1,721,002 research outputs found

    Family ownership and stockholder reactions to environmental performance disclosure: A test of secondary agency relationships

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    Using the first ever Newsweek “Green Rankings” of the 500 largest U. S. firms in 2009 as a significant historical event, we test for the stockholder reaction to ratings of corporate environmental performance. Both the conventional null hypothesis significance testing and Bayesian approaches show that stockholders react significantly more positively to corporations with higher ratings of corporate environmental performance and that this effect is stronger in family owned firms. Our findings suggest that majority shareholders do not necessarily appropriate minority stockholders' rents when investing in environmental activities, as would be the case in the presence of “Type II” agency conflicts between majority family owners and minority stockholders. The family ownership effect is also found to be stronger in dirty (heavy polluting) industries as well as in more competitive and more opaque industry contexts

    Policies supporting the diffusion of technology. The need for a systematic analysis

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    Diffusion of innovation policies are aimed at spreading specific new technologies throughout the industrial structure of a country, facilitating its ongoing and incremental adaptation to change. Nevertheless, economic literature on technology policies has focused predominantly on policies of generation, underestimating the effects of policy interventions in the diffusion process. Accordingly, the purpose of this paper is to identify the policies able to support the diffusion of an innovation by analysing the studies that specifically rely on the topic and to provide a theoretical framework that links the policies to support the dissemination of an innovation to the barriers that hinder the diffusion of a new technology among a community of adopters. The framework gives a comprehensive view of diffusion of innovation policy and provides useful suggestions for policy makers

    For green or not for green? The effect of cooperation goals and type on environmental performance

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    Although many scholars have demonstrated that companies engaged in collaborations achieve better environmental performance than other companies, existing studies have not analyzed in depth whether this effect changes considering the characteristics of cooperation. Our paper aims to explore whether collaboration with other companies always has a positive effect on environmental performance or whether it depends on cooperation goals, collaboration type, or company size. Empirical analysis based on a sample of 773 European companies demonstrated that an external source of knowledge is an important way to foster firms' environmental proactivity, especially when environmental goals are shared at the basis of collaboration. Second, we verified that companies involved in JVs with environmental goals achieve greater environmental performance than companies that use M&As to acquire external knowledge. Finally, we demonstrated that it is more important for small companies to be involved in environmental collaboration than larger ones

    How Green Is Your Board? Board Structure and Corporate Environmental Performance

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    The present paper aims at exploring the relationship between firms’ board structure and their green performance, within the agency theory and resource dependence theory frameworks, in order to outline if particular types of board directors could act as a stimulating driver for firms’ environmental performance. The theoretical analysis is completed by an empirical exploration, performed by two linear regression models, on a sample of Italian and Spanish firms included in the CSRHub database in 2015. Our findings provide nuanced evidence that boards do affect firms’ environmental performance. We reported in fact a positive relationship between the presence of non-executivedirectors in the board and companies’ environmental performance; while the critical mass of women directors and the percentage of independent directors, together with board size, do not seem to be related with firms’ green performance

    Mission Statements and the Sustainability Communication

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    Mission statements are crucial corporate communicating tools and have been considered an instrument for the strategic management process. A mission statement has become an important element for managing the organization-stakeholder relationship: such instrument enables companies to more effectively communicate the relevance of each stakeholder in their strategic orientation. The present paper is aimed at investigating the relationship between mission statements and corporate social responsibility. In particular, on the basis on an in-depth study on 193 European firms, we have analyzed if there is really a link between the content of a mission statement related to stakeholders and the CSR and environmental performance of a firm
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