环境可持续性绩效与股东价值:国际模糊集定性比较分析

IF 3.8 Q2 BUSINESS EuroMed Journal of Business Pub Date : 2023-02-28 DOI:10.1108/emjb-09-2022-0161
Habib Jouber
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引用次数: 0

摘要

目的考虑到英美和欧洲国家公司治理实践的多样性,本研究基于偶然性和复杂性理论,研究了在董事会(BoD)、企业和国家特征等不同配置下,环境可持续性绩效(ESP)对股东价值的影响。设计/方法/方法作者使用汤森路透环境支柱评分(ASSET4)和股东总回报分别评估ESP和股东价值。作者将模糊集定性比较分析(以下简称fsQCA)应用于2016年至2020年期间来自486家欧洲和英美非金融上市公司的2284项不平衡观察。结果发现ESP与股东价值之间存在正相关,英美和欧洲经济体在这种正相关的因果预测因子。在根据民法典运营的欧洲公司中,投资者保护程度较低,家庭所有权普遍存在,ESP在因果预测因素的配置下创造了股东价值,这些因素与英美同行的因素显著不同。作者的研究结果对不同的识别策略是稳健的。实际含义本研究有助于研究人员、从业者、股东和决策者了解美国银行的多样性、组织和制度特征作为ESP股东价值关系的决定因素共同发挥的重要作用。原创性/价值作者的研究对ESP的关键驱动因素和结果提供了更全面、完整和理论上更丰富的描述。
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Environmental sustainability performance and shareholder value: an international fuzzy-set qualitative comparative analysis
PurposeConsidering corporate governance (CG hereinafter) practices' variety across Anglo-American and European countries, this study relies on contingency and complexity theories to investigate the effect of environmental sustainability performance (ESP hereinafter) on shareholder value under various configurations of board of directors (BoD hereinafter), firm and country characteristics.Design/methodology/approachThe author used the Thomson Reuters Environment Pillar Score (ASSET4) and the Total Shareholder Return to assess ESP and shareholder value respectively. The author applied a fuzzy-set qualitative comparative analysis (fsQCA hereinafter) to an unbalanced panel of 2,284 observations from 486 European and Anglo-American non-financial listed firms over the period 2016–2020.FindingsThe author found a positive association between ESP and shareholder value and he displayed notable differences between Anglo-American and European economies regarding causal predictors of this positive association. Within European firms operating under civil law code where investor protection is low and family ownership is widespread, ESP creates shareholder value under configurations of causal predictors that significantly differ from those of their Anglo-American peers. The author's findings are robust to different identification strategies.Practical implicationsThis study assists researchers, practitioners, shareholders and policymakers the significant roles that BoD diversity, organisational and institutional traits are jointly playing as determinants of the ESP-shareholder value relationship.Originality/valueThe author's study offers a more encompassing, complete and theoretically richer picture of the key drivers and outcomes of ESP.
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来源期刊
CiteScore
9.80
自引率
19.20%
发文量
61
期刊介绍: The EuroMed Journal of Business (EMJB) is the premier publication facilitating dialogue among researchers from Europe and the Mediterranean. It plays a vital role in generating and disseminating knowledge about various business environments and trends in this region. By offering an up-to-date overview of emerging business practices in specific countries, EMJB serves as a valuable resource for its readers. As the official journal of the EuroMed Academy of Business, EMJB is committed to reflecting the economic growth seen in the European-Mediterranean region. It aims to be a focused and targeted business journal, highlighting environmental opportunities, threats, and marketplace developments in the area. Through its efforts, EMJB promotes collaboration and open dialogue among diverse research cultures and practices. EMJB serves as a platform for debating and disseminating research findings, new research areas and techniques, conceptual developments, and practical applications across various business segments. It seeks to provide a forum for discussing new ideas in business, including theory, practice, and the issues that arise within the field.
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