Environmental policies and firm value

Business Strategy and the Environment

Volumn 21, Issue 1, 2012, Pages 49-59

  Al Najjar, Basil ^a   Anfimiadou, Aspioni ^a  

^a MIDDLESEX UNIVERSITY BUSINESS SCHOOL   (United Kingdom)

Author keywords

Eco efficiency; ISO14001; Market value; UK

Indexed keywords

BUSINESS CYCLE; ECONOMIC IMPACT; ENVIRONMENTAL ECONOMICS; ENVIRONMENTAL POLICY; STANDARDIZATION;

UNITED KINGDOM;

EID: 84855226777     PISSN: 09644733     EISSN: 10990836     Source Type: Journal    
DOI: 10.1002/bse.713     Document Type: Article

References (61)

1. Anderson J, Frankle A. 1980. Voluntary social reporting: An Iso-Beta portfolio analysis. Accounting Review 55: 467-479.
2. Albino V, Balice A, Dangelico RM. 2009. Environmental Strategies and Green Product Development: an Overview on Sustainability-Driven Companies. Business Strategy and the Environment 18: 83-96.
3. Ballou B, Godwin N, Shortridge R. 2003. Firm value and employee attitudes on workplace quality. Accounting Horizons December: 36-341.
4. Belkaoui A. 1976. The impact of the disclosure of the environmental effects of organizational behavior on the market. Financial Management 5: 26-31.
5. Berrone P, Gomez-Mejia LR. 2009. Environmental Performance and Executive Compensation: an Integrated Agency-Institutional perspective. Academy of Management Journal 52(1): 103-126.
6. Blacconiere WG, Northcut WD. 1997. Environmental information and market reactions to environmental legislation. Journal of Accounting, Auditing & Finance 12(2): 149-178.
7. Blacconiere, WG, Patten DM. 1994. Environmental disclosures, regulatory costs, and changes in firm value. Journal of Accounting and Economics 18: 357-477.
8. Bowman E. 1978. Strategy, annual reports, and alchemy. California Management Review 20: 64-71.
9. Brady K, Henson P, Fava J. 1999. Sustainability, eco-efficiency, life-cycle management and business strategy. Environmental Quality Management Spring: 1-11.
10. Burritt R, Saka C. 2006. Environmental management accounting applications and eco-efficiency: case studies from Japan. Journal of Cleaner Production 14: 1262-1275.
11. Corbett CJ, Klassen RD. 2006. Extending the horizons: environmental excellence as key to improving operations. Manufacturing & Service operations Management 8(1): 5-22.
12. Cordeiro J, Sarkis J. 1997. Environmental Proactivism and Firm Performance: Evidence from Security Analyst Earnings Forecasts. Business Strategy and the Environment 6: 104-114.
13. Côté R, Booth A, Louis B. 2006. Eco-efficiency and SMEs in Nova Scotia, Canada. Journal of Cleaner Production 14: 542-550.
14. Derwall J, Guenster N, Bauer R, and Koedijk K. 2005. The eco-efficiency premium puzzle. Financial Analysts Journal 61(2): 51-63.
15. Dessai S, Lacast NS, Vincent, K. 2003. International Political History of the Kyoto Protocol: from the Hague to Marrakech and beyond. International Review for Environmental Strategies 4(2): 183-205.
16. Dowell D, Hart S, Yeung B. 2000. Do corporate global environmental standards create or destroy market value? Management Science, August: 1059-1074.
17. Dyllick T, Hockerts K. 2002. Beyond the business case for corporate sustainability. Business Strategy and the Environment 11: 130-141.
18. Ekins P, Etheridge B. 2006. The environmental and economic impacts of the UK climate change agreements. Energy Policy 34: 2071-2086.
19. Erkko S, Melanen M, Mickwitz P. 2005. Eco-efficiency in the Finnish EMAS reports - a buzz word? Journal of Cleaner Production 13: 799-813.
20. Figge F, Hahn T. 2004. Sustainable value added-measuring corporate contributions to sustainability beyond eco- efficiency. Ecological Economics 48: 173-187.
21. Freedman M, Jaggi B. 1982. Pollution disclosures, pollution performance and economic performance. Omega 10: 167-176.
22. Fry F, Hock R. 1976. Who claims corporate responsibility? The biggest and the worst. Business and Society Review 18: 62-65.
23. Gray R, Javad M, Power D. 2001. Social and environmental disclosure and corporate characteristics: a research note and extension. Journal of Business Finance and Accounting, April-May: 327-356.
24. Grubb M. 2002. Britannia waives the rules - The UK, the EU and climate change. New Economy: 139-142.
25. Guenster N, Derwall J, Bauer R, Koedijk K. 2006. The economic value of corporate eco-efficiency. Electronic copy:.
26. Hamilton JT. 1995. Pollution as news: media and stock market reactions to the toxic release inventory data. Journal of Environmental Economics and Management 28: 98-113.
27. Hart SL, Ahuja G. 1996. Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment 5: 30-37.
28. Helminen R-R. 2000. Developing tangible measures for eco-efficiency: the case of the Finnish and Swedish pulp and paper industry. Business Strategy and the Environment 9: 196-210.
29. Holland L. 2003. Can the principle of the ecological footprint be applied to measure the environmental sustainability of business? Corporate Social Responsibility and Environmental Management, December: 224-232.
