Determinants of corporate environmental performance and the moderating effect of economic crises

IF 2.4 4区 管理学 Q3 MANAGEMENT
María Lourdes Arco-Castro, María Victoria López-Pérez, Ana Belén Alonso-Conde, Javier Rojo Suárez
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引用次数: 0

Abstract

Purpose

This paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an economic crisis moderates these relationships.

Design/methodology/approach

A regression analysis was conducted on a sample of 14,217 observations from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the presence of heteroscedasticity and autocorrelation.

Findings

The results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP that is not affected by an economic crisis.

Research limitations/implications

The study has some limitations that could be addressed in the future. We present board gender diversity as a governance mechanism because its role is strongly related to non-financial performance. Future studies could focus on other corporate governance mechanisms, such as the presence of institutional or long-term investors. In addition, other mechanisms could be found that can counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these results with the crisis generated by the coronavirus pandemic.

Practical implications

The results obtained have important practical implications at the corporate and institutional levels. At the corporate level, they highlight, as essential contributions, that environmental management systems and stakeholder orientation are not effective in times of economic crisis, except for with the presence of women on the board.

Social implications

Following the crisis, the European Commission has promoted gender diversity on boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability. In this sense, another one of the practical implications of the study is support for the policies that the European Union has implemented over the last two decades.

Originality/value

The paper analyses how a crisis affects the moral and cultural institutional mechanisms that promote CEP. Gender diversity on the board of directors not only promotes environmental performance but also appears to be a governance mechanism that ensures this performance in times of crisis when the other mechanisms lose their effectiveness. The study proposes specific policies that help maintain environmental performance in an economic crisis.

企业环境绩效的决定因素和经济危机的调节作用
目的 本文旨在确定环境管理系统(EMS)、对利益相关者的承诺和性别多样性对企业环境绩效(CEP)的影响,以及经济危机在多大程度上调节了这些关系。所使用的估计方法是普通最小二乘法与异方差面板校正标准误差(PCSEs),这使我们能够在存在异方差和自相关的情况下获得一致的结果。研究结果结果表明,EMS 和利益相关者参与是推动 CEP 的机制,但在危机时期会失去其有效性。然而,女性在董事会中的存在对 CEP 有积极影响,且不受经济危机的影响。我们将董事会性别多样性作为一种治理机制,因为它的作用与非财务绩效密切相关。未来的研究可以关注其他公司治理机制,如机构投资者或长期投资者的存在。此外,还可以找到其他机制,在危机时期抵消不良的环境绩效。最后,不妨将这些结果与冠状病毒大流行引发的危机进行对比。社会影响危机发生后,欧盟委员会推动董事会中的性别多元化,将其作为改善实体治理的一种机制--除其他方面外,改善可持续性。从这个意义上讲,本研究的另一个实际意义是支持欧盟在过去二十年中实施的政策。原创性/价值本文分析了危机如何影响促进 CEP 的道德和文化体制机制。董事会中的性别多样性不仅能促进环境绩效,而且似乎还是一种治理机制,能在危机时期当其他机制失去效力时确保这种绩效。本研究提出了有助于在经济危机中保持环境绩效的具体政策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
5.40
自引率
9.70%
发文量
38
期刊介绍: The Baltic region has experienced rapid political and economic change over recent years. The challenges to managers and management researchers operating within the area are often different to those experienced in other parts of the world. The Baltic Journal of Management contributes to an understanding of different management cultures and provides readers with a fresh look at emerging management practices and research in the countries of the Baltic region and beyond.
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