共查询到20条相似文献,搜索用时 31 毫秒
1.
Previous research provides mixed results on the relationship between corporate environmental performance and the level of
voluntary environmental disclosure. We revisit this relation by testing competing predictions from defensive and accommodative
approaches to voluntary disclosure with regard to climate change. In particular, we add to the prior literature by determining
the extent to which environmental performance and company media visibility interact to prompt voluntary climate change disclosure.
Using ordinal regression and Ceres, KLD, and Trucost ratings of S&P 500 companies, we find a positive relationship between
environmental performance and voluntary climate change disclosure. We extend the literature on environmental strategies and
disclosure by establishing that company visibility and issue (climate change) visibility interact with environmental perfor- mance
to influence the level of voluntary climate change disclosure. 相似文献
2.
Drivers of Environmental Disclosure and Stakeholder Expectation: Evidence from Taiwan 总被引:1,自引:0,他引:1
This article investigates stakeholder expectations associated with corporate environmental disclosure. Several articles have
studied the effect that stakeholder pressure has on environmental disclosing strategies. In this article, we extend previous
research to an examination of the influence of external, internal, and intermediary stakeholder groups or constituencies in
turn to clarify the demands of multiple stakeholders as to firms’ disclosure of sufficient and adequate environmental information.
The sample comprised Taiwanese firms listed on the Taiwan Stock Exchange. Our results show that the level of environmental
disclosure is significantly affected by stakeholder groups’ demands. External stakeholder groups, such as the government,
debtors, and consumers, exert a strong influence over management intentions regarding the extent of environmental disclosure.
Internal stakeholder groups, such as shareholders and employees, impose additional pressures on firms to disclose environmental
information. As for intermediate stakeholder groups, environmental protection organizations, and accounting firms, these can
greatly influence managerial choices regarding their environmental disclosure strategies. 相似文献
3.
Drivers of Environmental Behaviour in Manufacturing SMEs and the Implications for CSR 总被引:1,自引:0,他引:1
The authors use empirical research into the environmental practices of 31 manufacturing small and medium-sized enterprises (SMEs) to show that ‚business performance’ and ‚regulation’ considerations drive behaviour. They suggest that this is inevitable, given the market-based decision-making frames that permeate and dominate the industry in which manufacturing SMEs operate. Since the environment is a pillar of corporate social responsibility (CSR), the findings have important implications for CSR policy, which promotes voluntary actions predicated on a business case. It is argued that this approach will not alter the behaviour of manufacturing SMEs significantly because CSR practice will be regarded as an optional and costly ‚extra’ affecting core business activity. Consequently, the use and development of existing regulatory structures, providing minimum standards for many activities covered by CSR, remains the most effective means through which the behaviour of manufacturing SMEs will be changed in the short to medium-term. Another feature of the paper is the distinction made between ‚business performance’ and the ‚business case’ argument. Business performance emphasises cost reductions and efficiency whereas the business case accentuates the benefits to shareholders of good practices as their firms become more attractive to stakeholders and society. Manufacturing SMEs␣try to improve business performance because of the pressures placed on them by market-dominated decision-making frames. These frames do not encourage manufacturing SMEs to undertake voluntary actions for the benefit of wider stakeholders and society.David Williamson is Senior Research Fellow in the area of Corporate and Environmental Responsibility at the School of Law, University of Manchester, UK. He has conducted extensive empirical studies into, and written papers on, the environmental behaviour of small and medium sized enterprises. He is also Chair of INDECO, a national body that coordinates sustainable development work on business parks.Gary Lynch-Wood is a Lecturer at the School of Law, University of Manchester, UK. His research focuses on regulation, particularly the impact that regulation has on small and medium-sized enterprises. He teaches a variety of subjects including regulation, environmental law, corporate responsibility and legal methods. He was a Director of the Centre for Research into Corporate Responsibility and the Environment prior to his move to the University of Manchester. John Ramsay is a Reader at the School of Business and Law, Staffordshire University, UK. He has had a number of careers including a decade spent working in the Purchasing Function of a large British component supplier to the European car industry. He teaches a variety of subjects including South East Asian economic development and Negotiation. He is widely published in the Purchasing field with practitioner papers dating back to the 1970s when he was junior buyer, developing in more recent years into academic work in his research area of Buyer–supplier interaction. 相似文献
4.
