Does the market value corporate response to climate change?

Omega (United Kingdom)

Volumn 41, Issue 2, 2013, Pages 195-206

  Hsu, Audrey Wen hsin ^a   Wang, Tawei ^b  

^a NATIONAL TAIWAN UNIVERSITY   (Taiwan)

^b UNIVERSITY OF HAWAII   (United States)

Author keywords

Climate change; Environmental studies; Tone

Indexed keywords

CARBON DIOXIDE; COMMERCE; ENVIRONMENTAL MANAGEMENT; GLOBAL WARMING;

% REDUCTIONS; CARBON DIOXIDE EMISSIONS; CORPORATES; ENVIRONMENTAL PERFORMANCE; ENVIRONMENTAL STUDIES; GREENHOUSES GAS; MARKET VALUES; NEGATIVE MEDIA; NEWS ARTICLES; TONE;

GREENHOUSE GASES;

EID: 84867016431     PISSN: 03050483     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.omega.2011.07.009     Document Type: Article

References (56)

1. Broder John. Senators issue warning on Climate Bill. New York Times 2009. http://greeninc.blogs.nytimes.com/2009/08/06/senato.
2. They Work For You.com. (TWFY) 2009, Scottish Parliament debates, 24 June 2009. http://www.theyworkforyou.com/sp/?id=2009-06-24.18787.0.
3. Palmer K., Oates W.E., Portney P.R. Tightening environmental standards: the benefit-cost or the no-cost paradigm?. Journal of Economic Perspectives 1995, 9(4):119-132.
4. Dechant K., Altman B., Downing R.M., Keeney T. Environmental leadership: from compliance to competitive advantage. Academy of Management Executive 1994, 8(3):7-28.
5. Hart S. A natural-resource-based view of the firm. Academy of Management Review 1995, 20:986-1014.
6. Shrivastava P. The role of corporations in achieving ecological sustainability. Academy of Management Review 1995, 20:936-960.
7. Russo M.V., Fouts P.A. A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal 1997, 40(3):534-559.
8. Core J.E., Wayne G., Larcker D.F. The power of the pen and executive compensation. Journal of Financial Economics 2008, 88:1-25.
9. Kothari S.P., Xu Li, Short James E. The effect of disclosures by management, analysts, and financial press on the equity cost of capital: a study using content analysis. The Accounting Review 2006, 84(5):1639-1670.
10. Tetlock P.C. Giving content to investor sentiment: the role of media in the stock market. Journal of Finance 2007, 139-168.
11. Tetlock P.C., Saar Tsechansky M., Macskassy S. More than words: quantifying language to measure firms' fundamentals. Journal of Finance 2008, 1437-1467.
12. Dyck IJA, Zingales L. The corporate governance role of the media. In: RoumeenIslam, editors. The right to tell: the role of mass media in economic development. The World Bank: Washington; 2002 [Chapter 7].
13. Ajzen I., Czasch C., Flood M.G. From intentions to behavior: implementation intention, commitment, and conscientiousness. Journal of Applied Social Psychology 2009, 39:1356-1372.
14. Ajzen I., Gilbert C. Attitudes and the prediction of behavior. Attitudes and attitude change 2008, 289-311. Psychology Press, New York. W.D. Crano, R. Prislin (Eds.).
15. Sturdivant F.D., Ginter J.L. Corporate social responsiveness: management attitudes and economic performance. California Management Review 1977, 19(3):30-39.
16. Sturdivant P.J., Ginter J.L. Managers' conservatism and corporate performance. Strategic Management Journal 1985, 6:17-38.
17. Forbes W. The boys in the bubble: Internet entrepreneurs and stock market value. Omega 2006, 34:439-447.
18. Earnings Ohlson J. Book values and dividends in equity valuation. Contemporary Accounting Research 1995, 11:661-687.
19. Dowell G., Hart S., Yeung B. Do corporate global environmental standards create or destroy market value?. Management Science 2000, 46(8):1059-1074.
20. King A., Lenox M. Lean and green? An empirical examination of the relationship between lean production and environmental performance. Production and Operations Management 2001, 10(3):244-257.
21. Konar S., Cohen R.A. Does the market value environmental performance?. Review of Economics and Statistics 2001, 83(2):281-289.
22. Cho C.H., Patten D.M. The role of environmental disclosures as tools of legitimacy: a research note. Accounting, Organization and Society 2007, 32:639-647.
23. Aupperle K.E., Carroll A.B., Hatfield J.B. An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal 1985, 28:446-463.
