CORPORATE SOCIAL RESPONSIBILITY AND SHAREHOLDER REACTION: THE ENVIRONMENTAL AWARENESS OF INVESTORS
CORPORATE SOCIAL RESPONSIBILITY AND SHAREHOLDER REACTION: THE ENVIRONMENTAL AWARENESS OF INVESTORS
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DOI：
10.5465/amj.2011.0744
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发表时间：
2013-06-01
影响因子：
10.5
通讯作者：
Flammer, Caroline
中科院分区：
文献类型：
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作者：
Flammer, Caroline
本研究探讨股东是否对公司的环境足迹敏感。具体来说，我进行了一项事件研究，围绕1980年至2009年所有美国上市公司与环境有关的企业新闻的公告。在保持与环境企业社会责任（CSR）为企业产生新的和有竞争力的资源，我发现，公司报告的行为对环境负责的经验显着的股票价格上涨，而公司的行为不负责任的面临着显着下降。扩展这种观点的“环境作为一种资源”，我认为，环境企业社会责任的价值取决于外部和内部的主持人。首先，我认为，对环境负责的外部压力，这在最近几十年急剧增加，加剧了对生态有害行为的惩罚，减少了对生态友好的倡议的奖励。这一论点得到了数据的支持：随着时间的推移，股市对生态有害行为的负面反应有所增加，而对生态友好举措的积极反应有所减少。其次，我认为，环境企业社会责任是一种资源，具有边际收益递减和保险的特点。与此观点相一致，我发现，积极（消极）股市反应的环保（-有害）的事件是较小的公司与较高水平的环境CSR。
This study examines whether shareholders are sensitive to corporations' environmental footprint. Specifically, I conduct an event study around the announcement of corporate news related to environment for all US publicly traded companies from 1980 to 2009. In keeping with the view that environmental corporate social responsibility (CSR) generates new and competitive resources for firms, I find that companies reported to behave responsibly toward the environment experience a significant stock price increase, whereas firms that behave irresponsibly face a significant decrease. Extending this view of "environment-as-a-resource," I posit that the value of environmental CSR depends on external and internal moderators. First, I argue that external pressure to behave responsibly towards the environment-which has increased dramatically over recent decades-exacerbates the punishment for eco-harmful behavior and reduces the reward for eco-friendly initiatives. This argument is supported by the data: over time, the negative stock market reaction to eco-harmful behavior has increased, while the positive reaction to eco-friendly initiatives has decreased. Second, I argue that environmental CSR is a resource with decreasing marginal returns and insurance-like features. In keeping with this view, I find that the positive (negative) stock market reaction to eco-friendly (-harmful) events is smaller for companies with higher levels of environmental CSR.