassel

Download or read book The Value Relevance of Environmental Performance written by Lars G. Hassel and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides insight into how environmental information is reflected in the market value of listed Swedish companies. Using the residual income valuation model, we express market value of equity as a function of book value of equity, accounting earnings, and environmental performance, where the last variable is used as a proxy for other value-relevant information. Our research is motivated by the recommendation of the Swedish Society of Financial Analysts regarding environmental reporting. This recommendation assumes that environmental information has value relevance, since it is likely to affect the expected future earnings of listed companies. We contribute empirical findings to current debate on the relationship between environmental performance and shareholder value. The cost-concerned school argues that environmental investments represent only increased costs, resulting in decreased earnings and lower market values. The value creation school regards environmental efforts as a way to increase competitive advantage and improve financial returns to the investors. The current research finds support for the cost-concerned school, because the results indicate that environmental performance has a negative influence on the market value of firms.

Economic Crisis in Europe

Author :
Publisher : European Communities
ISBN 13 : 9789279113680
Total Pages : 90 pages
Book Rating : 4.1/5 (136 download)

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Book Synopsis Economic Crisis in Europe by :

Download or read book Economic Crisis in Europe written by and published by European Communities. This book was released on 2009 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this report, the Commission takes stock of Europe's deepest recession since the 1930s. The report examines the anatomy of the crisis and concludes that the EU's response was swift and decisive. But decision-makers are now grappling with how best to design 'exit strategies' from temporary support measures, and the focus of the policy debate is shifting from crisis control to longer-term measures supporting a return to growth. Key challenges will be balancing financial stability and competition, and restoring fiscal probity without compromising recovery. The EU will have an important coordinating role in ensuring an orderly crisis resolution. --Publisher's description.

The Impact of Environmental Performance Rating and Disclosure

Author : Yanhong Jin
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Impact of Environmental Performance Rating and Disclosure by : Yanhong Jin

Download or read book The Impact of Environmental Performance Rating and Disclosure written by Yanhong Jin and published by . This book was released on 2017 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Environmental performance rating and disclosure has emerged as a substitute or complement for traditional pollution regulation, especially in developing countries. Using data from China's Green Watch program, this study extends previous research on performance rating and disclosure by considering firms' perceptions of public and market responses to their ratings. The results suggest that the Green Watch has significantly increased market and stakeholder pressures on managers to improve their firms? environmental performance. More specifically, controlling for the characteristics of locations, firms, and individual managers, the analysis finds that firms with better ratings perceive positive impacts on market competitiveness, overall market value, and relationships with different stakeholders, while the firms with bad ratings are more likely to perceive deterioration. Among these factors, managers perceive a more active role for markets than for stakeholder relations.

Tracing the Influence of Corporate Environmental Practices on Environmental and Financial Returns

Author : Soyoung Yoo
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Tracing the Influence of Corporate Environmental Practices on Environmental and Financial Returns by : Soyoung Yoo

Download or read book Tracing the Influence of Corporate Environmental Practices on Environmental and Financial Returns written by Soyoung Yoo and published by . This book was released on 2017 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite a recent surge of empirical studies examining associations between corporate environmental performance and financial performance, researchers have been unable to give an integrated account of the mechanisms that link the two. The practical implications of this research stream thus remain limited, offering managers little guidance in their efforts to improve environmental and financial performance. This study of the U.S. chemical industry addresses that gap by analyzing how firms' environmental management practices and resulting environmental performance may be related to their financial performance, illuminating the type and scope of relevant environmental practices conducted at the plant level of firms. Drawing on detailed environmental information about 18,743 chemical plants and financial information about their 455 parent firms, we investigate the plants' pollution prevention activities (PPAs) and their broader impacts on environmental performance and financial outcomes in terms of cost competitiveness and market valuation. The results reveal that more-intensive PPAs are associated with both superior environmental performance and improved cost competitiveness, but do not necessarily lead to higher market valuation. The study also establishes that proactive PPAs implemented to improve environmental performance at the plant level are associated with cost competitiveness when those practices directly improve existing production processes and the selected financial measurement is well suited to capture such improvements.

