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| Author: | Sharfman, M.P. Fernando, C.S. |
| Title: | Environmental risk management and the cost of capital |
| Journal: | Strategic Management Journal
2008 : JUN, VOL. 29:6, p. 569-592 |
| Index terms: | environment risk management capital costs debt management companies USA |
| Language: | eng |
| Abstract: | This study of 267 U.S. firms shows that improved environmental risk management (hereafter as: e-r-m.) is associated with a lower cost of capital. The findings provide an alternative perspective on the environmental-economic performance relationship, having been dominated by the view of improvements in economic performance stemming from better resource utilization. Firms also benefit from improved e-r-m. via a reduction in their cost of equity capital, a shift from equity to debt financing, and higher tax benefits associated with the ability to add debt etc. |
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