24. Ullmann A. Data in search of a theory: a critical examination of the relationships among social performance, social disclosure, and economic performance. Academy of Management Review 1985, 10:540-577.
25. Vance S. Are socially responsible firms good investment risks?. Management Review 1975, 64:18-24.
26. Graham J.R., Campbell R.H., Shiva R. The economic implications of corporate financial reporting. Journal of Accounting and Economics 2005, 40:3-73.
27. Porter M.E. Capital disadvantage: American's failing capital investment system. Harvard Business Review 1992, 70:65-82.
28. Moskowitz M. Choosing socially responsible stocks. Business and Society 1975, 1:71-75.
29. Freedman M., Jaggi B. Pollution disclosures, pollution performance and economic performance. Omega 1982, 10(2):167-176.
30. Parket R., Eibert H. Social responsibility: the underlying factors. Business Horizons 1975, 18:5-10.
31. Waddock S.A., Graves S.B. The corporate social performance-financial performance link. Strategic Management Journal 1997, 18(4):303-319.
32. Brammer S., Brooks C., Pavelin S. Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management 2005, 35:97-116.
33. Griffin J., Mahon J. The corporate social performance and corporate financial performance debate: twenty-five years of incomparable research. Business & Society 1997, 36(1):5-31.
34. Levine D.I., Chatterji A.K. Breaking down the wall of codes: evaluating non-financial performance measurement. California Management Review 2006, 48:2.
35. Hawken P. Socially responsible investing: how the SRI industry has failed to respond to people who want to invest with conscience and what can be done to change it. Natural Capital Institute 2004.
36. Porter M., van der Linde C. Green and competitive: ending the stalemate. Harvard Business Review 1995, 73:120-134.
37. Shrivastava P, Hart S. Greening organizations. In: Academy of Management best paper proceedings, vol. 52, 1992. p. 185-9.
38. Environmental TQM 1994, McGraw-Hill, New York. J. Willig (Ed.).
39. Rooney C. Economics of pollution prevention: how waste reduction pays. Pollution Prevention Review 1993, Summer:261-276.
40. Stern N.S., Peters V., Bakhshi A., Bowen C., Cameron S., Catovsky D., et al. Stern review: the economics of climate change 2006, HM Treasury, London.
41. Amir A., Lev B. Value-relevance of nonfinancial information: the wireless communications industry. Journal of Accounting and Economics 1996, 22(1-3):3-30.
42. Lang M.H., Lundholm R.J. Voluntary disclosure and equity offerings: reducing information asymmetry or hyping the stock?. Contemporary Accounting Research 2000, 17(4):623-662.
43. Loughran T. McDonald Bill. When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. Journal of Finance 2011, 66(1):35-65.
44. Adams G., McQueen G., Seawright K. Revising the stock price impact of quality awards. Omega 1999, 27:595-604.
45. DeFond M., Jiambalvo J. Debt covenant violation and manipulation of accruals. Journal of Account and Economics 1994, 17(1):145-176.
46. Dechow P., Dichev I. The quality of accruals and earnings: the role of accrual estimation errors. Accounting Review 2002, 77(4):35-59.
47. Ghosh A., Moon D. Auditor tenure and perceptions of audit quality. The Accounting Review 2005, 80(2):585-612.
48. Francis J., Schipper K. Have financial statements lost their relevance?. Journal of Accounting Research 1999, 37:319-352.
49. Stern J.M. Earnings per share is a poor indicator of performance. Omega 1974, 2(1):11-32.
50. Lowe J., Lewis D. Economic approaches to environmental decision-making. Omega 1979, 7(5):421-430.
51. Wendling R.M., Bezdek R.H. Acid rain abatement legislation-costs and benefits. Omega 1989, 17(3):251-261.
52. Common M.S. External costs: myth or rationale for state intervention?. Omega 1979, 7(5):385-397.
53. Hitchens D.M.W.N. The implications for competitiveness of environmental regulations for peripheral regions in the E.U. Omega 1979, 27:101-114.
54. American Institute of Certified Public Accountants (AICPA). Special Committee on Financial Reporting: Improving business reporting-a customer focus. New York: AICPA; 1994.
55. European boycott worries Exxon Mobil. Wall Street Journal 2001; May 31: B13.
56. White J.B. Ford calls for broad discussion on carbon-dioxide emissions. Wall Street Journal 2005, B6.