Voluntary Disclosures and the Firm-Value Effects of Carbon Emissions

Matsumura, Ella Mae; Prakash, Rachna; Vera‐Muñoz, Sandra C.

doi:10.2139/ssrn.1921809

Cited by 14 publications

(6 citation statements)

References 34 publications

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“…On the other hand, evidence of a positive relation between CSR performance and firm value is emerging (e.g., Margolis et al 2009;Plumlee et al 2010;Dhaliwal et al 2011;Prakash et al 2011). These findings are consistent with the first perspective described by Moser and Martin (2012), namely, that companies engage in socially responsible activities in order to maximize shareholder value.…”

Section: Investor Attitudes and Socially Responsible Investment Behaviorsupporting

confidence: 72%

Investor Attitudes, Investment Screen Use, and Socially Responsible Investment Behavior

et al. 2013

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ABSTRACT:There is an increasing demand for socially responsible investment (SRI), and SRI screens are an important source of information for investors. Yet, little is known about the relationship between investors' attitudes, use of SRI screens, and actual SRI behavior. To examine this relationship, we gathered data on investors' environmental attitudes, use of SRI screens, and SRI behavior. We find that four out of five components of the New Ecological Paradigm (NEP) scale, a measure of basic environmental attitudes, are associated with specific attitudes towards environmentally responsible investment. These specific attitudes in turn are positively associated with SRI screen use, and SRI screen use is positively associated with the percentage of investors' portfolio held in SRIs. There is also a significant direct relationship between specific environmentally responsible investment attitudes and SRI holdings. Our results suggest that there are complex, multi-dimensional relationships between investor attitudes, SRI screen use, and investment behavior.

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Section: Investor Attitudes and Socially Responsible Investment Behaviorsupporting

confidence: 72%

Investor Attitudes, Investment Screen Use, and Socially Responsible Investment Behavior

et al. 2013

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“…"Table V" shows the adjusted data results. The data shows that in the model (1) where the market value is measured by TobinQ, the adjusted R 2 of the model is 0.3748, and the p value is 0.0000. The goodness of fit is decreased compared with the original and the significance is unchanged.…”

Section: Robustness Testmentioning

confidence: 97%

“…As an important part of economic and social development, enterprises are also the main source of greenhouse gas emissions, so their environmental information has been widely concerned by the government and people. In the past, research focused on environmental performance and financial performance, but there is little empirical research on the relationship between carbon emission reduction and corporate value [1]. Therefore, we select carbon emissions from environmental information and study the relationship between carbon performance and corporate value from both the product market and the capital market.…”

Section: Introductionmentioning

confidence: 99%

Research on the Correlation Between Carbon Performance and Enterprise Performance

Du¹,

Li²

2018

Proceedings of the 2018 International Conference on Economy, Management and Entrepreneurship (ICOEME 2018)

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Why do companies spend money to disclose these carbon information? From the perspective of internal economic motives, this paper attempts to select the Fortune 500 companies as samples, and use the OLS method to study the relationship between carbon performance and corporate performance from both the capital market and the product market. The results show that both carbon performance and corporate value are positively correlated in both the capital market and the product market, indicating the unification of carbon performance and corporate performance.

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“…Empresas contribuem substancialmente na emissão de GEE (Sullivan e Gouldson, 2017) e Tang e Demeritt (2018) apontam que empresas de capital aberto de alguns países tais como Reino Unido, Noruega, Singapura e Hong Kong já elaboram inventário de emissões compulsoriamente em resposta à pressão governamental; os autores apontam, entretanto, que no Reino Unido, por exemplo, a divulgação de inventário de emissões já era uma prática corriqueira das empresas, mesmo antes de sua implementação mandatória, um exemplo de ação proativa. Matsumura et al (2014) investigaram 500 empresas participantes do índice Standard & Poor's, de 2006, e identificaram que empresas que divulgam suas emissões de carbono tem valor de mercado, em média, 2,3 bilhões de dólares maior do que o aquelas que não divulgam.…”

Section: Proatividade Nas Organizaçõesunclassified

“…Em decorrência de questões operacionais, sejam positivas ou negativas, é desejável e esperado que as empresas divulguem suas práticas como forma de prestar contas à sociedade, especialmente das implicações sociais e ambientais do negócio (Kolk, 2005), como a emissão de carbono (Matsumura et al, 2014). Parte desta prestação de contas está disposta nos Relatórios Anuais de Sustentabilidade, informação pública divulgada voluntariamente pela empresa.…”

Section: Introductionunclassified

Ações de sustentabilidade: práticas predominantes em um grupo de comércio varejista

Cunha¹,

Ribeiro²,

Rezende³

et al. 2020

Rev. Bras. Gest. Amb. Sustent.

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A governança do meio ambiente tem se tornado um tópico central na discussão sobre os impactos das atividades produtoras e da gestão socioambiental. Em um contexto de verificação de práticas ambientais proativas e reativas, os relatórios anuais de um grupo empresarial varejista foram analisados com o objetivo de identificar as práticas de sustentabilidade predominantes do grupo, ocorridas de 2010 a 2017. Os dados foram analisados longitudinalmente e de forma qualitativa, por meio de análise interpretativa de ações relacionadas ao consumo de energia e água, ao descarte de água, à emissão de gases do efeito estufa (GEE) e à gestão de resíduos. Observou-se a predominância de práticas proativas operacionais, a exemplo de projetos de eficiência energética, medidas para a redução no consumo de água, substituição do uso de GEE e gestão de resíduos, internos e externos, além do desenvolvimento de ações que buscam conformidade legal. De forma geral, este estudo contribui para a identificação das ações ambientais internas e externas à instituição, passíveis de serem implementadas pelo setor varejista para reduzir os custos de impactos ambientais causados por suas operações e aperfeiçoar a gestão ambiental.

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Voluntary Disclosures and the Firm-Value Effects of Carbon Emissions

Cited by 14 publications

References 34 publications

Investor Attitudes, Investment Screen Use, and Socially Responsible Investment Behavior

Investor Attitudes, Investment Screen Use, and Socially Responsible Investment Behavior

Research on the Correlation Between Carbon Performance and Enterprise Performance

Ações de sustentabilidade: práticas predominantes em um grupo de comércio varejista

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