我国现行企业环境信息披露政策下,企业对于信息披露的方式、时间等有很大的自由裁量权力。因此,企业这一社会责任的自觉履行需要企业价值最大化等动机支撑,但其作用机理是否有效,投资者的关注度及解读尤为重要,亦即“组织可见度”在环境信息披露对企业价值的影响中扮演重要角色。本文以我国化工行业上市公司2013-2017年样本,实证检验环境信息披露对企业价值的影响,并依次从分析师关注水平和媒体关注水平两个角度衡量组织可见度,检验其是否具有中介效应,并分析所有权性质差异下的不同结果。结果表明:环境信息披露能提升企业价值,组织可见度在环境信息披露对企业价值的影响过程中发挥了部分中介效应。进一步研究发现,当使用分析师关注水平衡量组织可见度时,该中介作用只体现在国有企业中;当使用媒体关注度衡量组织可见度时候,该中介作用在两种类型的企业中均只得到了部分体现。企业环境信息披露政策本意是通过其影响企业的市值表现促进企业更好地履行其环境社会责任,本文通过揭示其中组织可见度的中介作用,有助于启示企业对其市值管理、有关管理部门对企业履行环境社会责任引导时的操作思路。 相似文献
5.
"紫金矿业"事件引发了众多媒体对政治关联环境效果的关注,一般认为政治关联是导致紫金矿业环境业绩持续低下与环境信息披露不足的主要原因之一。但此结论是否具有普遍性需要进行深入研究。通过使用上市公司研究样本,具体验证政治关联对环境业绩与环境信息披露的影响,结果表明,政治关联与环境业绩低下没有显著的关系,但对环境信息披露具有显著的负向影响。 相似文献
6.
Corporate Social Responsibility
and Firm Size 总被引:3,自引:1,他引:2
Krishna Udayasankar 《Journal of Business Ethics》2008,83(2):167-175
Small and medium-sized firms form 90% of the worldwide population of businesses. However, it has been argued that given their
smaller scale of operations, resource access constraints and lower visibility, smaller firms are less likely to participate
in Corporate Social Responsibility (CSR) initiatives. This article examines the different economic motivations of firms with
varying combinations of visibility, resource access and scale of operations. Arguments are presented to propose that in terms
of visibility, resource access and operating scale, very small and very large firms are equally motivated to participate in
CSR. However, the motivational bases for CSR participation are likely to be different. Medium-sized firms are the least motivated.
This suggests a U-shaped relationship between firm size and CSR participation. This study contributes towards resolution of
the long-standing debate on the effects of firm size on CSR participation, and highlights the importance of considering configurations
of firm characteristics in the study of CSR outcomes. In conclusion, cautions are raised against the broad categorization
of firms, without adequate attention to the underlying dimensions of such categorizations.
This study was supported by Academic Research Fund Grant no. R-313-000-069-112 from the Ministry of Education, Singapore. 相似文献
7.
Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms 总被引:1,自引:0,他引:1
Carmelo Reverte 《Journal of Business Ethics》2009,88(2):351-366
The aim of this paper is to analyze whether a number of firm and industry characteristics, as well as media exposure, are
potential determinants of corporate social responsibility (CSR) disclosure practices by Spanish listed firms. Empirical studies
have shown that CSR disclosure activism varies across companies, industries, and time (Gray et al., Accounting, Auditing & Accountability Journal
8(2), 47–77, 1995; Journal of Business Finance & Accounting
28(3/4), 327–356, 2001; Hackston and Milne, Accounting, Auditing & Accountability Journal
9(1), 77–108, 1996; Cormier and Magnan, Journal of International Financial Management and Accounting
1(2), 171–195, 2003; Cormier et al., European Accounting Review
14(1), 3–39, 2005), which is usually justified by reference to several theoretical constructs, such as the legitimacy, stakeholder,
and agency theories. Our findings evidence that firms with higher CSR ratings present a statistically significant larger size
and a higher media exposure, and belong to more environmentally sensitive industries, as compared to firms with lower CSR
ratings. However, neither profitability nor leverage seem to explain differences in CSR disclosure practices between Spanish
listed firms. The most influential variable for explaining firms’ variation in CSR ratings is media exposure, followed by
size and industry. Therefore, it seems that the legitimacy theory, as captured by those variables related to public or social
visibility, is the most relevant theory for explaining CSR disclosure practices of Spanish listed firms. 相似文献
8.
Stephen A. Rhoades 《Journal of Economics and Business》1985,37(2):141-157
It is sometimes argued that increasing the size of fringe firms in relation to market leaders will result in more competitive performance in the market. This paper tests the hypothesis that the number and size distribution of fringe firms in a market will affect overall market performance. The analysis is based on a sample of 3777 commercial banks located in 372 local markets during 1976–1980. Test results indicate that a competitively structured fringe of firms has a procompetitive influence on performance in the market. This implies that mergers between fringe firms are likely to have an adverse effect on competition rather than a procompetitive effect, as sometimes argued. 相似文献
9.
