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Does It Really Pay to Be Green? An Empirical Study of Firm Environmental and Financial Performance: An Empirical Study of Firm Environmental and Financial Performance
Abstract
Summary: Previous empirical work suggests that firms with high environmental performance tend to be profitable, but questions persist about the nature of the relationship. Does stronger environmental performance really lead to better financial performance, or is the observed relationship the outcome of some other underlying firm attribute? Does it pay to have cleanrunning facilities or to have facilities in relatively clean industries? To explore these questions, we analyze 652 U.S. manufacturing firms over the time period 1987–1996. Although we find evidence of an association between lower pollution and higher financial valuation, we find that a firm's fixed characteristics and strategic position might cause this association. Our findings suggest that “When does it pay to be green?” may be a more important question than “Does it pay to be green?”
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Citations
Cites
Strategic Factor Markets: Expectations, Luck, and Business Strategy
Barney, J. B. (1986) · Management Science · doi:10.1287/mnsc.32.10.1231 · Cited by 5,548
Environmental disclosures, regulatory costs, and changes in firm value
Blacconiere, W. G., & Patten, D. M. (1994) · Journal of Accounting and Economics · doi:10.1016/0165-4101(94)90026-4 · Cited by 782
Cited by
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008) · Accounting, Organizations and Society · doi:10.1016/j.aos.2007.05.003 · Cited by 3,570
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
Ioannou, I., & Serafeim, G. (2015) · Strategic Management Journal · doi:10.1002/smj.2268 · Cited by 1,124
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
The relevance of environmental disclosures: Are such disclosures incrementally informative?
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013) · Journal of Accounting and Public Policy · doi:10.1016/j.jaccpubpol.2013.06.008 · Cited by 672
Metadata
- Authors
- King, A. A., & Lenox, M. J.
- Venue
- Journal of Industrial Ecology
- Published
- 2001-01
- Volume
- 5
- Issue
- 1
- Pages
- 105-116
- ISSN
- 1088-1980 (ISSN-L)
- 1530-9290
- OpenAlex
- W2042488339
- Cited by
- 1,050
- References
- 2
- FWCI
- 15.96
- Type
- journal article
- Language
- en
- Open access
- closed
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- King, A. A., & Lenox, M. J. (2001). Does It Really Pay to Be Green? An Empirical Study of Firm Environmental and Financial Performance: An Empirical Study of Firm Environmental and Financial Performance. Journal of Industrial Ecology. https://doi.org/10.1162/108819801753358526
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
