A Change Will Do You Good: Does Continuous Environmental Improvement Matter?

IF 4.2 4区 管理学 Q1 ENVIRONMENTAL STUDIES
T. Busch, Matthew P. Johnson, Maximilian Schnippering
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引用次数: 0

Abstract

Superior corporate environmental performance (CEP) is considered to be an indication of well-managed firms. While previous empirical research has operationalized various environmental measurements, one aspect has remained under-scrutinized, namely, continuous improvement. We examine whether continuous CEP improvement is reflected in aggregated environmental scores provided by sustainability rating agencies. From a natural resource-based view, we investigate the association of continuous CEP improvement with corporate financial performance (CFP). Based on panel data (2005–2020), the results show that continuous CEP improvement is not associated with aggregated environmental scores provided by three major rating agencies. At the same time, however, continuous improvement is positively associated with accounting as well as market-based CFP. The article concludes that continuous CEP improvement is relevant from a materiality perspective, but it is not adequately captured in the environmental scores from rating agencies. Therefore, we propose using a best-in-progress approach as a meaningful investment strategy instead of the established best-in-class screenings.
改变对你有好处:持续的环境改善重要吗?
优秀的企业环境绩效(CEP)被认为是管理良好的企业的标志。虽然以前的实证研究已采用了各种环境测量方法,但有一个方面仍未得到充分审查,即持续改进。我们研究持续的CEP改善是否反映在可持续性评级机构提供的综合环境得分中。从自然资源为基础的观点,我们研究了持续的CEP改善与企业财务绩效(CFP)的关系。基于面板数据(2005-2020),结果表明,持续的CEP改善与三大评级机构提供的综合环境得分无关。然而,与此同时,持续改善与会计以及基于市场的CFP呈正相关。文章的结论是,从重要性的角度来看,持续的CEP改进是相关的,但评级机构的环境评分并没有充分体现这一点。因此,我们建议使用最佳进展方法作为一种有意义的投资策略,而不是既定的同类最佳筛选。
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
11.20
自引率
5.70%
发文量
19
期刊介绍: Organization & Environment encourages informed discussion about the social roots and consequences of environmental problems and stimulates deeper reflection on the meaning and significance of the natural world. By critically examining the impact of human production and consumption systems on the natural environment, Organization & Environment develops new perspectives on organizations that encourage environmentally sensitive reflection, inquiry, and practice.
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