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1.
Kentaro Azuma;Akira Higashida; 《Business Strategy and the Environment》2024,33(4):3669-3686
This study investigates the relationship between climate change disclosure and institutional investors. A particular focus of the present study is the question of if and how the relationship is affected by the Principles for Responsible Investment (PRI). A relevant context to the question is shareholder engagement, where institutional investors' legitimacy affects the outcomes. Thus, this study examines Japan, where shareholder engagement is the main pathway for institutional investors to convey their ESG-related influence to investee companies. Using the stakeholder salience theory as a theoretical framework, the empirical results of analyzing 17,604 firm-year eXtensible Business Reporting Language (XBRL) documents of listed Japanese companies provide evidence for the following. First, institutional stakeholders' holding ratio has positively influenced corporate climate change disclosure (power). Second, the positive influence of institutional investors is more significant when PRI-signed institutional investors are present (legitimacy). Third, the aforementioned relations gained statistical significance gradually during the analysis period (urgency). Fundamentally, this study shows that the stakeholder salience theory contributes to a deeper understanding of the relationship. 相似文献
2.
In spite of the strategic importance of sustainability reporting in current business practice and the resulting increase in research on its value relevance, studies accounting for stakeholder interdependence are scarce. On the basis of the instrumental stakeholder theory, we investigate whether customers have an impact on the value relevance of sustainability reporting. Using a sample of US listed firms, we show that the value relevance of sustainability reporting is affected by customer profile differences, thereby confirming customer–shareholder interdependence. However, customer profile effects are only predominant if firms' profitability levels are low and disappear as profitability increases. Overall, our findings provide a more nuanced understanding of the value relevance of sustainability reporting. Therefore, we offer managers fine‐grained guidance for value relevant sustainability reporting. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment 相似文献
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Marie Dutordoir;Frederiek Schoubben;Kristof Struyfs;Wouter Torsin; 《Business Strategy and the Environment》2024,33(5):3911-3935
We examine how environmental pressure influences board gender diversity. Drawing from resource dependence, strategic adaptation, and gender socialization theories, we develop and test the prediction that firms with worse environmental performance have a higher likelihood of increasing their board gender diversity following a rise in environmental pressure. Focusing on the third phase (2013–2019) of the European Union Emission Trading System (EU ETS), we exploit the unexpected increase in emission prices after the European Council's (EC) intervention in 2017 as a quasi-natural experiment bringing heightened environmental pressure to firms. Our baseline sample consists of 182 polluting firms in 20 different EU ETS-covered countries. In line with our main hypothesis, we find that board gender diversity increases with firms' industry-adjusted levels of pollution in the post-EC intervention period, with the effect being particularly pronounced for firms with a higher exposure to emission prices and lower diversity levels. Inconsistent with a window dressing explanation, highly polluting firms replace incumbent male board members with highly qualified women. Our findings, which survive several robustness tests, suggest that more stringent environmental regulation drives social and governance changes at top corporate levels. 相似文献
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Many firms choose to communicate their environmental strategies through voluntary environmental disclosures. This paper examines patterns in the quality of voluntary environmental disclosures made by a sample of around 450 large UK companies drawn from a diverse range of industrial sectors. The analysis distinguishes between five facets of quality, including the disclosure of group‐wide environmental policies, environmental impact targets and an environmental audit. We examine how the decisions firms face regarding each facet of quality are determined by firm and industry characteristics, and find the quality of disclosure to be determined by a firm's size and the nature of its business activities. Specifically, we find high quality disclosure to be primarily associated with larger firms and those in sectors most closely related to environmental concerns. In contrast to several recent contributions, we find that the media exposure of companies plays no role in stimulating voluntary disclosures. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment. 相似文献
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Dharen Kumar Pandey;Waleed M. Al-ahdal;Hafiza Aishah Hashim; 《Business Strategy and the Environment》2024,33(8):9116-9140
