The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
An empirical investigation of environmental performance and the market value of the firm
Open accessAbstract
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 417 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 363 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 emission 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, the market is selective in reacting to announcements of environmental performance with certain types of announcements even valued negatively.
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Cites
The Social Responsibility of Business Is to Increase Its Profits
Friedman, M. (2007) · Corporate Ethics and Corporate Governance · doi:10.1007/978-3-540-70818-6_14 · Cited by 11,529 · cited 2×
“In addition to the theoretical arguments of Friedman (1970) discussed”
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
Cited by
ESG performance and firm value: The moderating role of disclosure
Fatemi, A., Glaum, M., & Kaiser, S. (2018) · Global Finance Journal · doi:10.1016/j.gfj.2017.03.001 · Cited by 1,611
Greenwash vs. Brownwash: Exaggeration and Undue Modesty in Corporate Sustainability Disclosure
Kim, E.-H., & Lyon, T. P. (2015) · Organization Science · doi:10.1287/orsc.2014.0949 · Cited by 932
Do actions speak louder than words? An empirical investigation of corporate environmental reputation
Cho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012) · Accounting, Organizations and Society · doi:10.1016/j.aos.2011.12.001 · Cited by 652
Jackson, S. E., Renwick, D. W. S., Jabbour, C. J. C., & Muller-Camen, M. (2011) · German Journal of Human Resource Management: Zeitschrift für Personalforschung · doi:10.1177/239700221102500203 · Cited by 642
Every Little Helps? ESG News and Stock Market Reaction
Capelle-Blancard, G., & Petit, A. (2019) · Journal of Business Ethics · doi:10.1007/s10551-017-3667-3 · Cited by 601
Metadata
- Authors
- Jacobs, B. W., Singhal, V. R., & Subramanian, R.
- Venue
- Journal of Operations Management
- Publisher
- Wiley
- Published
- 2010-01-25
- Volume
- 28
- Issue
- 5
- Pages
- 430-441
- ISSN
- 0272-6963 (ISSN-L)
- 1873-1317
- OpenAlex
- W3123486668
- Cited by
- 829
- References
- 2
- FWCI
- 88.96
- Type
- journal article
- Language
- en
- Open access
- green
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- Jacobs, B. W., Singhal, V. R., & Subramanian, R. (2010). An empirical investigation of environmental performance and the market value of the firm. Journal of Operations Management. https://doi.org/10.1016/j.jom.2010.01.001
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
