可持续发展绩效、高管薪酬、市值和薪酬话语权投票采用:来自斯托克欧洲600指数的证据

IF 5.5 Q1 BUSINESS

Corporate Governance-The International Journal of Business in Society Pub Date : 2023-09-14 DOI:10.1108/cg-02-2023-0072

Ayman Issa, Jalal Rajeh Hanaysha

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引用次数: 1

摘要

本研究旨在探讨STOXX欧洲600指数中非金融公司的碳排放与市值之间的关系，并特别关注高管薪酬的调节作用。为了达到研究的目的，本研究使用了2010年至2021年间STOXX欧洲600指数的数据。研究人员使用普通最小二乘回归分析来检验碳排放与市场价值之间的关系，同时考虑到高管薪酬的调节作用。本研究还采用了动态两步系统广义矩回归法和差中差法等附加检验方法。这项研究揭示了四个关键发现。首先，碳排放与市场价值之间存在显著的负相关关系。第二，高管薪酬对碳排放与市场价值之间的关联具有负向调节作用。第三，薪酬话语权法规可以鼓励企业采取对环境负责的做法，这可以对企业的市场价值产生积极影响。最后，该研究表明，《巴黎协定》促使公司优先考虑可持续性，从而为那些对环境更负责任的公司带来更高的潜在市场价值。本研究强调了在企业决策中考虑环境可持续性的重要性。它表明，优先考虑可持续性可以带来经济效益，因为碳排放较低的公司往往具有更高的市场价值。研究结果对监管机构和投资者也有重要意义。本研究对碳排放与市场价值之间的关系以及高管薪酬的调节作用提供了新颖的见解。它还揭示了“说了算”法规和《巴黎协定》对企业可持续发展实践和市场价值的潜在影响。

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Sustainability performance, executive compensation, market value, and say-on-pay voting adoption: evidence from the STOXX Europe 600

Purpose This study aims to investigate the link between carbon emissions and market value for nonfinancial companies in the STOXX Europe 600 index, with a specific focus on the moderating effect of executive compensation. Design/methodology/approach To achieve the study’s purpose, this study uses data from the STOXX Europe 600 index between 2010 and 2021. The researchers use ordinary least squares regression analysis to examine the relationship between carbon emissions and market value while taking into account the moderating effect of executive compensation. The study also uses additional tests, such as the dynamic two-step system generalized method of moments regression and the difference in differences method. Findings The study reveals four key findings. First, there is a statistically significant negative relationship between carbon emissions and market value. Second, executive compensation has a negative moderating effect on the association between carbon emissions and market value. Third, Say-on-Pay regulations can encourage companies to adopt environmentally responsible practices, which can positively impact their market value. Finally, the study shows that the Paris Agreement motivates companies to prioritize sustainability, leading to potentially higher market values for those that are more environmentally responsible. Practical implications This study highlights the importance of considering environmental sustainability in corporate decision-making. It suggests that prioritizing sustainability can lead to financial benefits, as companies with lower carbon emissions tend to have higher market values. The findings also have important implications for regulators and investors. Originality/value This study provides novel insights into the link between carbon emissions and market value and the moderating effect of executive compensation. It also sheds light on the potential impact of Say-on-Pay regulations and the Paris Agreement on corporate sustainability practices and market values.

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来源期刊

Corporate Governance-The International Journal of Business in Society BUSINESS-

CiteScore

11.20

自引率

33.90%

发文量

期刊介绍： Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.