With a sample of 679 listed firms, integrating the event study method and cross-sectional analysis, we examine the stock market reaction to mandatory sustainability reporting regulation in India. We find that (1) on average, investors react positively to such announcements; (2) the impact varies across different sectors; (3) affected and unaffected firms do not posit significant differences; (4) carbon-intensive firms are positively impacted; and (5) high environmental, social, and governance (ESG) performance is negatively associated with the event-induced cumulative abnormal returns (CAR). One standard deviation change in ESG leads to −0.77%, −0.45%, and −0.61% significant changes in [+1,+5], [−5,+5], and [−7,+7] CAR, respectively. The findings align with the value relevance idea and the reputational risk theory but contradict the reservoir of goodwill hypothesis. 相似文献
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Sara De Masi Agnieszka Słomka-Gołębiowska Claudio Becagli Andrea Paci 《Business Strategy and the Environment》2021,30(4):1865-1878
Boards of directors have recently become more attentive to their stakeholders' concerns, providing more transparent information and adopting more sustainable business strategies. This study investigates the influence of a critical mass of women on boards on the environmental, social, and governance (ESG) disclosure score and its three components separately. Using a sample of the FTSE-MIB listed companies in the 2005–2017 period, we show that reaching a critical mass of female board members—going from one or two women to at least three—enhances the level of ESG disclosure. The results also show that the critical mass of female board members has a positive influence on every component of the ESG score, with the highest contribution of women reaching the governance score. These findings provide insights to shareholders and policymakers and suggest that a critical mass of female board members is particularly effective in improving transparency, and it can be seen as a mechanism to transit to stakeholder governance, fostering more sustainable behavior in firms. 相似文献
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Thomas Clarke 《Corporate Governance: An International Review》2005,13(5):598-612
The catastrophe caused by the failure of Enron could not compare with the damage this company would have caused if it had succeeded. The relentless emphasis on the importance of shareholder value in recent times has created the conditions for the disconnection of corporations such as Enron from their essential moral underpinnings, encouraging them to concentrate exclusively on financial performance, and to neglect not just the wider stakeholder interests of customers and employees, but the essential interests of the economies and communities in which they operate. The problem with established economic theories of corporate governance is that they misconceive the irreducible core of corporate governance, at the same time as underestimating the complexity of the phenomenon. 相似文献
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Peter Kotzian; 《Business Strategy and the Environment》2024,33(3):1610-1625
Sustainability issues became ever more important for firms' business strategies. Not living up to public and stakeholders' expectations results in controversies damaging the firm's reputation. Firms integrate sustainability aspects – environmental, social, and governance (ESG) issues – in their business strategies to satisfy stakeholders ranging from customers to investors. Substantial resources are invested to increase their sustainability engagement to avoid sustainability-related controversies. However, the degree to which sustainability engagement is effective is an open issue, as the occurrence of sustainability-related controversies has structural components, which are under the firms' control, but also random components. Using data on firms' sustainability engagement, this paper investigates to what degree firms can actually avoid controversies by engaging in sustainability and to what degree such controversies are caused by factors beyond the firm's control, like random events or the societal environment. Our findings indicate strong sustainability engagement to be a significant factor for avoiding controversies, albeit the magnitude of the effect is very limited. While controversies are not purely random events, they are driven strongly by factors beyond the firm's strategic control, like firm size and country of origin. 相似文献
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Jannik Gerwanski Othar Kordsachia Patrick Velte 《Business Strategy and the Environment》2019,28(5):750-770
This study examines determinants of materiality disclosure quality (MDQ) in integrated reporting (IR) in an international setting. To this purpose, we constructed a novel, hand‐collected MDQ score in line with the <IR> guiding principles introduced by the International Integrated Reporting Council. On the basis of a cross‐national sample consisting of 359 firm‐year observations between 2013 and 2016, we find that MDQ is positively associated with learning effects, gender diversity, and the assurance of nonfinancial information in the integrated report. On the other hand, we find that IR readability, listing in the Dow Jones Sustainability Index, and earnings management do not affect MDQ. Our results are robust to different statistical models. We expand on earlier empirical findings on IR disclosure quality and provide valuable insights for research, practice, and standard setting. 相似文献
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Akshita Arora;Khaoula Aliani; 《Business Strategy and the Environment》2024,33(2):1113-1128
