The economic consequences of voluntary environmental reporting on shareholder wealth

This study was carried out to examine the relationship between environmental disclosure and financial performance among the companies in Malaysia, Singapore and Thailand that voluntarily disclose environmental information in their financial reports. Two hundred and fifty (250) companies listed in Bursa Malaysia, Singapore Stock Exchange and Thailand Stock Exchange were studied in the current study. From the 250 companies analyzed, 56 companies from Malaysia, 37 companies from Thailand and 15 companies from Singapore were identified as environmental reporting companies and included in the study's sample. The study hypothesizes that high performance companies are more likely to have detailed (that is, one paragraph or more) environmental disclosure.The results however suggest that the performance of the company has no

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Environmental disclosure and financial performance: An empirical study of Malaysia, Thailand and Singapore

Rahman¹,

Yusoff

Mohamed

2009

Social and Environmental Accountability Journal

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Shareholders and the environment: a review of four decades of academic research

Capelle-Blancard

Desroziers

Scholtens

2021

Environ. Res. Lett.

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We provide a synthesis of four decades of empirical research regarding the reaction of shareholders to environmental events. This literature is at the crossroads of finance, environmental economics, management and corporate social responsibility (CSR). To set the stage, we first provide an account of the Brumadinho ecological disaster that occurred in Brazil on January 25th, 2019. Second, we provide a critical review of more than 100 event studies. These papers cover a diverse set of events, such as industrial accidents, public disclosure programs, legal actions following environmental violations, changes in environmental regulation, environmental news, and corporate initiatives. This review makes four contributions. First is the synthesis of a large strand of literature in a structured setting, so as to be readily handled by both experts and non-experts. Second is the observation that stock market penalties in the event of environmental concerns are likely to be quite low: on average there is a (temporary) drop in the excess stock market return to events that are harmful to the environment of about 2% and the median is −0.6%. Third is to highlight the limits of CSR as a business strategy towards a sustainable society. Fourth is to provide an open access bibliographic database.

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The perspectives of stakeholders on the effectiveness of green financing schemes in Malaysia

Ezuma¹,

Matthew

2022

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<abstract> <p>Growing concerns of climate crisis mitigation in Malaysia over the decades have created pressure for public listed companies and small and medium enterprises in the country to adopt a different approach in their business operations. Green financing schemes such as the Environmental,Social and Governance (ESG) indicator,the FTSE4Good index by the regulatory body Bursa Malaysia for public listed companies and the Green Technology Financing Scheme stemming from the National Green Technology Policy by the Malaysian Green Technology and Climate Change Centre,address the need to improve operations sustainably through financing. Based on interviews with government agencies and public listed companies,this paper presents the effectiveness of the guidelines and schemes in place from their perspectives. The value drivers,challenges and impact from adhering to the FTSE4Good index were discovered. Findings found that the government is a central player in ensuring the initiatives' effectiveness. Although there have been improvements over the years in the industry since its introduction,barriers are still lingering that may hamper the extent of the initiatives' effectiveness. Suggestions are made as a feedback mechanism for improved green financing towards Malaysia's aspiration on becoming a high-income nation by 2025 and in support of the Sustainable Development Goal 9: Industrial innovation and infrastructure. To realise that aspiration,every player in the industry plays a critical role in greener operations,including the small and medium enterprises.</p> </abstract>

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The economic consequences of voluntary environmental reporting on shareholder wealth

Cited by 4 publications

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Environmental disclosure and financial performance: An empirical study of Malaysia, Thailand and Singapore

Environmental disclosure and financial performance: An empirical study of Malaysia, Thailand and Singapore

Shareholders and the environment: a review of four decades of academic research

The perspectives of stakeholders on the effectiveness of green financing schemes in Malaysia

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