We compare differences in performance for samples of firms classified as good, average, and poor environmental performers by the Council for Economic Priorities. Test results suggest that both environmentally “good” and “average” firms significantly outperform environmentally “poor” firms. These results are consistent with poor environmental performers being poorly managed and/or with market participants penalizing corporate polluters. Implications for expanded environmental disclosure are discussed.
Vafeas, N. and Nikolaou, V. (2001), "The association between corporate environmental and financial performance", Lehman, C. (Ed.) Advances in Accountability: Regulation, Research, Gender and Justice (Advances in Public Interest Accounting, Vol. 8), Emerald Group Publishing Limited, Bingley, pp. 195-214. https://doi.org/10.1016/S1041-7060(01)08010-5Download as .RIS
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