Corporate sustainability and shareholder wealth

Journal of Environmental Planning and Management

Volumn 56, Issue 4, 2013, Pages 474-493

  Przychodzen, Justyna ^a   Przychodzen, Wojciech ^a  

^a KOZMINSKI UNIVERSITY   (Poland)

Author keywords

corporate social responsibility; corporate sustainability; environmental management; shareholder wealth; sustainable corporate finance; sustainable development

Indexed keywords

CORPORATE STRATEGY; ENVIRONMENTAL MANAGEMENT; STOCK MARKET; SUSTAINABLE DEVELOPMENT; VALUATION;

EID: 84876302079     PISSN: 09640568     EISSN: 13600559     Source Type: Journal    
DOI: 10.1080/09640568.2012.685927     Document Type: Article

References (45)

1. Baron, D. 2008. Managerial contracting and corporate social responsibility. Journal of public economics, 92 (1-2): 268-288.
2. Baruch, L., Petrovits, C. and Radhakrishan, S. 2010. Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic management journal, 31 (2): 182-200.
3. Bénabou, R. and Tirole, J. Individual and Corporate Social Responsibility. Fondazione Eni Enrico Mattei, Working Paper No.23, Milan.
4. Besley, T. and Ghatak, M. 2007. Retailing public goods: the economics of social responsibility. Journal of public economics, 91 (9): 1645-1663.
5. Bowen, H. 1953. Social responsibility of the businessman, New York: Harper and Row.
6. Boyle, E. J., Higgins, M. M. and Rhee, S. G. 1997. Stock market reaction to ethical initiatives of defense contractors: theory and evidence. Critical perspectives in accounting, 8 (6): 541-561.
7. Carhart, M. 1997. On persistence in mutual fund performance. Journal of finance, 52 (1): 57-82.
8. Clarkson, M. B.E. 1995. A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management review, 20: 65-91.
9. Dyllick, T. and Hockerts, K. 2002. Beyond the business case for corporate sustainability. Business strategy and the environment, 11 (2): 130-141.
10. Elfenbein, D. and McManus, B. 2010. A greater price for a greater good? Evidence that consumers pay more for charity-linked products. American economic journal: economic policy, 2 (2): 28-60.
11. Esty, D. C. and Winston, A. S. 2006. Green to gold: how smart companies use environmental strategy to innovate, create value, and build competitive advantage, New Haven and London: Yale University Press.
12. Fama, E. and French, K. 1993. Common risk factors in the returns on bonds and stocks. Journal of financial economics, 33: 3-53.
13. Fernando, C., Sharfman, M. and Uysal, V. Does greenness matter? The effect of corporate environmental performance on ownership structure, analyst coverage and firm value. Working paper. University of Oklahoma.
14. Fisher-Vanden, K. and Thorburn, K. Voluntary Corporate Environmental Initiatives and Shareholder Wealth. CEPR discussion paper, No. DP6698, London.
15. Flatz, A. 2002. " Corporate sustainability and financial indexes ". In Environmental performance measurement, Edited by: Esty, D. and Cornelius, P. 66-81. New York: Oxford University Press.
16. Freeman, R. E. 1984. Strategic management: a stakeholder approach, Boston: Pitman.
17. Friedman, M. 1970. The social responsibility of business is to increase profits. The New York Times Magazine, 13 September
18. Guoyou, Q. and Corporate social responsibility and environmental management. 2011. Role of internalization process in defining the relationship between ISO 14001 Certification and corporate environmental performance. 19 (3): 129-140.
19. Higgins, R. 1977. How much growth can a firm afford?. Financial management, 6 (3): 7-16.
20. Johnsen, B. 2003. Socially responsible investing: a critical appraisal. Journal of business ethics, 43 (3): 219-222.
21. Kahn, N. R., Lekander, C. and Leimkuhler, T. 1997. Just say no? The investment implications of tobacco divestiture. The journal of investing, 6 (4): 62-70.
22. Kaplan, S. and Zingales, L. 1997. Do investment-cash flow sensitivities provide useful measures of financing constraints?. Quarterly journal of economics, 112 (1): 169-215.
23. Laszlo, C. 2003. The sustainable company: how to create lasting value through social and environmental performance, Washington, DC: Island Press.
24. Majumdar, S. K. and Marcus, A. A. 2001. Rules versus discretion: the productivity consequences of flexible regulations. Academy of management journal, 44 (1): 170-179.
25. Mǎnescu, C. 2011. Stock returns in relation to environmental, social and governance performance: mispricing or compensation for risk?. Sustainable development, 19 (2): 95-118.
26. Margolis, J. and Elfenbien, H. 2008. Do well by doing good: don't count on it. Harvard business review, 86 (1): 19-20.
27. Margolis, J. and Walsh, J. 2003. Misery loves companies: rethinking social initiatives by business. Administrative science quarterly, 48: 268-305.
28. Nakao, Y. 2007. Relationship between environmental performance and financial performance: an empirical analysis of Japanese corporations. Business strategy and the environment, 16 (2): 106-118.
29. Orlitzky, M., Schmidt, F. and Rynes, S. 2003. Corporate social and financial performance: a meta-analysis. Organization studies, 24 (3): 403-441.
30. Porter, M. and Kramer, M. 2006. Strategy and society: the link between competitive advantage and corporate social responsibility. Harvard business review, 84 (12): 78-92.
31. Porter, M. and Mark, K. 2011. Creating shared value: how to reinvent capitalism and unleash a wave of innovation and growth. Harvard business review, 89 (1-2): 62-77.
32. Preston, L. and O'Bannon, D. 1997. The corporate social-financial performance relationship: a typology and analysis. Business and society, 36 (4): 419-429.
33. Reich, R. The case against corporate social responsibility. Goldman School of Public Policy Working Paper, No. 3, Berkeley, CA.
34. Reinhardt, F. L. 1998. Environmental product differentiation: implications for corporate strategy. California management review, 40 (4): 43-73.
35. Renneboog, L., Horst, J. T. and Zang, C. 2008. Socially responsible investments: institutional aspects, performance, and investor behavior. Journal of banking and finance, 32: 1723-1742.
36. Scholtens, B. and Zhou, Y. 2008. Stakeholder relations and financial performance. Sustainable development, 16 (3): 213-232.
37. Semenova, N. and Hassel, L. 2008. Financial outcomes of environmental risk and opportunity for US companies. Sustainable development, 16 (3): 195-212.
38. Sethi, P. 1979. Dimensions of corporate social responsibility. Californian management review, 17 (3): 58-64.
39. Soppe, A. 2004. Sustainable corporate finance. Journal of business ethics, 53 (1-2): 213-224.
40. Soppe, A. 2011. Sustainable finance as a connection between corporate social responsibility and social responsible investing. Indian management research journal, 1 (3): 13-23.
41. United Nations Global Compact. 2010. A new era of sustainability, New York:, UN Global: Compact-Accenture CEO Study 2010.
42. Vogel, D. 2005. The market for virtue: the potential and limits of corporate social responsibility, Washington, DC: Brookings Institution Press.
43. Wartick, S. L. and Cohran, P. L. 1985. The evolution of corporate social performance model. Academy of management review, 10: 758-769.
44. Yin, H. and Schmeidler, P. 2009. Why do standardized ISO 14001 environmental. management systems lead to heterogeneous. environmental outcomes?. Business strategy and the environment, 18: 469-486.
45. Zaho, J. 2008. The effect of the ISO 14001 environmental management system on corporate financial performance. International journal of business excellence, 1 (1-2): 210-230.