30. Idowu OS, Papasolomou I. 2007. Are the corporate social responsibility matters based on good intentions or false pretences? An empirical study of the motivations behind the issuing of CSR reports by UK companies. Corporate Governance 7(2): 136-147.
31. Ingram R, Frazier K. 1980. Environmental performance and corporate disclosure. Journal of Accounting Research 18: 614-622.
32. Jacobs WB, Singhal RV, Subramanian R. 2008. An empirical investigation of Environmental Performance and the Market Value of the Firm. Electronic copy:.
33. Johnson SD. 1996. Environmental performance evaluation: prioritizing environmental performance objectives. Corporate Environmental Strategy, Autumn: 17-28.
34. King A, Lenox J. 2002. Exploring the locus of profitable pollution reduction. Management Science 48(2): 289-299.
35. Klassen RD, McLaughlin CP. 1996. The impact of environmental management on firm performance. Management Science 42(8): 1199-214.
36. Konar S, Cohen MA. 1997. Does the market value environmental performance? Vanderbilt University, Nashville: Owen Graduate School of Management.
37. Markus L. 2000. Eco-efficiency- creating more value with less impact. World Business Council for Sustainable Development (WBCSD).
38. Marshall R, Brown D. 2003. Corporate environmental reporting: What's in a metric? Business Strategy and the Environment 12: 87-106.
39. McGinness S. 2001. Climate change & the kyoto protocol. Research Paper 01/106, Science and environment section, House of Commons Library.
40. McWilliams A, Siegel D. 1999. Issues in the use of the event study methodology: a critical analysis of corporate social responsibility studies. Organisational Research Methods 2(4): 240-366.
41. Meijkamp R. 1998. Changing consumer behavior through eco-efficient services: an empirical study of car sharing in the Netherlands. Business Strategy and the Environment 7: 235-244.
42. Ohlson J. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11: 661-687.
43. Pogutz S, Russo A. 2009. Eco-efficiency vs. eco-effectiveness. exploring the link between GHG emissions and firm performance. Working Paper Series, Research Center, Universita Bocconi, Electronic copy:.
44. Porter ME, Van Der Linde. 1995. Towards a new conception of the environment competitiveness relationship. Journal of Economic Perspectives 9(4): 97-118.
45. Porter ME. 1991. American's green strategy. Scientific America 264: 168.
46. Preston L. 1978. Analyzing corporate social performance: Methods and results. Journal of Contemporary Business 7: 135-150.
47. Russo MV, Harrison NS. 2005. Organizational design and environmental performance: Clues from the electronics industry. Academy of Management Journal 48: 582-593.
48. Scholtens B. 2008. A note on the interaction between corporate social responsibility and financial performance. Ecological Economics 68: 46-55.
49. Shane PB, Spicer BH. 1983. Market response to environmental information produced outside the firm. The Accounting Review LVIII: 521-538.
50. Sinclair P, Walton J. 2003. Environmental reporting within the forest and paper industry. Business Strategy and the Environment 12: 326-337.
51. Sinkin C, Wright CJ, Burnett RD. 2008. Eco-efficiency and firm value. Journal of Accounting and Public Policy 27: 167-176.
52. Thomas A, Tonks I. 1991. Corporate environmental policy and abnormal stock price returns: an empirical investigation. Proceedings of the 1999 Eco-Management and Auditing Conference, Leeds: ERP Environment: 335-344.
53. Ullmann A. 1985. Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of U.S. firms. Academy of Management Review 10: 540-557.
54. Verfaillie H, Bidwell R. 2000. Measuring eco-efficiency: A guide to reporting company performance. World Business Council for Sustainable Development, Geneva.
55. Wahba H. 2008. Explaining the Moderating Effect of Financial Performance on the Relationship between Corporate Environmental Responsibility and Institutional Investors: Some Egyptian Evidence. Corporate Social Responsibility and Environmental Management 15: 361-371.
56. Wagner M. 2001. A review of empirical studies concerning the relationship between environmental and economic performance What does the evidence tell us? Center for Sustainability Management, ISBN: 3-935630-01-8.
57. Walley N, Whitehead B. 1994. It's not easy being green. Harvard Business Review May-June: 46-52.
58. Weber O, Scholz RW, Michalik G. 2010. Incorporating Sustainability Criteria into Credit Risk Management. Business Strategy and the Environment 19: 39-50.
59. Welch EW, Mori Y, Aoyagi-Usui M. 2002. Voluntary adoption of ISO 14001 in Japan: mechanisms, stages and effects, Business strategy and the environment 11: 43-62.
60. World Business Council for Sustainable Development Report. 2002. The Business Case for Sustainable Development. Accessible at.
61. Young W, Tilley F. 2006. Can Businesses move Beyond Efficiency? The Shift towards Effectiveness and Equity in the Corporate Sustainability Debate. Business Strategy and the Environment 15: 402-415.