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Does community and environmental responsibility affect firm risk? Evidence from UK panel data 1994-2006

机译：社区和环境责任是否会影响公司风险？来自英国面板数据1994-2006的证据

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摘要

The question of how an individual firm's social and environmental performance impacts its firm risk has not been examined in any empirical UK research. Does a company that strives to attain good environmental performance decrease its market risk or is environmental performance just a disadvantageous cost that increases such risk levels for these firms? Answers to this question have important implications for the management of companies and the investment decisions of individuals and institutions. The purpose of this paper is to examine the relationship between corporate environmental performance and firm risk in the British context. Using the largest dataset assembled so far, with community and environmental responsibility (CER) rankings for all rated UK companies between 1994 and 2006, we show that a company's environmental performance is inversely related to its systematic financial risk. However, an increase of 1.0 in the CER score is associated with only a 0.028 reduction in its β.
机译：英国的任何实证研究都没有探讨单个公司的社会和环境绩效如何影响其公司风险的问题。努力获得良好环境绩效的公司会降低其市场风险，还是环境绩效只是不利的成本而增加了这些公司的风险水平？该问题的答案对公司的管理以及个人和机构的投资决策具有重要意义。本文的目的是研究英国环境下公司环境绩效与公司风险之间的关系。使用迄今为止组装的最大数据集，以及1994年至2006年之间所有获得评级的英国公司的社区和环境责任（CER）排名，我们表明一家公司的环境绩效与其系统财务风险成反比。但是，CER分数增加1.0与其β值仅减少0.028相关。

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  • 来源
    《Business Ethics》 |2011年第2期|p.192-204|共13页
  • 作者

    A. Salama; K. Anderson; J.S.Toms;

  • 作者单位

    Durham Business School, Durham University, Durham, UK;

    The York Management School, University of York, Heslington, York, UK;

    The York Management School, University of York, Heslington, York, UK;

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  • 正文语种 eng
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