scholarly journals Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China

2020 ◽  
Vol 12 (9) ◽  
pp. 3696 ◽  
Author(s):  
Zhenghui Li ◽  
Yan Wang ◽  
Yong Tan ◽  
Zimei Huang
Keyword(s):  
Negative Impact ◽  
Shareholder Value ◽  
Environmental Responsibility ◽  
Corporate Environmental Responsibility ◽  
Social Effect ◽  
Value Maximization ◽  
Quantile Regression Model ◽  
Panel Quantile Regression ◽  
The Social ◽  
Moderating Role

This paper explores the effects and mechanisms of corporate financialization on corporate environmental responsibility (CER), using panel regression and the panel quantile regression model. The data is from 484 Chinese A-share non-financial listed companies, over the period 2008–2015. Some valuable results were achieved, as follows. Firstly, corporate financialization has a significantly negative impact on CER. We attribute this fact to the hard constraint of shareholder value maximization and the soft constraint of CER by taking an extrinsic analysis. Moreover, this negative impact shows heterogeneity. As the CER level increases, the remarkable restraint taken by the corporate financialization on CER is gradually weakened. This results in the corporation aiming not only at the shareholder value maximization, but also at the social effect, rather than only the former. In addition, the effect of the moderating role played by corporate leverage and ownership concentration in the influence of corporate financialization on the CER is captured in different kinds of corporations, while different performances are shown.

scholarly journals Desempenho Econômico-Financeiro e os Investimentos Socioambientais de Empresas do Sul do Brasil ## Economic-Financial Performance and Socio-Environmental Investments of Companies in Southern Brazil

2020 ◽  
Vol 9 (2) ◽  
pp. 273
Author(s):  
Camila Peripolli Sanfelice ◽  
Milena Silva de Oliveira ◽  
Marivane Vestena Rossato ◽  
Larissa Degenhart
Keyword(s):  
Corporate Social Responsibility ◽  
Financial Performance ◽  
Negative Impact ◽  
Financial Resources ◽  
Environmental Responsibility ◽  
Net Income ◽  
Southern Brazil ◽  
The Social ◽  
Net Revenue ◽  
Corporate Social

ResumoA sociedade vem exigindo que organizações mantenham uma postura de responsabilidade socioambiental. A partir destas exigências estas têm se preocupado em investir em ações que minimizam o impacto negativo gerado, pois seus resultados são obtidos a partir do uso de recursos naturais, humanos e financeiros. Nesse contexto, o objetivo deste estudo consiste em analisar se o desempenho econômico-financeiro influencia os investimentos socioambientais de empresas do Sul do Brasil. A pesquisa classifica-se como descritiva, documental e quantitativa, por meio da regressão linear múltipla. O período de análise compreendeu 2014 a 2017.Aamostra correspondeu as empresas listadas no ranking das 500 Maiores Empresas do Sul do Brasil, conforme a Revista Amanhã e que comercializam ações na B3 (Brasil, Bolsa, Balcão). Os resultados revelaram que a quantidade de funcionários e o lucro líquido influenciam os ISI. A quantidade de funcionários, tamanho, ISE e receita líquida defasada, lucro líquido e o EBITDA impactam nos ISE. Exercem influência sobre os IA, o tamanho, IA e receita líquida defasados e o lucro líquido. No geral, tais resultados revelam que as maiores empresas do Sul do Brasil, consideram seus resultados econômico-financeiros para investirem na área socioambiental, contribuindo para com os resultados da empresa e gerando benefícios também para a sociedade e meio ambiente. Esta pesquisa contribui para com a gestão das empresas, pois os resultados demonstram que por meio de ações voltadas a responsabilidade social corporativa é possível desenvolver estratégias que contribuem para a competitividade das empresas do Sul do Brasil e o desempenho econômico-financeiro consequentemente potencializa tais ações. AbstractSociety has been demanding that organizations maintain a posture of social and environmental responsibility. From these requirements they have been concerned with investing in actions that minimize the negative impact generated, since their results are obtained from the use of natural, human and financial resources. In this context, the objective of this study is to analyze whether the economic and financial performance influences the social and environmental investments of companies in southern Brazil. The research is classified as descriptive, documentary and quantitative through multiple linear regression. The analysis period comprised 2014 to 2017.The sample corresponded to the companies listed in the ranking of the 500 Largest Companies in Southern Brazil, according to Amanhã Magazine and that sell shares in B3 (Brazil, Bag, Counter). The results revealed that the number of employees and net income influence the ISI. Number of employees, size, ISE and lagged net revenue, net income and EBITDA impact on ISE. They influence lagged AI, size, AI and net revenue, and net income. Overall, these results reveal that the largest companies in southern Brazil consider their economic and financial results to invest in the social and environmental area, contributing to the company's results and generating benefits for society and the environment. This research contributes to the management of companies, because the results show that through actions aimed at corporate social responsibility, it is possible to develop strategies that contribute to the competitiveness of companies in southern Brazil and the economic and financial performance consequently enhances such actions.

