Corporate Governance and the Environment: What Type of Governance Creates Greener Companies?

Carl Joachim Kock · Juan Santaló · Luis Diestre

386 citations0/0 files storedJournal of Management Studies

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Corporate Social Responsibility Reporting Corporate Finance and Governance Environmental Sustainability in Business

Abstract

abstract We build on a stakeholder–agency theoretical perspective to explore the impact of particular corporate governance mechanisms on firm environmental performance. Our empirical evidence shows that several important corporate governance mechanisms such as the board of directors, managerial incentives, the market for corporate control, and the legal and regulatory system determine firms' environmental performance levels. These results suggest that these different governance mechanisms resolve, to some extent, the existing divergence of interests between stakeholders and managers with respect to environmental activities.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2001Econometric Analysis of Cross Section and Panel Data 2010Strategic management a stakeholder approach 1983Separation of Ownership and Control 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1996Agency costs of free cash flow, corporate finance, and takeovers 2003Corporate Governance and Equity Prices 1995A Natural-Resource-Based View of the Firm

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2020Board gender diversity, environmental committee and greenhouse gas voluntary disclosures 2021Thriving, Not Just Surviving in Changing Times: How Sustainability, Agility and Digitalization Intertwine with Organizational Resilience 2015The impacts of carbon (CO2) emissions and environmental research and development (R&D) investment on firm performance 2015Dynamics of Environmental and Financial Performance 2017Effects of corporate environmental responsibility on financial performance: The moderating role of government regulation and organizational slack

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