Voluntary Corporate Environmental Initiatives and Shareholder Wealth

By Karen Fisher-Vanden, Karin S. Thorburn. 2011

366 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Marketing, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/4123cca54438fc0ae4e2184a27223547edb3355c

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Citations in the corpus

An empirical investigation of environmental performance and the market value of the firm (2010, neutral): “environmental initiatives ( Fisher-Vanden and Thorburn 2008 ), and various efiorts such as in-”
Environmental Externalities and Cost of Capital (2011, methodology): “Finally, envcomm (available since 1997) is a dummy variable that is coded as one if the company is a signatory to the CERES Principles, publishes a notably substantive environmental report, or has notably effective internal communications systems in place for environmental best practices.”
Corporate Carbon and Financial Performance Revisited (2020, result): “…et al. (2015), it is in line with several studies looking at market evaluations in the climate change context and using an event study design: Fisher-Vanden and Thorburn (2011) show that firms experience stock price drops when they announced joining the U.S. Environmental Protection Agency…”
Sustainability indexes: why join in? A study of the ‘Corporate Sustainability Index (ISE)’ in Brazil (2015, background): “…(Bansal, 2005), involvement of top management (Lee and Rhee, 2007; Walls et al., 2008), the historical involvement with environmental issues/path dependence (Walls et al., 2008; L opezGamero et al., 2008), and, finally, whether they operate in capital markets (Fisher-Vanden and Thorburn, 2011).”
How do investors respond to Green Company Awards in China (2013, background): “voluntary programs like the Carbon Disclosure Project (Kim and Lyon 2011) or Climate Leaders (Fisher-Vanden and Thorburn 2011) is not valued by the market, and”
Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence (2019, neutral): “Using an event-studies approach, Fisher-Vanden and Thorburn (2011) find that when firms announce their membership in the Environmental Protection Agency’s 7 Climate Leaders, a program intended to reduce greenhouse gas emissions, the announcement is met with negative abnormal returns.”
Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms (2013, neutral): “…Klassen and McLaughlin, 1996, Konar and Cohen, 1997, Posnikoff, 1997, McWilliams and Siegel, 1997, Khanna et al., 1998, Teoh et al., 1999, Dasgupta et al., 2001, Gupta and Goldar, 2005, Cañón-de-Francia and Garcés-Ayerbe, 2009, Capelle-Blancard and Laguna, 2010, Fisher-Vanden and Thorburn, 2011).”
Corporate Goodness and Shareholder Wealth (2015, background): “(2011), Dimson, Karakas, and Li (2013), Derwall, Guenster, Bauer, and Koedijk (2005), Flammer (2013a), Servaes and Tamayo (2013), or Dowell, Hart, and Yeung (2000) provide examples of mechanisms through which CSR can enhance shareholder wealth.”