Do Corporations Invest Enough in Environmental Responsibility?

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Proponents of corporate environmental responsibility argue that corporations shortchange shareholders by investing too little in environmental responsibility. They claim that corporations can improve their financial performance by increasing their investment in environmental responsibility. Opponents of corporate social responsibility argue that corporations shortchange shareholders by investing too much in environmental responsibility. They claim that corporations can improve their financial performance by reducing their investment in environmental responsibility. Yet, others claim that corporations serve their shareholders well by investing just enough in social responsibility, not too little and not too much. If so, corporations increase their investment in environmental responsibility when an increase improves financial performance and reduce their investment in environmental responsibility when a decrease improves financial performance. Our evidence is consistent with this last claim. We find that the behavior of corporations is consistent with the claim that they act in the interest of shareholders, increasing or decreasing their investment in environmental responsibility as necessary to improve their financial performance.
Publisher
SPRINGER
Issue Date
2012-01
Language
English
Article Type
Article
Keywords

SEASONED EQUITY OFFERINGS; R-AND-D; EARNINGS MANAGEMENT; MARKET VALUE; PERFORMANCE; FIRM; BEHAVIOR; IMPACT

Citation

JOURNAL OF BUSINESS ETHICS, v.105, no.1, pp.115 - 129

ISSN
0167-4544
DOI
10.1007/s10551-011-0954-2
URI
http://hdl.handle.net/10203/244370
Appears in Collection
MT-Journal Papers(저널논문)
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