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| Tekijä: | Guenster, N. (et al.) |
| Otsikko: | The economic value of corporate eco-efficiency |
| Lehti: | European Financial Management
2011 : SEP, VOL. 17:4, p. 679-704 |
| Asiasana: | financial performance investments environment information |
| Vapaa asiasana: | market value corporate environmentalism |
| Kieli: | eng |
| Tiivistelmä: | By focusing on the concept of eco-efficiency (henceforth as: eco-eff.), this study adds new insights to the corporate environmental-financial performance debate. Utilizing a new database of eco-eff. scores, the relation btw. eco-eff. and financial (herein as: fin.) performance (here as: perf.) from 1997 to 2004 is analysed. It is found out that eco-eff. positively relates to operating perf. and market value. In addition, the results suggest that the markets valuation of environmental (here as: env-al.) perf. has been time variant, which possibly indicates that the market incorporates env-al. information with a drift. The results have implications for company managers, who evidently do not have to overcome a tradeoff btw. eco-eff. and fin. perf and for investors, who can use env-al. information for investment decisions. |
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