In the wake of the current financial crises triggered by risky mortgage-backed securities, the question of ethics and risk-taking
is once again at the front and center for both practitioners and academics. Although risk-taking is considered an integral
part of strategic decision-making, sometimes firms could be propelled to take risks driven by reasons other than calculated
strategic choices. The authors argue that a firm’s risk-taking propensity is impacted by its ethical climate (egoistic or
benevolent) and its emphasis on output control to manage its marketing function. The firm’s long-term orientation is argued
to moderate the control–risk propensity relationship. The authors also extend research on risk and performance and argue that
the association of risk-taking propensity and firm performance is contingent on the ownership (publicly traded versus privately
held) structure of the firm. Based on survey data from a sample of manufacturing industries in the United States, the results
show significant impact of ethical climate and marketing output control on a firm’s risk-taking propensity; also risk-taking
propensity shows a stronger association with firm performance in privately held firms than in publicly traded firms. 相似文献
10.
Two fundamental business ethics issues that repeatedly surface in the academic literature relate to business’s role in the development of public policy [Suarez, S. L.: 2000, Does Business Learn? (The University of Michigan Press, Ann Arbor, MI); Roberts, R. W. and D. D. Bobek: 2004, Accounting, Organizations and Society 29(5–6), 565–590] and its role in responsibly managing the natural environment [Newton, L.: 2005, Business Ethics and the Natural Environment (Blackwell Publishing, Oxford)]. When studied together, researchers often examine if, and how, corporations influence environmental policy decisions. Drawing from literatures on?corporate political activity, corporate social and environmental performance, and corporate environmental disclosure, we develop and empirically examine two research questions concerning the relations between corporate political expenditures, environmental performance, and environmental disclosure. The questions are: (1) Do corporations that are poorer environmental performers spend more on political activities than their better-performing counterparts? (2) Is there an association between corporations’ spending on political activities and the extent of their financial report environmental disclosures? We investigated these questions through analyses of data we gathered on a sample consisting of 119 U.S. environmentally sensitive firms for the 2001–2002 election cycle. After controlling for firm size and specific industry effects, our tests reveal a significant, inverse relationship between firm environmental performance and political spending. This is consistent with the notion that U.S. firms with relatively poorer environmental performance records engage more intensely in corporate political activities as part of their overall strategic management of their relationship with the state. In addition, a significant and positive association between the amount of political spending and the extent of environmental disclosure suggests that environmental disclosure and political spending are both proactive, complementary tactics to strategically manage public policy pressure. If corporations’ strategies are intentionally designed to unreasonably limit their environmental responsibilities or to misrepresent firm environmental performance, then we argue that these activities reflect a significant lapse in ethical conduct. 相似文献
11.
This paper empirically investigates the mechanism through which product market competition (PMC) affects disclosure quality
of listed companies. Based on a sample of listed companies with disclosure quality report from Shenzhen Stock Exchange during
2003–2008, PMC is found to display a U-shaped relationship with disclosure quality, which demonstrates the strategic effect
of PMC on disclosure quality. PMC is also found to enhance the board of directors’ role in disclosure quality, which demonstrates
the governance effect of PMC on disclosure quality. These results enhance the understanding of the role of PMC on disclosure. 相似文献
12.
In this article, we examine the association between ethics and disclosure and the impact of this association on the long-term,
post-issue performance of seasoned equity offerings (SEOs). We argue that firms with extensive disclosure are less likely
to face information problems, and more likely to lead to an active shareholder monitoring, and therefore, engage in fewer
unethical activities, such as aggressive earnings manipulation, and have better long-term, post-issue performance. Consistent
with these predictions, this study presents evidence that disclosure is negatively related to unethical earnings manipulation
and positively associated with long-term, post-issue performance. In particular, we find that long-term, post-issue SEO underperformance
is significantly less for firms with extensive disclosure and conservative earnings management than firms with less disclosure
and aggressive earnings management. We interpret this evidence to mean that over the long run, the capital market values ethical
financial reporting and corporate efforts to incorporate social responsibility into their decision-making processes, for example,
by enhancing information transparency through voluntary disclosure.
相似文献
13.
在政策变动的背景下,公共压力与空间距离都是影响股价同步性的重要因素,前者减弱股价同步性,后者增加股价同步性,但两者共同通过环境信息披露进行作用对股价同步性会产生怎样的影响是目前必须解决的问题。本文选取2004-2006年和2009-2011年我国上市制造业企业为样本,以政策变动为视角,研究了环境信息披露差异对股价同步性的影响机制。结果发现,在《办法》颁布前,远距离企业的环境信息披露与股价同步性负相关,《办法》颁布后则正相关。而对于近距离企业,在《办法》颁布前后均不显著。因此,在公共压力增大的情况下,环境信息披露对股价同步性影响的过程中,地理位置起到了决定性的调节作用,应引起监管层的足够重视。 相似文献
14.
