caa a22 4500 605483930 CHVBK 20210128100433.0 cr unu---uuuuu 210128e20151001xx s 000 0 eng 10.1007/s10551-014-2276-7 doi (NATIONALLICENCE)springer-10.1007/s10551-014-2276-7 Corporate Environmental Responsibility and Firm Performance in the Financial Services Sector [Elektronische Daten] [Hoje Jo, Hakkon Kim, Kwangwoo Park] In this study, we examine whether corporate environmental responsibility (CER) plays a role in enhancing operating performance in the financial services sector. Because achieving success with CER investing is often a long-term process, we maintain that by effectively investing in CER, executives can decrease their firms' environmental costs, thereby enhancing operating performance. By employing a unique environmental dataset covering 29 countries, we find that the reducing of environmental costs takes at least 1 or 2years before enhancing return on assets. We also find that reducing environmental costs has a more immediate and substantial effect on the performance of financial services firms in well-developed financial markets than in less-developed financial markets. These results are economically and statistically significant and robust even after alleviating endogeneity and using an additional performance measure. We interpret our empirical results as supporting the social impact and reputation-building hypothesis. Our findings also suggest that policy makers dealing with corporate sustainability management should pursue an environment-centered industry policy not only at the manufacturing sector but also at the financial services sector, as firms in both sectors with lower environmental costs perform better. Springer Science+Business Media Dordrecht, 2014 Corporate environmental responsibility nationallicence Environmental costs nationallicence Financial performance nationallicence Corporate social responsibility nationallicence Environmental sustainability management nationallicence Jo Hoje Santa Clara University, Santa Clara, CA, USA aut Kim Hakkon College of Business, Korea Advanced Institute of Science and Technology (KAIST), Seoul, South Korea aut Park Kwangwoo College of Business, Korea Advanced Institute of Science and Technology (KAIST), Seoul, South Korea aut Journal of Business Ethics Springer Netherlands 131/2(2015-10-01), 257-284 0167-4544 131:2<257 2015 131 10551 https://doi.org/10.1007/s10551-014-2276-7 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2276-7 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Jo Hoje Santa Clara University, Santa Clara, CA, USA aut NATIONALLICENCE 700 1- Kim Hakkon College of Business, Korea Advanced Institute of Science and Technology (KAIST), Seoul, South Korea aut NATIONALLICENCE 700 1- Park Kwangwoo College of Business, Korea Advanced Institute of Science and Technology (KAIST), Seoul, South Korea aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 131/2(2015-10-01), 257-284 0167-4544 131:2<257 2015 131 10551