Firm Resources, Environmental Perceptions, Business-level Strategies and Firm Performance

Author : James George Almeida
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (426 download)

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Book Synopsis Firm Resources, Environmental Perceptions, Business-level Strategies and Firm Performance by : James George Almeida

Download or read book Firm Resources, Environmental Perceptions, Business-level Strategies and Firm Performance written by James George Almeida and published by . This book was released on 1999 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Impact of environmental performance rating and disclosure

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (953 download)

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Book Synopsis Impact of environmental performance rating and disclosure by :

Download or read book Impact of environmental performance rating and disclosure written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Environmental and Financial Performance

Author : Mark A. Cohen
Publisher : Investor Responsibility
ISBN 13 : 9781879775268
Total Pages : 27 pages
Book Rating : 4.7/5 (752 download)

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Book Synopsis Environmental and Financial Performance by : Mark A. Cohen

Download or read book Environmental and Financial Performance written by Mark A. Cohen and published by Investor Responsibility. This book was released on 1995 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover which foreign companies are conducting or are considering conducting business in southern Africa. Abstracts of nearly 2000 firms include the locations, product lines, number of employees & the amount of assets & sales in southern Africa. For companies with non-equity links, abstracts include the name & location of the company's South African distributor or licensee. Appendices sort companies by industry sector, size & location. The "Company Watch" section identifies firms that have announced plans to establish business ties to southern Africa.

A-CSEAR 2015-Proceedings of the 14th Australasian Centre on Social and Environmental Accounting Research Conference

Author : Dr James Hazelton and Dr John Dumay
Publisher : Academic Conferences and publishing limited
ISBN 13 : 1910810797
Total Pages : 203 pages
Book Rating : 4.9/5 (18 download)

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Book Synopsis A-CSEAR 2015-Proceedings of the 14th Australasian Centre on Social and Environmental Accounting Research Conference by : Dr James Hazelton and Dr John Dumay

Download or read book A-CSEAR 2015-Proceedings of the 14th Australasian Centre on Social and Environmental Accounting Research Conference written by Dr James Hazelton and Dr John Dumay and published by Academic Conferences and publishing limited. This book was released on 2015-11-13 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 14th Australasian Centre on Social and Environmental Accounting Research Conference (A-CSEAR 2015) is being held on 10-11 December 2015 at Macquarie University, Sydney, Australia. The Conference Chair is Dr John Dumay and the Programme Chair is Dr James Hazelton, both from Macquarie University. ACSEAR provides an opportunity for individuals researching and working in the field of social and environmental accounting in both public and private sectors, to come together to exchange ideas and discuss current research in the field. The theme for the conference this year is ‘Partnerships’, reflecting the belief amongst our community that achieving progress requires partnerships of all types – between academics of different disciplines, between industry and academia, between government and stakeholders, and of course between members and professional bodies. The keynote speakers for the conference are Charles de Villiers from Auckland University of Technology, New Zealand on the topic Theorising the interactions among legitimacy accountability and pro-activity in the social sphere; Helen Tregidga from Auckland University of Technology, New Zealand talking about Corporate chameleons greenwashing and counter narratives”; Markus J. Milne from the School of Business and Law at the University of Canterbury, New Zealand on the topic of Crass empiricism and the social construction of corporate environmental performance and Lee D. Parker from the School of Accounting, RMIT University, Melbourne, Australia who will address to issue of Accounting for CSR: Revisiting the agenda. ACSEAR received 60 abstract submissions. After the double-blind peer review process 21 academic research papers, have been accepted for publication in these conference proceedings. These papers represent research from around the world, including Australia, Brazil, China, Fiji, Iran, Italy, Japan, New Zealand, South Africa, UK and the USA.

Firms' Environmental Performance

Author : Nlandu Mamingi
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Firms' Environmental Performance by : Nlandu Mamingi

Download or read book Firms' Environmental Performance written by Nlandu Mamingi and published by . This book was released on 2016 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical literature on environmental performance or compliance has followed two strands: one based on the impact of formal regulation as a means of inducing better environmental performance, and another centered on the role of informal regulation which mainly emphasizes the role of communities and capital markets. The authors analyze the impact of environmental news in print media on firms' environmental performance. Using data from a survey of industrial facilities in the Republic of Korea, probit estimation results indicate that the publication of environmental news in print media and the firm's awareness of this publication are important predictors of a firm's environmental performance, more so than environmental laws, regulations, and environmental training. This paper thus reemphasizes the key role of media in influencing firms' environmental performance.

Decision Making for the Environment

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309095409
Total Pages : 297 pages
Book Rating : 4.3/5 (9 download)

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Book Synopsis Decision Making for the Environment by : National Research Council

Download or read book Decision Making for the Environment written by National Research Council and published by National Academies Press. This book was released on 2005-07-01 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the growing number, complexity, and importance of environmental problems come demands to include a full range of intellectual disciplines and scholarly traditions to help define and eventually manage such problems more effectively. Decision Making for the Environment: Social and Behavioral Science Research Priorities is the result of a 2-year effort by 12 social and behavioral scientists, scholars, and practitioners. The report sets research priorities for the social and behavioral sciences as they relate to several different kinds of environmental problems.