环境绩效对可持续保证质量与企业价值关系的调节作用:一个联立方程方法

IF 4.5 Q1 MANAGEMENT Benchmarking-An International Journal Pub Date : 2023-11-06 DOI:10.1108/bij-06-2022-0389
Hanene Kheireddine, Isabelle Lacombe, Anis Jarboui
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引用次数: 0

摘要

目的研究可持续保证质量与企业环境可持续性绩效和企业价值的交互关系,探讨可持续保证质量与企业环境可持续性绩效和企业价值关系的调节作用。样本包括从2010年到2019年,对40家上市公司(CAC 40)的320个公司年度观察结果。作者使用联立方程模型来捕获CESP和SA质量-公司价值关系,并应用三阶段回归和广义矩方法来解决可能的内生性。结果表明,国际标准化组织(ISO) 14001认证评估的CESP对企业价值有显著的正向影响,其相关性意味着在良好环境绩效的情况下,社会对企业的看法要有利得多;因此,该公司很可能在资本市场上获得溢价回报。此外,环境绩效与SA质量的交互作用更强,是调节变量;因此,由于生态效率的提高,更高的SA质量标志着可信度。作者在一个多理论框架内解释了他们的发现,该框架从合法性、利益相关者和信号理论角度获得了见解。独创性/价值本研究通过重新审视SA质量与企业价值之间的关系,为文献做出了贡献。这也为CESP对SA质量-企业价值关系的调节作用提供了新的证据。具体而言,本研究探讨了可信度和生态效率对可持续性信息市场信心的共同影响。作者使用联立方程模型来捕捉服务质量和企业价值之间的相互关系,而之前关于服务质量和市场表现的研究经常使用单方程回归。研究还发现CESP正向调节SA质量与企业价值之间的关系。引入CESP,探索生态效率对SA质量-企业价值关系的调节作用是一种新颖的方法。
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The moderating effect of environmental performance on the relationship between sustainability assurance quality and firm value: a simultaneous equations approach
Purpose This study elucidates the interactive relationship of sustainability assurance (SA) quality with corporate environmental sustainability performance (CESP) and firm value and explores the moderating impact of CESP on the SA quality–firm value relationship. Design/methodology/approach The sample comprises 320 firm-year observations of 40 companies listed on the Cotation Assistée en Continu (CAC 40) from 2010 to 2019. The authors use the simultaneous equations model to capture the CESP and SA quality–firm value relationship and apply the three-stage regression and generalised method of moments approaches to address possible endogeneity. Findings The results show that CESP, as assessed by International Organisation for Standardisation (ISO) 14001 certification, has a significant positive effect on firm value, the relevance of which implies that in the case of good environmental performance, society's perception of a firm is much more favourable; consequently, the firm is likely to be rewarded with a premium value in capital markets. In addition, environmental performance has a stronger interaction with SA quality, acting as a moderator variable; thus, greater SA quality signals credibility owing to increased eco-efficiency. The authors interpret their findings within a multi-theoretical framework that draws insights from legitimacy, stakeholders and signalling theoretical perspectives. Originality/value This study contributes to the literature by re-examining the relationship between SA quality and firm value. It also provides new evidence of the moderating effect of CESP on the SA quality–firm value nexus. Specifically, this study explores the joint effects of credibility and eco-efficiency on market confidence in sustainability information. The authors use a simultaneous equation model to capture the reciprocal association between SA quality and firm value, whereas prior studies on SA quality and market performance have frequently used single-equation regression. The authors also find that CESP positively moderates the relationship between SA quality and firm value. Including CESP and exploring the moderating impact of eco-efficiency on the SA quality–firm value relationship is a novel approach.
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来源期刊
CiteScore
10.40
自引率
16.10%
发文量
154
期刊介绍: Benchmarking is big news for companies committed to total quality programmes. Its enthusiastic reception by many prominent business figures has created high levels of interest in a technique which promises big rewards for co-operating partners. Yet, like total quality itself, it must be understood in its proper context, and implemented single mindedly if it is to be effective - this journal helps companies to decide if benchmarking is right for them, and shows them how to go about it successfully.
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