This study examines the impact of gender diversity (GD) in the board of directors on corporate environmental disclosures (ED). It develops an integrative theoretical framework to explore diverse facets of the nexus of GD and ED. Using Indian-listed firms for a sample period of 2015 to 2021, panel models have been used to validate the theoretical assumptions of the study. The empirical results reveal that women directors improve ED. Moreover, the role of women in driving environmental disclosure becomes evident only after achieving a critical mass of three directors. Our research contributes to the literature using board independence as moderator, for the first time in this context, and it was found that it moderates GD–ED relationship significantly. The findings could be beneficial for policymakers and regulators to recognize how GD is vital to firms to achieve best environmental practices. More initiatives may be deployed to reinforce women's representation in boardrooms for enhancing ED. Our study is one of the foremost studies to examine the impact of board GD on ED based on gender socialization, critical mass, and resource dependency theoretical framework. 相似文献
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Giovanni Cardillo Ennio Bendinelli Giuseppe Torluccio 《Business Strategy and the Environment》2023,32(1):602-623
Following the COVID-19 outbreak, orientation toward sustainability is a critical factor in ensuring firm survival and growth. Using a large sample of 1,204 firms in Europe during the year 2020, this study investigates how more sustainable firms fare during the pandemic compared with other firms in terms of risk–return trade-off and stock market liquidity. We also highlight the drivers of the resilience of more sustainable firms to the pandemic. Particularly, we document that higher levels of cash holdings and liquid assets in the pre-COVID period help these firms to perform and absorb the COVID-19 externalities better than other firms. Our results are robust to a host of econometric models, including GMM estimations and several measures of stock market performance. These findings contribute to the theoretical and empirical debate on the role of the sustainability as a source of corporate resilience to unexpected shocks. 相似文献
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This paper studies the effectiveness of a firm's strategy to report on its ESG activities with regard to the extent and direction in which the firm's ESG performance is valued by capital market investors. It is the first to disentangle the moderating effects of different types of ESG reporting on market valuation of ESG performance and to analyze whether following the current integrated reporting trend is worth the effort. Results indicate that ESG performance is valued more strongly and in the (desired) positive direction when firms publish an ESG report, irrespective of its type (stand‐alone or integrated). Furthermore, integrated reporting is associated with superior outcomes compared with a stand‐alone report for composite ESG and corporate governance performance. Our findings are important for corporate managers, as they help to understand market valuation of ESG performance in dependence on the reporting type and provide guidance for formulating and evaluating the reporting strategy. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment 相似文献
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Mario La Torre;Lucilla Bittucci;Cosimo Paccione;Alessia Palma; 《Business Strategy and the Environment》2024,33(4):3654-3668
The integration of sustainability factors in banking activities is becoming more urgent and necessary since banks are asked by regulatory and supervisory authorities to integrate Environment, Social and Governance (ESG) components in their risk management and governance frameworks. In literature, there is a lack of studies that assess the sustainability orientation of banks. We tried to fill this literature gap by providing a formal approach to evaluate the sustainability profile of Italian banks against the requirements of Article 111 bis of the National Normative Framework, which defines specific criteria for “sustainable banks”. Exploiting a mixed-method approach, we analyze banks' compliance with the requirements of Article 111 bis and develop a distance metric that allows us to evaluate the distance of traditional banks from a selected benchmark compliant with Article 111 bis. While our findings reveal that Italian banks fall short of complete compliance with Article 111 bis, positive trends, particularly in sustainable lending, are discernible. Our paper represents an initial reflection on the definition of a sustainable business strategy, identifying crucial aspects that can be considered in harmonizing the bank's transition path to sustainability. 相似文献
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Caterina Lucarelli;Sabrina Severini; 《Business Strategy and the Environment》2024,33(5):4198-4217
