Financial performance and voluntary environmental disclosures during the Asian Financial Crisis: the case of Hong Kong

Kimbro, Marinilka Barros; Melendy, Sara R.

doi:10.1504/ijbpm.2010.036042

Cited by 6 publications

(6 citation statements)

References 30 publications

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“…Some studies have argued that there is a positive relationship between financial performance and environmental disclosure disclosure (Choi et al, 2010;Michelon, 2011). On the other hand, several studies also found a negative relationship (Mittal et al, 2008;Crisóstomo et al, 2011) while other studies' results reveal a neutral relationship (Kimbro & Melendy, 2010, Ullmann, 1985 between environmental disclosures and financial performance. These conflicting results lead to a dilemma on the actual effect of environmental disclosure on financial performance and signify inadequacy of studies conducted into the influence of environmental disclosure on financial performance.…”

Section: Environmental Disclosure Development In Kenyamentioning

confidence: 97%

Environmental Disclosure and Financial Performance of Firms in Kenya: A Stakeholder Approach

King’wara¹,

Magali²,

Mohamed³

2020

RJFA

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Using panel data analysis this study examined the influence of environmental disclosure in annual reports on financial performance of companies listed on the Nairobi Securities Exchange in Kenya. Environmental disclosure information was collected using quantitative content analysis for the period 2007-2015 while financial performance data was collected for the period 2008-2016, a one-year lag behind the environmental disclosure data. Control variables were firm size, industry type and leverage. Environmental disclosure was found to be statistically significantly positively related to the firms' return on assets but not statistically significant with return on equity and Tobin's Q. The overall results suggest that disclosing environmental activities neither improves financial performance nor deteriorates it.

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Section: Environmental Disclosure Development In Kenyamentioning

confidence: 97%

Environmental Disclosure and Financial Performance of Firms in Kenya: A Stakeholder Approach

King’wara¹,

Magali²,

Mohamed³

2020

RJFA

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“…As such, the companies that appear in this index are environmentally and socially responsible, as well as contributors to the sustainable development of business activity, which ultimately should have a positive effect on their financial bottom line (Barnett & Salomon, 2012;Klassen & Whybark, 1999;Piñeiro et al, 2009;Porter & Kramer, 2006). We anticipate that this expected positive association between CESP and financial performance holds even during a financial crisis or in a volatile equity market (Kimbro & Melendi, 2010).…”

Section: Environmental Challenges: Salience In the Corporate Responsimentioning

confidence: 90%

“…A turbulent context might highlight companies' real interest in CESP, because such periods are not particularly amenable to investments in environmental and social concerns. For example, managers facing uncertainty rarely make the upfront investment to build new, environmentally friendly technologies and processes if they are not truly committed to the environmental cause (Kimbro & Melendi, 2010). As such, the difficult financial environment that has faced Spain and the European Union offers an ideal setting for testing whether the diverse benefits of ESM (e.g., sales, market share, employee commitment) (Curran & Moran, 2007;Ducassy, 2013) persist in a turbulent market.…”

Section: Introductionmentioning

confidence: 99%

Risk and return characteristics of environmentally and socially responsible firms in Spain during a financial downturn: 2008–2011

Ruíz-Palomino

Rubio

Martínez-Cañas

2015

SAJBM

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The onset of the global financial crisis in 2008 undermined trust in financial markets, with immediate damages to businesses and enduring negative effects for numerous national economies. The situation also has endangered progress in terms of investments in environmental and social management (ESM) issues, because managers may be more likely to embrace the misguided notion that such investments represent a non-returnable costs that will hinder firms' financial performance. Yet ESM is needed now more than ever, because "doing good and doing well" messages are highly appreciated by stakeholders and can substantially improve a firm's competitiveness. This article analyzes the performance of the Spanish FTSE4Good IBEX index, compared with that of the Spanish IBEX 35 index, during the financial crisis and reveals slightly better performance for the former. Thus, considering the difficult financial context, indicators of good environmental and social performance, among other factors, might have positive effects on stock index performance. The findings offer some key implications for managerial practice.

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“…Likewise, the study by Kimbro and Melendy (2010) documents that the lack of CSR activities may indicate poor management skills since the firm is not progressive or responsive to stakeholders' interests. This argument also fits the 'quality management' theory which suggests that high level CSR initiatives are indicative of superior management and enhanced financial performance (Klassen and McLaughlin, 1996).…”

Section: Business Management and Strategymentioning

confidence: 99%

Corporate Social Responsibility and Firm Value in the Sport Recreation Sector: A Review

Dimitropoulos¹,

Vrondou

2015

BMS

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Corporate Social Responsibility (CSR) has evolved as a significant strategic issue for modern corporations and received increased attention by researchers internationally. The scope of this study is to present a comprehensive review of the studies examining the impact of certain dimensions of corporate social responsibility (CSR) on the value of firms operating within the idiosyncratic sport recreation sector. The paper identifies four key dimensions of CSR that sport recreation firms must target in order to improve their image, community connections and bottom line financial numbers. These dimensions are the connections with the local communities, the protection of natural environment, their product-service quality and their employee's satisfaction and retention. The improvement or significant involvement on behalf of sport recreation firms within these sectors can provide significant competitive advantages and enhance corporate value. Useful policy implications are also provided within the paper.

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Financial performance and voluntary environmental disclosures during the Asian Financial Crisis: the case of Hong Kong

Cited by 6 publications

References 30 publications

Environmental Disclosure and Financial Performance of Firms in Kenya: A Stakeholder Approach

Environmental Disclosure and Financial Performance of Firms in Kenya: A Stakeholder Approach

Risk and return characteristics of environmentally and socially responsible firms in Spain during a financial downturn: 2008–2011

Corporate Social Responsibility and Firm Value in the Sport Recreation Sector: A Review

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