Firm Characteristics, Industry Context, and Investor Reactions to Environmental CSR: A Stakeholder Theory Approach
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| 024 | 7 | 0 | |a 10.1007/s10551-014-2115-x |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s10551-014-2115-x | ||
| 245 | 0 | 0 | |a Firm Characteristics, Industry Context, and Investor Reactions to Environmental CSR: A Stakeholder Theory Approach |h [Elektronische Daten] |c [James Cordeiro, Manish Tewari] |
| 520 | 3 | |a We use an event study to capture the investor reaction to the first Newsweek Green Rankings in September 2009, a notable, multi-dimensional recent development in the rating of corporate environmental CSR performance. Drawing on stakeholder theory, we develop hypotheses about (a) market investor reaction to the disclosure of new, relevant corporate environmental performance in both the short and longer (6-12-month) term, (b) whether market investors' reaction reflects industry context, and (c) whether firm-level contextual variables representing firm size, and market legitimacy significantly impacts the investor reaction. We find that, for the sample of the largest 500 US firms ranked by Newsweek, investors react positively both to the raw and within-industry rankings of green performance in terms of both short-term and longer-term (up to 12months) returns. Moreover, the investor reaction is significantly influenced by contextual variables such as firm size and firm market legitimacy. Our results are compatible with the inference that rating agencies like Newsweek serve a valuable information dissemination function such that investors in better ranked firms anticipate larger future cash flows due to more positive reactions from key stakeholders such as environmentally-conscious customers, employees, NGOs, regulators, and thus reward these firms with stock price increases. Finally, larger, more visible firms benefit more, while firms which have more market legitimacy (represented by past financial performance) benefit less. We believe these findings will be of considerable interest to scholars of environmental corporate social responsibility. | |
| 540 | |a Springer Science+Business Media Dordrecht, 2014 | ||
| 690 | 7 | |a Corporate sustainability |2 nationallicence | |
| 690 | 7 | |a Stock market performance |2 nationallicence | |
| 690 | 7 | |a Stakeholder management |2 nationallicence | |
| 690 | 7 | |a Newsweek Green Rankings |2 nationallicence | |
| 690 | 7 | |a Legitimacy |2 nationallicence | |
| 700 | 1 | |a Cordeiro |D James |u School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA |4 aut | |
| 700 | 1 | |a Tewari |D Manish |u School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA |4 aut | |
| 773 | 0 | |t Journal of Business Ethics |d Springer Netherlands |g 130/4(2015-09-01), 833-849 |x 0167-4544 |q 130:4<833 |1 2015 |2 130 |o 10551 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s10551-014-2115-x |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s10551-014-2115-x |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Cordeiro |D James |u School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Tewari |D Manish |u School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Journal of Business Ethics |d Springer Netherlands |g 130/4(2015-09-01), 833-849 |x 0167-4544 |q 130:4<833 |1 2015 |2 130 |o 10551 | ||