CO2 Emissions and Financial Performance of Socially Responsible Firms: An Empirical Survey

Nikolaos Sariannidis · Eleni Zafeiriou · Grigoris Giannarakis · Garyfallos Arabatzis

65 citations0/0 files storedBusiness Strategy and the Environment

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Corporate Social Responsibility Reporting Environmental Sustainability in Business Energy, Environment, Economic Growth

Abstract

ABSTRACT A firm's financial performance is closely related to its environmental behavior. This result is valid especially in the case of socially responsible firms. In the present study a data econometric analysis is conducted based on a GARCH model for socially responsible and conventional firms. According to our findings, the performance of socially responsible firms is negatively related to an increase of global CO2 emissions. The firms' costs for implementing environmental policies and the investors' attitude towards the aforementioned firms may account for our results. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.

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References

1986Generalized autoregressive conditional heteroskedasticity 1982Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation 1991Conditional Heteroskedasticity in Asset Returns: A New Approach 2003Corporate Social and Financial Performance: A Meta-Analysis 1986Economic Forces and the Stock Market 1996The Impact of Environmental Management on Firm Performance 1987A Conditionally Heteroskedastic Time Series Model for Speculative Prices and Rates of Return 2003The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach

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