Industrial accidents: The mediating effect of corporate social responsibility and environmental policy measures

Caiazza, Stefano; Galloppo, Giuseppe; Lattanzio, Gabriele

doi:10.1002/csr.2413

Cited by 4 publications

(1 citation statement)

References 52 publications

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“…The parameters

α_{i}

β_{i}

are estimated using the data of 250 trading days starting from 20 trading days before the event (i.e., [−270; −20]), which is approximately the number of trading days in a year (Birindelli & Chiappini, 2021; Caiazza et al, 2022).

R_{m, t}

is the value‐weighted market return on date t .…”

Section: Methodsmentioning

confidence: 99%

Does non‐compliance pay? Environmental violations and share prices in China

Xia,

Hua,

Zhang

2023

Corp Soc Responsibility Env

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This study investigates how environmental penalties affect the share prices of Chinese listed companies. By linking the share prices of listed firms to the full administrative environmental penalty records from 2015 to 2020, market reactions to 3602 environmental violations measured by cumulative abnormal return (CAR) are studied. We find that after an environmental penalty, the share price of the violator would decline significantly, but with a small magnitude in general. Our results provide empirical evidence that companies are paying some extra costs in the stock market for their environmental noncompliance in China, especially for environmental penalties with large fines, business bans, or those issued by high‐level governments. Also, large, state‐owned, and key emission unit companies are found to be less affected.

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“…The parameters

α_{i}

β_{i}

R_{m, t}

is the value‐weighted market return on date t .…”

Section: Methodsmentioning

confidence: 99%

Does non‐compliance pay? Environmental violations and share prices in China

Xia,

Hua,

Zhang

2023

Corp Soc Responsibility Env

View full text Add to dashboard Cite

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Environmental policy and stakeholder engagement: Incident‐based, cross‐country analysis of firm‐level greenwashing practices

Keresztúri,

Berlinger,

Lublóy

2024

Corp Soc Responsibility Env

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In this study, we investigate how internal and external monitoring systems can help combat greenwashing. We propose a novel, incident‐based measure to investigate the greenwashing behavior of 1218 large and mid‐cap companies across different industries between 2008 and 2020. These companies are constituents of the MSCI World Index, covering 23 developed market economies. We consider a company to be engaged in greenwashing if it improves its environmental ESG subscore while simultaneously being responsible for severe environmental damage. According to our greenwashing indicator, about 7% of the companies were involved in greenwashing at least once during the 13‐year sample period. The proportion of greenwashing companies is highest in the energy, utilities, and materials industries. We find evidence that both internal and external monitoring mechanisms can be effective in deterring companies from adopting greenwashing strategies. Firms with more independent board members, attracting more attention from the investors, and headquartered in countries where the population is more environmentally aware are significantly less likely to engage in greenwashing. The awareness of the population is a key factor especially in the energy, utility, and material sectors.

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