Are shareholders environmental "laggards"? Corporate Governance and environmental firm performance
AbstractFrom a reactive, antagonistic stance towards environmental regulations, many firms have evolved to act in a pro-active fashion to integrate environmental issues into their core strategies. Using measures of different corporate governance instruments that proxy for the ability of managers or shareholders to implement their strategic preferences we demonstrate empirically that shareholders are indeed laggards because they lower firm environmental performance while the latter actually has positive effects on firm financial performance. Managers, however, push for better environmental and hence financial performance and thus act against shareholders preferences, but in their interest.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Instituto de Empresa, Area of Economic Environment in its series Working Papers Economia with number wp05-05.
Length: 28 pages
Date of creation: Jan 2005
Date of revision:
Contact details of provider:
Postal: María de Molina, 11. 28006 Madrid
Phone: +34 91 568 96 00
Web page: http://www.ie.edu/esp/claustro/claustro_areas_detalle.asp?id=5
More information through EDIRC
Corporate governance; Environmental performance; Financial performance;
This paper has been announced in the following NEP Reports:
- NEP-ACC-2005-07-25 (Accounting & Auditing)
- NEP-ALL-2005-07-25 (All new papers)
- NEP-ENE-2005-07-25 (Energy Economics)
- NEP-ENV-2005-07-25 (Environmental Economics)
- NEP-FIN-2005-07-25 (Finance)
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Amada Marcos).
If references are entirely missing, you can add them using this form.