Corporate environmental disclosure, financial markets and the media: An international perspective

Aerts, Walter; Cormier, Denis; Magnan, Michel

doi:10.1016/j.ecolecon.2007.04.012

Cited by 319 publications

(276 citation statements)

References 47 publications

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“…Shane & Spicer, 1983;Stevens 1984;Freedman & Patten, 2004;and Lorraine, Collinson & Power, 2004). It is important to note though that these studies gauge the stock market reaction to mostly negative environmental information which as Aerts, Cormier & Magnan (2008) note could be responsible for the negative stock market impact documented in the literature. Shane & Spicer (1983) (Siegel, 2009), and by building good will and trust with its key stakeholders, help reduce the firm's transaction costs (e.g.…”

Section: Environmental and Social Disclosures And Firm Valuementioning

confidence: 99%

Environmental and social disclosures: Link with corporate financial performance

Qiu

Shaukat

Tharyan

2016

The British Accounting Review

675

483

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Abstract:Environmental and social disclosures entail costs, yet increasingly, large listed firms are making higher and better quality disclosures. In this paper we examine the link between a firm's environmental and social disclosures and its profitability and market value. We find that past profitability drives current social disclosures. However, consistent with the existing evidence, we do not find any relation between environmental disclosures and profitability. Further, while prior literature has largely focussed on environmental disclosure, we find that it is the social disclosures that matter to investors. We find that firms that make higher social disclosures have higher market values. Further analysis reveals that this link is driven by higher expected growth rates in the cash flows of such companies. Overall our findings are consistent with the resource based view of the firm and the voluntary disclosure theory, suggesting that firms with greater economic resources make more extensive disclosures which yield net positive economic benefits.

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Section: Environmental and Social Disclosures And Firm Valuementioning

confidence: 99%

Environmental and social disclosures: Link with corporate financial performance

Qiu

Shaukat

Tharyan

2016

The British Accounting Review

675

483

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“…In light of such endogeneity, we used a three-stage least square (3SLS) model (Aerts et al, 2008;Anton et al, 2004) that considers environmental standards, training, and interpersonal contacts as endogenous variables. The model relies on a simultaneous estimation approach (Pindyck & Rubinfeld, 1991), in which (i) the factors that determine environmental standards are estimated simultaneously with (ii) the factors that explain employee training or interpersonal contacts, and (iii) the factors that define labor productivity.…”

Section: Estimation Strategymentioning

confidence: 99%

“…2 Scholars have suggested that environmental standards could allow firms to profit from reducing their negative environmental impact by improving their labor productivity (Ambec & Lanoie, 2008). Although an emerging body of literature investigates the environmental and financial benefits derived from the adoption of environmental standards (e.g., Aerts, Cormier, & Magnan, 2008;Barla, 2007;Christmann, 2000;Darnall, Gallagher, Andrews, & Amaral, 2000;Delmas, 2001;Delmas & Montiel, 2009;King & Lenox, 2002;Nakamura, Takahashi, & Vertinsky, 2001), exactly how these standards impact organizational effectiveness and employee productivity remains unclear.…”

Section: Introductionmentioning

confidence: 99%

Environmental standards and labor productivity: Understanding the mechanisms that sustain sustainability

2012

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Summary In the last decade, a rising number of firms have adopted voluntary international environmental management and product standards, such as the international ISO 14001 management standard or organic certification. Although emerging research analyzes the impact of these standards on environmental and financial performance, there is to our knowledge no empirical research on how they affect the productivity of employees. In this paper, we investigate the direct relationship between environmental standards and labor productivity, as well as two mediating mechanisms through which environmental standards influence labor productivity: employee training and enhanced interpersonal contacts within the firm. Our empirical results, based on a French employer–employee survey from 5220 firms, reveal that firms that have adopted environmental standards enjoy a one standard deviation higher labor productivity than firms that have not adopted such standards. Copyright © 2012 John Wiley & Sons, Ltd.

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“…The majorities of studies are conceptual (Jeucken 2001) and tend to be based on case studies (Thompson 1998;Coulson and Monks 1999;Goldstein 2001;Guo 2005). Other methods, for example, questionnaire surveys (Weber 2005;Weber et al 2006), web-based data collection, and econometric models (Aertsa et al 2008), have also been adopted. Despite these methods' popularity, the lack of quantitative reliability and validity calculation has limited their usefulness.…”

Section: Literature Reviewmentioning

confidence: 99%

Understanding the External Pressure and Behavior of Commercial Banks’ Environmental Risk Management: An Empirical Study Undertaken in the Yangtze River Delta of China

Liu

Lin

2013

AMBIO

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The present study employed a quantitative survey to ascertain whether the external pressure of environmental risk management (ERM) on commercial banks was a contributing factor to their ERM behavior. Data was obtained using questionnaires from 204 branches of commercial banks located in the Yangtze River Delta of China. The relationship between external pressure and behavior was tested using a linear structural relations model through path analysis. The results revealed that external pressure of ERM was significantly and positively related to the behavior and that pressure from governmental regulations was the most important contributing factor in the passive feedback behavior and preventive behavior of commercial banks. The pressure from markets was the most important contributing factor in banks' active participation behavior; the pressure from community and NGOs was the most important contributing factor in their enthusiastic behavior.

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Corporate environmental disclosure, financial markets and the media: An international perspective

Cited by 319 publications

References 47 publications

Environmental and social disclosures: Link with corporate financial performance

Environmental and social disclosures: Link with corporate financial performance

Environmental standards and labor productivity: Understanding the mechanisms that sustain sustainability

Understanding the External Pressure and Behavior of Commercial Banks’ Environmental Risk Management: An Empirical Study Undertaken in the Yangtze River Delta of China

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