Environmental performance and firm performance in Europe: The moderating role of board governance

IF 8.3 2区管理学 Q1 BUSINESS Corporate Social Responsibility and Environmental Management Pub Date : 2024-07-01 DOI:10.1002/csr.2898

Marcel Dohrmann, Monica Martinez-Blasco, Andreas Moring, Jordi Cuadros Margarit

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Abstract

This research presents novel insights into the relationship between environmental performance and firm performance, focusing on the moderating role of board governance. Unlike the single‐dimensional examination in previous studies, we examine five board variables collectively in our moderator analysis. Employing ordinary least squares regression and a series of robustness tests, we investigate 582 European listed firms across various industries from 2016 to 2021. Our findings reveal a positive influence of environmental performance on firm performance, measured by Tobin's Q and ROA. Furthermore, we find that board independence, gender diversity and audit committee independence moderate this relationship. To address potential endogeneity issues, we employ GMM modelling. This study significantly contributes to the environmental performance and firm performance literature by offering evidence on the moderating role of board mechanisms. Moreover, it offers valuable insights for policymakers and practitioners, highlighting the need to monitor corporate boards for improved environmental and financial outcomes.

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欧洲的环境绩效与公司业绩：董事会治理的调节作用

本研究对环境绩效与公司绩效之间的关系提出了新的见解，重点关注董事会治理的调节作用。与以往研究中的单一维度考察不同，我们在调节分析中对五个董事会变量进行了综合考察。通过普通最小二乘法回归和一系列稳健性检验，我们对 2016 年至 2021 年各行业的 582 家欧洲上市公司进行了调查。我们的研究结果表明，环境绩效对公司业绩（以托宾 Q 值和投资回报率衡量）有积极影响。此外，我们还发现董事会的独立性、性别多样性和审计委员会的独立性会缓和这种关系。为了解决潜在的内生性问题，我们采用了 GMM 模型。本研究为董事会机制的调节作用提供了证据，为环境绩效和公司绩效方面的研究做出了重要贡献。此外，它还为政策制定者和从业人员提供了有价值的见解，强调了监督公司董事会以改善环境和财务结果的必要性。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.