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The determinants of voluntary investment decisions

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Author Info

  • Wendy Chapple

    (Nottingham University Business School, Nottingham, UK)

  • Andrew Cooke

    (Department of Economics and Politics, The Nottingham Trent University, Nottingham, UK)

  • Vaughan Galt

    (Department of Economics and Politics, The Nottingham Trent University, Nottingham, UK)

  • David Paton

    (Nottingham University Business School, Nottingham, UK)

Abstract

This paper analyses investments by firms into areas of corporate social responsibility, focussing on the decision by firms whether or not to invest in compliance with voluntary environmental standards. Theoretical predictions of the compliance decision are tested using discrete time survival analysis on a large dataset of UK manufacturing firms. The rate of voluntary compliance is found to have increased since the introduction of the International Standards Organization (ISO) scheme. Further, voluntary compliance is found to be negatively associated with rates of return and industry share, and positively associated with capital intensity and industry export intensity. In contrast to theoretical predictions on corporate social responsibility, there is no evidence that investment in intangible assets, either at the firm or the industry level, is positively associated with the compliance decision. Copyright © 2001 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1035
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 22 (2001)
Issue (Month): 8 ()
Pages: 453-463

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Handle: RePEc:wly:mgtdec:v:22:y:2001:i:8:p:453-463

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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References

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  1. Arora Seema & Cason Timothy N., 1995. "An Experiment in Voluntary Environmental Regulation: Participation in EPA's 33/50 Program," Journal of Environmental Economics and Management, Elsevier, vol. 28(3), pages 271-286, May.
  2. Jenkins, Stephen P, 1995. "Easy Estimation Methods for Discrete-Time Duration Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(1), pages 129-38, February.
  3. Rust, John & Rothwell, Geoffrey, 1995. "Optimal Response to a Shift in Regulatory Regime: The Case of the US Nuclear Power Industry," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(S), pages S75-118, Suppl. De.
  4. Catherine J. Morrison-Paul & Donald S. Siegel, 2006. "Corporate Social Responsibility and Economic Performance," Rensselaer Working Papers in Economics 0605, Rensselaer Polytechnic Institute, Department of Economics.
  5. Juan-Pablo Montero, 1999. "Voluntary Compliance with Market-Based Environmental Policy: Evidence from the U.S. Acid Rain Program," Journal of Political Economy, University of Chicago Press, vol. 107(5), pages 998-1033, October.
  6. John Rust & Geoffrey Rothwell, 1995. "Optimal Response to Shift in Regulatory Regime: the Case of the U.S. Nuclear Power Industry," Industrial Organization 9508002, EconWPA.
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Cited by:
  1. Reinhardt, Forest L. & Stavins, Robert N. & Vietor, Richard H. K., 2008. "Corporate Social Responsibility Through an Economic Lens," Working paper 229, Regulation2point0.
  2. Suzuki, Kenji & Tanimoto, Kanji, 2005. "Corporate Social Responsibility In Japan: Analyzing The Participating Companies In Global Reporting Initiative," EIJS Working Paper Series 208, The European Institute of Japanese Studies.
  3. Elsayed, Khaled & Paton, David, 2005. "The impact of environmental performance on firm performance: static and dynamic panel data evidence," Structural Change and Economic Dynamics, Elsevier, vol. 16(3), pages 395-412, September.

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