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Do Corporations Invest Enough in Environmental Responsibility?

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  • Yongtae Kim

    ()

  • Meir Statman

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s10551-011-0954-2
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Business Ethics.

    Volume (Year): 105 (2012)
    Issue (Month): 1 (January)
    Pages: 115-129

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    Handle: RePEc:kap:jbuset:v:105:y:2012:i:1:p:115-129

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    Web page: http://www.springerlink.com/link.asp?id=100281

    Related research

    Keywords: Corporate environmental responsibility; Corporate financial performance; Causality; Corporate social responsibility;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Rangan, Srinivasan, 1998. "Earnings management and the performance of seasoned equity offerings," Journal of Financial Economics, Elsevier, Elsevier, vol. 50(1), pages 101-122, October.
    2. John R. Graham & Campbell R. Harvey & Shiva Rajgopal, 2004. "The Economic Implications of Corporate Financial Reporting," NBER Working Papers 10550, National Bureau of Economic Research, Inc.
    3. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance And Equity Prices," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 118(1), pages 107-155, February.
    4. Glen Dowell & Stuart Hart & Bernard Yeung, 2000. "Do Corporate Global Environmental Standards Create or Destroy Market Value?," Management Science, INFORMS, INFORMS, vol. 46(8), pages 1059-1074, August.
    5. Stein, Jeremy C, 1988. "Takeover Threats and Managerial Myopia," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 96(1), pages 61-80, February.
    6. Campbell, John Y, 1996. "Understanding Risk and Return," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 104(2), pages 298-345, April.
    7. Marianne Bertrand & Sendhil Mullainathan, 2003. "Enjoying the Quiet Life? Corporate Governance and Managerial Preferences," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 111(5), pages 1043-1075, October.
    8. Teoh, Siew Hong & Welch, Ivo & Wong, T. J., 1998. "Earnings management and the underperformance of seasoned equity offerings," Journal of Financial Economics, Elsevier, Elsevier, vol. 50(1), pages 63-99, October.
    9. Oxelheim, Lars & Randøy, Trond, 2001. "The Impact of Foreign Board Membership on Firm Value," Working Paper Series, Research Institute of Industrial Economics 567, Research Institute of Industrial Economics.
    10. Iain Cockburn & Zvi Griliches, 1987. "Industry Effects and Appropriability Measures in the Stock Markets Valuation of R&D and Patents," NBER Working Papers 2465, National Bureau of Economic Research, Inc.
    11. Moses Pava, 2008. "Why Corporations Should Not Abandon Social Responsibility," Journal of Business Ethics, Springer, Springer, vol. 83(4), pages 805-812, December.
    12. Amir Barnea & Amir Rubin, 2010. "Corporate Social Responsibility as a Conflict Between Shareholders," Journal of Business Ethics, Springer, Springer, vol. 97(1), pages 71-86, November.
    13. Alexander Kempf & Peer Osthoff, 2007. "The Effect of Socially Responsible Investing on Portfolio Performance," European Financial Management, European Financial Management Association, vol. 13(5), pages 908-922.
    14. Ivar Kolstad, 2007. "Why Firms Should Not Always Maximize Profits," Journal of Business Ethics, Springer, Springer, vol. 76(2), pages 137-145, December.
    15. Clarkson, Peter M. & Li, Yue & Richardson, Gordon D. & Vasvari, Florin P., 2011. "Does it really pay to be green? Determinants and consequences of proactive environmental strategies," Journal of Accounting and Public Policy, Elsevier, Elsevier, vol. 30(2), pages 122-144, March.
    16. Stein, Jeremy C, 1989. "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 104(4), pages 655-69, November.
    17. Brad M. Barber & Terrance Odean, 2008. "All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors," Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 785-818, April.
    18. Robert D. Klassen & Curtis P. McLaughlin, 1996. "The Impact of Environmental Management on Firm Performance," Management Science, INFORMS, INFORMS, vol. 42(8), pages 1199-1214, August.
    19. Edmans, Alex, 2011. "Does the stock market fully value intangibles? Employee satisfaction and equity prices," Journal of Financial Economics, Elsevier, Elsevier, vol. 101(3), pages 621-640, September.
    20. Abowd, John M, 1989. "The Effect of Wage Bargains on the Stock Market Value of the Firm," American Economic Review, American Economic Association, vol. 79(4), pages 774-800, September.
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    Cited by:
    1. Kim, Yongtae & Li, Haidan & Li, Siqi, 2014. "Corporate social responsibility and stock price crash risk," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 1-13.
    2. Xinran Wang & Michael Young, 2014. "Does Collectivism Affect Environmental Ethics? A Multi-level Study of Top Management Teams from Chemical Firms in China," Journal of Business Ethics, Springer, Springer, vol. 122(3), pages 387-394, July.
    3. Alan Gregory & Julie Whittaker, 2013. "Exploring the Valuation of Corporate Social Responsibility—A Comparison of Research Methods," Journal of Business Ethics, Springer, Springer, vol. 116(1), pages 1-20, August.

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