scholarly journals The environmental business case and unenlightened shareholder value

Legal Studies ◽  
2013 ◽  
Vol 33 (1) ◽  
pp. 141-161 ◽  
Author(s):  
Carrie Bradshaw
Keyword(s):  
Environmental Problem ◽  
Shareholder Value ◽  
Business Case ◽  
Environmental Responsibility ◽  
Environmental Concerns ◽  
Corporate Environmental Responsibility

The business case for corporate environmental responsibility is the claim that behaving responsibly makes financial sense. It is impossible to exaggerate the contemporary significance of this claim, not least in legitimising environmental concerns in the corporate sphere. However, the business case is not without significant empirical and normative limitations, as is illustrated by the corporate environmental problem of supermarket waste. This paper evaluates enlightened shareholder value under s 172 of the Companies Act 2006 in light of such business case limitations. It suggests that s 172, by procedurally mandating the business case for corporate environmental responsibility, is a retrograde step which envisions not enlightened, but rather environmentally unenlightened, shareholders.

scholarly journals Does Supply Chain Concentration Affect the Performance of Corporate Environmental Responsibility? The Moderating Effect of Technology Uncertainty

2022 ◽  
Vol 14 (2) ◽  
pp. 781
Author(s):  
Tingli Liu ◽  
Hongqiao Gao
Keyword(s):  
Supply Chain ◽  
Management Practices ◽  
Negative Impact ◽  
Fixed Effect Model ◽  
Mediating Effect ◽  
Environmental Responsibility ◽  
Mechanism Analysis ◽  
Corporate Environmental Responsibility ◽  
Negative Effect ◽  
The Impact

With the development of society and the improvement of environmental consciousness, the performance of corporate environmental responsibility (CER) has elicited increasing attention in recent years. In previous studies, the exploration of the antecedents of CER is far less evident than the exploration of its results, and only few studies have investigated what determines CER engagement from the perspective of supply chain concentration (SCC). Using data from 2413 firms in China from 2013 to 2019, our study uses the fixed effect model and performs multiple robustness tests to examine the impact of SCC on the fulfillment of CER, its transmission mechanism, and the moderating role of technology uncertainty (TU). Empirical results show that SCC has a pivotal negative impact on CER performance, wherein both supplier concentration (SUP) and customer concentration (CUS) are detrimental to CER performance. Further mechanism analysis shows that such negative effect can be explained by the adverse effect of SCC on the operating cash flow (OCF), in which OCF has a partial mediating effect. Moreover, the negative impact of SCC on CER performance is more significant when the uncertainty of firms’ technological environment is stronger. Our study opens the transmission “black box” between SCC and CER performance and incorporates the behaviors of firms, inter-firm relationships, and environmental factors into the same research framework, and provides a theoretical guidance for management practices.

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