caa a22 4500 605484430 CHVBK 20210128100436.0 cr unu---uuuuu 210128e20150901xx s 000 0 eng 10.1007/s10551-014-2115-x doi (NATIONALLICENCE)springer-10.1007/s10551-014-2115-x Firm Characteristics, Industry Context, and Investor Reactions to Environmental CSR: A Stakeholder Theory Approach [Elektronische Daten] [James Cordeiro, Manish Tewari] 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. Springer Science+Business Media Dordrecht, 2014 Corporate sustainability nationallicence Stock market performance nationallicence Stakeholder management nationallicence Newsweek Green Rankings nationallicence Legitimacy nationallicence Cordeiro James School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA aut Tewari Manish School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA aut Journal of Business Ethics Springer Netherlands 130/4(2015-09-01), 833-849 0167-4544 130:4<833 2015 130 10551 https://doi.org/10.1007/s10551-014-2115-x 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/s10551-014-2115-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Cordeiro James School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA aut NATIONALLICENCE 700 1- Tewari Manish School of Business, State University of New York, Brockport, 115C Hartwell Hall, 350 New Campus Drive, 14420, Brockport, NY, USA aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 130/4(2015-09-01), 833-849 0167-4544 130:4<833 2015 130 10551