The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
The Economic Relevance of Environmental Disclosure and its Impact on Corporate Legitimacy: An Empirical Investigation
Abstract
In determining its environmental disclosure strategy, a firm's management faces a tension between responding to the information needs of financial markets and maintaining its legitimacy within the community. In this paper, relying on information economics and legitimacy theory, we explore how firms resolve this tension. Results show that a firm's environmental disclosure enhances the quality of analysts' information context, which ultimately allows them to make better forecasts. Moreover, financial analysts seem to be able to decipher environmental information, discounting discourses that are inconsistent with a firm's underlying environmental performance. We find also that a firm's environmental disclosure serves another purpose, as it influences how its other stakeholders (beyond financial ones) perceive its legitimacy. Such enhanced legitimacy reduces the information uncertainty faced by financial analysts. Our results suggest also that both economic‐based environmental disclosure and sustainable development and environmental disclosure are useful to analysts in making their forecasts and enhance a firm's legitimacy. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.
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Cites
Weber, R. (1990) · doi:10.4135/9781412983488 · Cited by 7,750
Corporate Social and Financial Performance: A Meta-Analysis
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003) · Organization Studies · doi:10.1177/0170840603024003910 · Cited by 7,641
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Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004) · Accounting, Organizations and Society · doi:10.1016/s0361-3682(03)00032-1 · Cited by 2,080
The role of environmental disclosures as tools of legitimacy: A research note
Cho, C. H., & Patten, D. M. (2007) · Accounting, Organizations and Society · doi:10.1016/j.aos.2006.09.009 · Cited by 2,069
Does It Pay to Be Green? A Systematic Overview
Stefan, A., & Paul, L. (2008) · Academy of Management Perspectives · doi:10.5465/amp.2008.35590353 · Cited by 1,759
Responding to public and private politics: corporate disclosure of climate change strategies
Reid, E. M., & Toffel, M. W. (2009) · Strategic Management Journal · doi:10.1002/smj.796 · Cited by 1,093
Caveat Emptor: The Construction of Nonprofit Consumer Watchdog Organizations
Rao, H. (1998) · American Journal of Sociology · doi:10.1086/231293 · Cited by 562
ORGANIZATIONAL PERCEPTION MANAGEMENT
Elsbach, K. D. (2003) · Research in Organizational Behavior · doi:10.1016/s0191-3085(03)25007-3 · Cited by 277
Cited by
Seele, P., & Gatti, L. (2017) · Business Strategy and the Environment · doi:10.1002/bse.1912 · Cited by 693
Li, D., Zheng, M., Cao, C., Chen, X., Ren, S., & Huang, M. (2017) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2016.08.123 · Cited by 641
Lokuwaduge, C. S. D. S., & Heenetigala, K. (2017) · Business Strategy and the Environment · doi:10.1002/bse.1927 · Cited by 639
Greenwashing and environmental communication: Effects on stakeholders' perceptions
Torelli, R., Balluchi, F., & Lazzini, A. (2020) · Business Strategy and the Environment · doi:10.1002/bse.2373 · Cited by 577
Chen, X., Yi, N., Zhang, L., & Li, D. (2018) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2018.03.257 · Cited by 459
Metadata
- Authors
- Cormier, D., & Magnan, M.
- Venue
- Business Strategy and the Environment
- Publisher
- Wiley
- Published
- 2013-12-05
- Volume
- 24
- Issue
- 6
- Pages
- 431-450
- ISSN
- 0964-4733 (ISSN-L)
- 1099-0836
- OpenAlex
- W1944094673
- Cited by
- 439
- References
- 9
- FWCI
- 21.89
- Type
- journal article
- Language
- en
- Open access
- closed
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