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Cited by 1,717Corporate Social Responsibility ReportingCorporate Identity and ReputationEnvironmental Sustainability in Business

TALKING TRASH: LEGITIMACY, IMPRESSION MANAGEMENT, AND UNSYSTEMATIC RISK IN THE CONTEXT OF THE NATURAL ENVIRONMENT.

Bansal, P., Clelland, I.·2004·Academy of Management Journal
DOI 10.2307/20159562
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Abstract

Applying institutional theory, we argue that environmentally legitimate firms incur less unsystematic stock market risk than illegitimate firms. Firms earn environmental legitimacy when their performance with respect to the natural environment conforms to stakeholders' expectations. This relationship was supported with the analysis of media reports and stock prices of 100 firms over a five-year period. The analysis also showed that firms with low environmental legitimacy can attenuate this effect by expressing commitment to the natural environment.

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Crossref · 10.2307/20159562

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  • A number of empirical studies have used media coverage as a proxy for cognitive legitimacy, supporting the empirical approach.

    “A number of empirical studies have used media coverage as a proxy for cognitive legitimacy, which supports our empirical approach (Deephouse, 1996;Bansal and Clelland, 2004;Sine, Haveman, and Tolbert, 2005;Sine, David, and Mitsuhashi, 2007).”

    From Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic (2018) · cites this paper as Bansal and Clelland, 2004

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Authors
Bansal, P., & Clelland, I.
Affiliations
  • Western University (CA)
  • Radford University (US)
ORCID
Bansal, P.
Venue
Academy of Management Journal
Publisher
Academy of Management
Published
2004-02-01
Volume
47
Issue
1
Pages
93-103
ISSN
  • 0001-4273 (ISSN-L)
  • 1948-0989
DOI
10.2307/20159562
OpenAlex
W2056225081
Cited by
1,717
References
4
Citations by year
2026: 135 · 2025: 157 · 2024: 123 · 2023: 122 · 2022: 120 · 2021: 103 · 2020: 127 · 2019: 93 · 2018: 96 · 2017: 73 · 2016: 65 · 2015: 96 · 2014: 85 · 2013: 63 · 2012: 56
FWCI
49.68
Type
journal article
Language
en
Open access
closed
Locations
Academy of Management Journal (publishedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
  • Social Sciences › Business, Management and Accounting › Marketing › Environmental Sustainability in Business
Keywords
environmental legitimacy, idiosyncratic risk, stock market risk, impression management, institutional theory, environmental performance, stakeholder expectations, corporate environmental commitment, media coverage

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