This paper examines the effect of Confucian cultural value on the relationship between multimarket contact and two dimensions
of firm performance, i.e., firms’ innovation and profitability. It is hypothesized that firms with a high level of multimarket
contact are more likely to show mutual forbearance towards their competitors, which in turn influences their innovative behavior
and financial performance. Taking into account the possible moderating effects of Confucian cultural value, we also hypothesize
that the effect of multimarket contact is more pronounced among firms from the Confucian culture. In other words, it is argued
that firms from the Confucian culture are more likely to innovate and obtain better financial performance. Empirical tests
were conducted after the hypotheses, and the findings support the arguments on multimarket contacts and mutual forbearance
hypotheses. Through facilitating tacit collusion, multimarket contact does seem to help create superior economic performance. 相似文献
15.
This study focuses on common-law Malaysia, which is classified as an advanced emerging market. It assesses the association between environmental disclosure and environmental performance and examines the financial attributes of companies with different environmental disclosure scores. It investigates the relation between environmental disclosure quality and corporate governance, and also examines the extent to which effective environmental disclosures are value relevant and how they influence investor perceptions. The findings of the study show that environmental disclosure is positively linked to environmental performance. Company attributes, such as large size, the need for capital, profitability and capital spending, are positively associated with environmental disclosure quality. High quality environmental disclosers display effective corporate governance and would tend to face less difficulties in accessing capital markets. They generally are audited by a big 4 auditor or cross-listed on foreign stock exchanges and display significant levels of managerial and institutional ownership. High quality environmental disclosures are value relevant and improve investor perceptions. High quality disclosers overall belong to beverages, chemicals, food producers, forestry and paper, and industrial metals and mining. 相似文献
16.
This study examines the determinants of corporate social responsibility (CSR) and its implications on firms’ investment policy, organizational strategy, and performance. First, we find that firms with better performance, higher R&D intensity, better financial health, and firms in new economy industries are more likely to engage in CSR activities, while riskier firms are less likely to do so. We also find U-shaped relation between firm size and CSR, indicating that either very small or very large firms exhibit high levels of CSR strengths and concerns. Next, we find that firms’ CSR strengths relate favorably with their investments, organizational strategy, and performance, whereas CSR concerns and firm attributes are by and large negatively related. Using a 2SLS procedure, we verify that the CSR–performance relation is robust to corrections for endogeneity through reverse causation and/or biases introduced by time varying omitted variables. Finally, we find that the CSR–firm attributes relation is strengthened when the CEO’s incentives are below the sample median, suggesting that CSR participation is especially important when monetary incentives are lower than benchmark levels. 相似文献
17.
18.
Elisabeth Albertini 《Journal of Business Ethics》2014,121(2):233-254
For the last 15 years, companies have extensively increased their environmental disclosure relative to their environmental strategy in response to institutional pressures. Based on a computerized content analysis of the annual reports of the 55 largest French industrial companies, we describe environmental disclosure with respect to the different strategies implemented by companies over a period of 6 years. The results show that environmental disclosure becomes more and more technical and precise for all the companies. Environmental innovations are presented as a means of increasing energy efficiency and of obtaining a competitive advantage in green market products. The environmental management system implemented by proactive companies allows them to improve their environmental performance. However, the results show that the economic situation significantly influences the way environmental issues are addressed. 相似文献
19.
Economic factors, such as the adverse change of the industry and performance of firms, are associated with the impairment
of assets reported by these firms. Listed firms with negative earnings were more likely to write off substantial assets in
consecutive years, but not in the initial years of loss. However, the relationship between the impairment of assets and economic
factors is insignificant after the individual effect of the firms is taken into consideration, while earnings management factors
still have a significant effect on the impairment of assets, yet the difference between loss years and profitable years is
insignificant.
Translated from Caijing Yanjiu 财经研究 (Journal of Finance and Economics), 2005, (7): 71–82 相似文献
20.
The existing literature provides conflicting results on the association between firm performance and corporate social responsibility (CSR) disclosure. This paper empirically examines the effect of firm performance on CSR disclosure in terms of disclosure frequency and quality among Chinese listed firms and the possible mediating effect of corporate ownership on the relationship between firm performance and CSR disclosure. Our findings show that better‐performing firms are more likely than worse‐performing ones to disclose CSR information and to produce higher quality CSR reports. In addition, the link between firm performance and CSR disclosure is found to be weaker among state‐owned enterprises compared with non‐state‐owned ones. 相似文献