The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
The Economic Value of Corporate Eco-Efficiency
Open accessAbstract
This study adds new insights to the long-running corporate environmental-financial performance debate by focusing on the concept of eco-efficiency. Using a new database of eco-efficiency scores, we analyse the relation between eco-efficiency and financial performance from 1997 to 2004. We report that eco-efficiency relates positively to operating performance and market value. Moreover, our results suggest that the market's valuation of environmental performance has been time variant, which may indicate that the market incorporates environmental information with a drift. Although environmental leaders initially did not sell at a premium relative to laggards, the valuation differential increased significantly over time. Our results have implications for company managers, who evidently do not have to overcome a tradeoff between eco-efficiency and financial performance, and for investors, who can exploit environmental information for investment decisions.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*
Sharpe, W. F. (1964) · The Journal of Finance · doi:10.1111/j.1540-6261.1964.tb02865.x · Cited by 19,441
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
CORPORATE SOCIAL PERFORMANCE AND ORGANIZATIONAL ATTRACTIVENESS TO PROSPECTIVE EMPLOYEES.
TURBAN, D. B., & GREENING, D. W. (1997) · Academy of Management Journal · doi:10.2307/257057 · Cited by 3,149
A Simple Approximation of Tobin's q
Chung, K. H., & Pruitt, S. W. (1994) · Financial Management · doi:10.2307/3665623 · Cited by 2,460
The Eco-Efficiency Premium Puzzle
Derwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005) · Financial Analysts Journal · doi:10.2469/faj.v61.n2.2716 · Cited by 965 · cited 9×
“This percentage strongly resembles the abnormal returns outlined in Derwall et al. (2005). The patterns shown by Table 5 and Figure 1 are consistent with recent evidence of abnormal returns on stocks of eco-efficient companies, since an abnormal return differential would explain relative differences in Q across period…”
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Cited by
Does corporate social responsibility affect the cost of capital?
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2011.02.007 · Cited by 3,465
Flammer, C. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3125518 · Cited by 2,901
On the Foundations of Corporate Social Responsibility
LIANG, H., & RENNEBOOG, L. (2017) · The Journal of Finance · doi:10.1111/jofi.12487 · Cited by 1,381
Bonilla, S. H., Silva, H. R. O., Terra da Silva, M., Franco Gonçalves, R., & Sacomano, J. B. (2018) · Sustainability · doi:10.3390/su10103740 · Cited by 645
Every Little Helps? ESG News and Stock Market Reaction
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Metadata
- Authors
- Guenster, N., Bauer, R., Derwall, J., & Koedijk, K.
- Venue
- European Financial Management
- Publisher
- Wiley
- Published
- 2010-03-04
- Volume
- 17
- Issue
- 4
- Pages
- 679-704
- ISSN
- 1354-7798 (ISSN-L)
- OpenAlex
- W3123073555
- Cited by
- 556
- References
- 6
- FWCI
- 78.66
- Type
- journal article
- Language
- en
- Open access
- bronze
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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.
