Do corporate global environmental standards create or destroy market value?

Management Science

Volumn 46, Issue 8, 2000, Pages 1059-1074

  Dowell, Glen ^a   Hart, Stuart ^a   Yeung, Bernard ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

COST EFFECTIVENESS; DEVELOPING COUNTRIES; ENVIRONMENTAL PROTECTION; POLLUTION CONTROL; PUBLIC POLICY; REGULATORY COMPLIANCE; STANDARDS;

FIRM LEVEL ENVIRONMENTAL POLICY; FIRM VALUE; GLOBAL ENVIRONMENTAL STANDARDS;

MARKETING;

EID: 0034245496     PISSN: 00251909     EISSN: None     Source Type: Journal    
DOI: 10.1287/mnsc.46.8.1059.12030     Document Type: Article

References (42)

1. Bartlett, C., S. Ghoshal. 1989. Managing Across Borders. Harvard Business School Press, Boston, MA.
2. Caves, Richard E. 1996. Multinational Enterprise and Economic Analysis, 2nd ed. Cambridge University Press, New York.
3. Christmann, P. 1998. Environmental strategies of multinational chemical companies: Global integration or national responsiveness. Working paper, University of Virginia, Charlottesville, VA.
4. Cohen, M., S. Fenn, J. Naimon. 1995. Environmental and Financial Performance. IRRC, Washington, DC.
5. Daly, H. 1994. Fostering environmentally sustainable development: Four parting suggestions for the World Bank. Ecological Econom. 10 183-187.
6. Eskeland, G., A. Harrison. 1997. Moving to greener pastures? Multinationals and the pollution haven hypothesis. Policy Research Working Paper 1744, The World Bank, Washington, DC.
7. Feldman, S., P. Soyka, P. Ameer. 1996. Does Improving a Firm's Environmental Management System and Environmental Performance Result in a Higher Stock Price? ICF Kaiser, Washington.
8. Gladwin, T., J. Kennelly, T. Krause. 1995. Shifting paradigms for sustainable development: Implications for management theory and research. Acad. Management Rev. 20 874-907.
9. Gray, Wayne B., Ronald J. Shadbegian. 1993. Environmental regulation and manufacturing productivity at the plant level. Discussion paper, U.S. Department of Commerce, Center for Economic Studies, Washington, D.C.
10. Greider, W. 1997. One World, Ready or Not. Simon and Schuster, New York.
11. Grossman, G., A. Krueger. 1995. Economic growth and the environment. Quart. J. Econom. 110(2) 353-377.
12. Hamilton, J. 1995. Pollution as news: Media and stock market reactions to the Toxics Release Inventory data. J. Environment. Econom. Management Rev. 28 98-113.
13. Hart, S. 1995. A natural-resource-based view of the firm. Acad. Management Rev. 20 986-1014.
14. _ 1997. Beyond greening: Strategies for a sustainable world. Harvard Bus. Rev. 75(1) 67-76.
15. _, G. Ahuja. 1996. Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Bus. Strategy and the Environment 5 30-37.
16. Haveman, R., G. Christiansen. 1981. Environmental regulations and productivity growth. H. Peskin, P. Portney, A. Kneese, eds. Environmental Regulation and the U.S. Economy. Resources for the Future, Washington, DC.
17. Hawken, P. 1993. The Ecology of Commerce. HarperBusiness, New York.
18. Jaffe, A., S. Peterson, P. Portney, R. Stavins. 1995. Environmental regulation and the competitiveness of U.S. manufacturing: What does the evidence tell us? J. Econom. Literature 32 132-163.
19. Johnson, R., D. Greening. 1994. Relationships between corporate social performance, financial performance, and firm governance. Acad. Management Best Paper Proc. Dallas, TX 314-318
20. Kennelly, J. 1996. The relationship of level of multinationality and institutional ownership of US firms and their social and environmental performance. Ph.D. Dissertation, Stern School of Business, New York University, New York.
21. Klassen, R., C. McLaughlin. 1996. The impact of environmental management on firm performance. Management Sci. 42 1199-1214.
22. Kogut, B. 1983. Foreign direct investment as a sequential process. C. Kindleberger, D. Audretesch, eds. The Multinational Corporation in the 1980s. MIT Press, Cambridge, MA. 38-56.
23. Korten, D. 1995. When Corporations Rule the World. Berrett-Koehler Publishers, San Francisco, CA.
24. The Lamp. 1999. Prince William Sound Revisited. Spring.
25. Lindenberg, E. B., S. A. Ross. 1981. Tobin's q ratio and industrial organization. J. Bus. 54 (January) 1-32.
26. Morck, R. K., B. Y. Yeung. 1991. Why investors value multinationality. J. Bus. 64 (April) 165-187.
27. _, _ 1992. Internalization: An event study test. J. Internat. Econom. 33 41-56.
28. _, _ 1998. Why firms diversify: Internalization vs. agency behavior. Mimeo. March.
29. Nehrt, C. 1996. Timing and intensity effects of environmental investments. Strategic Management J. 17 535-547.
30. Porter, M., C. van der Linde. 1995. Green and competitive: Ending the stalemate. Harvard Bus. Rev. 73 120-134.
31. Prahalad, C. K., Y. Doz. 1987. The Multinational Mission. Free Press, New York.
32. Rondinelli, D., G. Vastag. 1996. International environmental standards and corporate policies: An integrative framework. California Management Rev. 39(1) 106-122.
33. Romm, J. 1993. Lean and Clean Management. Free Press, New York.
34. Rugman, Alan M., Alain Verbeke. 1998. Corporate strategies and environmental regulations: An organizing framework. Strategic Management J. 19 363-375.
35. Russo, M., P. Fouts. 1997. A resource-based perspective on corporate environmental performance and profitability. Acad. Management J. 40 534-559.
36. Stewart, R. 1993. Environmental regulation and international competitiveness. Yale Law J. 102 2039-2106.
37. United Nations Commission on Trade and Development (UNCTAD). 1995. World Investment Report. United Nations, Geneva, Switzerland.
38. Vernon, R. 1992. Transnational corporations: Where are they coming from, where are they headed? Transnational Corporations 1(2) 7-35.
39. White, H. 1980. A heteroskedastic-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica. 48 (4) 817-838.
40. White, M. 1995. Does it pay to be green? Corporate environmental responsibility and shareholder value. Working paper, University of Virginia, Charlottesville, VA.
41. Wolfensohn, J. 1997. Speech at the Global Knowledge Conference, Toronto, Ontario, June 18.
42. Zahra, S., B. Oviatt, K. Minyard. 1993. Effects of corporate ownership and board structure on corporate social responsibility and financial performance. Acad. Management Best Paper Proc. Atlanta, GA. 336-340.