How do corporate environmental policy and corporate reputation affect risk-adjusted financial performance?

被引：138

作者：

Gangi, Francesco ^{[1
]}

Daniele, Lucia Michela ^{[1
]}

Varrone, Nicola ^{[1
]}

机构：

[1] Univ Campania Luigi Vanvitellil, Dept Econ, Capua, Italy

来源：

BUSINESS STRATEGY AND THE ENVIRONMENT | 2020年 / 29卷 / 05期

关键词：

companies' risk; corporate reputation; corporate social responsibility; environmental policy; risk-adjusted profitability; GREEN PRODUCT INNOVATION; SOCIAL-RESPONSIBILITY; SUSTAINABLE DEVELOPMENT; FIRM PERFORMANCE; STAKEHOLDER PRESSURES; ECO-INNOVATION; EMPIRICAL-TEST; PANEL-DATA; CSR; IMPACT;

D O I：

10.1002/bse.2482

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The current study aims to answer dual, related questions: Does corporate environmental policy affect corporate reputation, and does this link also influence risk-adjusted profitability and company's risk? With a comprehensive framework involving analyses of each question, among a sample of firms traced by the Reputation Institute, this study reveals several notable results, after correcting for endogeneity biases. First, environmental engagement and green product innovation are both antecedents of corporate reputation. Second, corporate reputation has a positive impact on risk-adjusted profitability and Z score indicator of financial distress risk. Thus, corporate environmental responsibility and green practices represent cospecialized assets that enhances an intangible asset, namely, corporate reputation. The latter influence constitutes a missing link between sustainable development and the firm's financial performance. Overall, environmental engagement and corporate reputation act as insurance-like protections of firm competitiveness.

引用

页码：1975 / 1991

页数：17

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