Environmental, Social, and Governance (ESG) ratings were developed to account for the multidimensional nature of the sustainability of firms. Research on ESG ratings suggests that working towards sustainability means engaging in a utopian effort, as in the chimera myth. We developed a conceptual framework of corporate activities that guides a systematic literature review based on 79 papers. Our analysis confirms that ESG ratings remain a black box, explored mainly from a purely monetary perspective and with contradictions on value created for companies and collective well-being. Therefore, we deduce that research is still “chasing a chimera,” being this incomplete knowledge due to divergences in (1) theories, (2) regulations, (3) geographic and (4) corporate culture, (5) constructs/metrics, and (6) corporate attitude towards disclosure. Consequently, we identify research gaps and avenues for future research to foster corporations' responsible behaviours and socially responsible investing. 相似文献
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Jun Xie Wataru Nozawa Michiyuki Yagi Hidemichi Fujii Shunsuke Managi 《Business Strategy and the Environment》2019,28(2):286-300
This study investigated the relationship between corporate efficiency and corporate sustainability to determine whether firms concerned about environmental, social, and governance (ESG) issues can also be efficient and profitable. We applied data envelopment analysis to estimate corporate efficiency and investigated the nonlinear relationship between corporate efficiency and ESG disclosure. Evidence shows that corporate transparency regarding ESG information has a positive association with corporate efficiency at the moderate disclosure level, rather than at the high or low disclosure level. Governance information disclosure has the strongest positive linkage with corporate efficiency, followed by social and environmental information disclosure. Moreover, we explored the relationship between particular ESG activities and corporate financial performance (CFP), including corporate efficiency, return on assets, and market value. We found that most of the ESG activities reveal a nonnegative relationship with CFP. These findings may provide evidence about voluntary corporate social responsibility strategy choices for enhancing corporate sustainability. 相似文献
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Christos N. Pitelis 《Corporate Governance: An International Review》2004,12(2):210-223
We discuss the nature and role of (corporate) governance and (shareholder) value and their implications for (sustainable) economic performance. We critique and build on extant theory to develop a model of the determinants of value‐wealth creation at the firm, national and global levels and explore current economic debates on governance and sustainable economic performance in its context. We conclude that (the need for) stakeholder value is derivative from (not opposed to) the concept of sustainable value, that national governance and the nationwide “governance‐mix” impact on corporate governance and that national and global economic governance are essential for sustainable global value‐wealth creation, and economic performance. 相似文献
18.
随着可持续发展战略的提出,人们日益关注企业生产活动对环境造成的影响,使得企业环境信息披露问题成为一个社会各界的热门话题。但任何一个企业的发展都离不开各种利益相关者的投入与参与。基于博弈论的视角,就利益相关者对企业环境信息披露行为的影响进行分析。研究发现,利益相关者在与对企业环境信息的披露的需求动机不足,治理能力不到位,是导致我国目前企业环境信息披露不充分的主要原因,并提出如下的政策建议:研究制订企业高级管理人员环境信息披露尽责指引,强化股东在企业环境信息披露监督作用;提倡绿色信贷,制定企业融资贷款的环境信息披露要求;提高监管部门的检查监督质量和水平,加大企业在环境信息披露中的违规成本。 相似文献
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Tim Heubeck; 《Business Strategy and the Environment》2024,33(3):2020-2039
This study explores the relationship between chief executive officers (CEOs) and the board of directors in the context of environmental, social, and governance (ESG) performance. Based on a multi-theoretical approach, it examines whether dynamic CEO capabilities (DCCs) facilitate ESG performance by enabling capable CEOs to navigate complex stakeholder expectations effectively. Additionally, the impact of board gender diversity (BGD) on this relationship is tested, given its significance for ESG-related decision-making. Longitudinal analysis of S&P 900 manufacturing firms demonstrates that strong DCCs positively influence ESG performance, supporting dynamic managerial capabilities and upper echelons theories within the institutional and shareholder theory frameworks. The findings also corroborate that BGD has a moderating effect, initially strengthening the DCC–ESG relationship, in line with gender socialization and diversity theories. However, the study reveals a threshold effect, where ESG benefits from DCCs diminish once BGD reaches approximately 35%, providing a new perspective on critical mass theory. 相似文献
20.
Olaf Weber 《Business Strategy and the Environment》2014,23(5):303-317
What is the current state of environmental, social and governance (ESG) reporting and what is the relation between ESG reporting and the financial performance of Chinese companies? This study analyses corporate ESG disclosure in China between 2005 and 2012 by analysing the members of the main indexes of the biggest Chinese stock exchanges. After discussing theories that explain the ESG performance of firms such as institutional theory, accountability and stakeholder theory we present uni‐ and multivariate statistical analyses of ESG reporting and its relation to environmental and financial performance. Our results suggest that ownership status and membership of certain stock exchanges influence the frequency of ESG disclosure. In turn, ESG reporting influences both environmental and financial performance. We conclude that the main driver for ESG disclosure is accountability and that Chinese corporations are catching up with respect to the frequency of ESG reporting as well as with respect to the quality. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment 相似文献