The Impact of Corporate Sustainability on Organizational Processes and Performance
The Impact of Corporate Sustainability on Organizational Processes and Performance
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DOI：
10.1287/mnsc.2014.1984
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发表时间：
2014-11-01
影响因子：
5.4
通讯作者：
Serafeim, George
中科院分区：
文献类型：
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作者：
Eccles, Robert G.;Ioannou, Ioannis;Serafeim, George
我们研究了企业可持续发展对组织过程和绩效的影响。通过对180家美国公司的匹配样本，我们发现，到1993年自愿采用可持续发展政策的公司（被称为高可持续性公司）与几乎没有采用这些政策的匹配样本（被称为低可持续性公司）相比，到2009年表现出截然不同的组织流程。高可持续性公司的董事会更有可能正式负责可持续性，高管薪酬激励更有可能是可持续性指标的函数。高可持续性的公司更有可能建立了利益相关者参与的流程，更以长期为导向，并表现出更高的非财务信息的测量和披露。最后，从长期来看，高可持续性公司在股票市场和会计绩效方面的表现都明显优于同行。
We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched sample of 180 U. S. companies, we find that corporations that voluntarily adopted sustainability policies by 1993-termed as high sustainability companies-exhibit by 2009 distinct organizational processes compared to a matched sample of companies that adopted almost none of these policies-termed as low sustainability companies. The boards of directors of high sustainability companies are more likely to be formally responsible for sustainability, and top executive compensation incentives are more likely to be a function of sustainability metrics. High sustainability companies are more likely to have established processes for stakeholder engagement, to be more long-term oriented, and to exhibit higher measurement and disclosure of nonfinancial information. Finally, high sustainability companies significantly outperform their counterparts over the long term, both in terms of stock market and accounting performance.