Renner Does Carbon-Conscious Behavior Drive Firm Performance?

An Event Study on the Global 500 Companies
2011
ISBN: 978-3-8349-6224-9
Verlag: Betriebswirtschaftlicher Verlag Gabler
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 168 Seiten, eBook

Adrian Renner provides a unique perspective on how stockholders react if companies move towards a carbon-conscious future. A multi-country event study approach was used to analyze stock market reactions of the largest 500 companies globally.

Dr. Adrian Renner completed his doctoral thesis at the chair of industrial management at the University of Erlangen-Nuremberg.

Zielgruppe

Research

Autoren/Hrsg.

Renner, Adrian

Inhaltsverzeichnis

1;Foreword;7
2;Acknowledgements;8
3;TABLE OF CONTENTS;9
4;List of abbreviations;13
5;Table of symbols;16
6;Index of figures;17
7;Index of tables;19
8;1 Introduction;20
8.1;1.1 PROBLEM DEFINITION;20
8.1.1;1.1.1 Description 01environmental challenges posed by climate change;20
8.1.1.1;1.1.1.1 RelaUonlblp betweeDhuman behavior and lDueued CQz;21
8.1.1.2;1.1.1.2 Relationship between CO] increase and temperature rise;25
8.1.1.3;1.1.1.3 Relationship between increased temperature and global climate;28
8.1.1.4;1.1.1.4 Climate change and its consequences for mankind;34
8.1.2;1.1.2 Reaction 01 consumers and policy mak.ers to environmental challenges;42
8.1.3;1.1.3 Implications of climate change for corporate leaders and investors;44
8.2;1.2 OUTLINE OF TIIE STUDY;46
9;2 Literature review;49
9.1;2.1 RELATIONSIDP BETWEEN ENVIRONMENTAL DISCLOSURE AND ENVIRONMENTAL PERFORMANCE;49
9.1.1;2.1.1 Theoretical perspective;49
9.1.1.1;2.1.1.1 Socio-political theories;49
9.1.2;2.1.2 Empirical perspective;58
9.2;2.2 RELATION BETWEEN ENVIRONMENTAL AND ECONOMIC PERFORMANCE;60
9.2.1;2.2.1 Theoretical perspective;60
9.2.1.1;2.2.1.1 Traditionalist view;60
9.2.1.2;2.2.1.2 Revisionist view;61
9.2.1.3;2.2.1.3 Synthesis of traditionalist and revisionist views;64
9.2.2;2.2.2 Empirical perspective;65
9.3;2.3 SUMMARY AND NEW APPROACH TO THEORETICAL FRAMEWORK;70
10;3 Definition of tenns;73
10.1;3.1 SUSTAINABILITY;73
10.2;3.2 CORPORATE SOCIAL RESPONSIBILITY;75
10.3;3.3 ENVIRONMENT;75
10.4;3.4 GREEN MANAGEMENT AND CARBON-CONSCIOUS BERAVIOR;77
10.5;3.5 CORPORATE SUCCESS;80
10.6;3.6 EVENT STUDY;82
11;4 Carbon Disclosure Project and its Global 500 report;83
11.1;4.1 THE CARBON DISCLOSURE PROJECT AS AN ORGANIZATION;83
11.2;4.2 GLOBAL 500 REPORT;85
11.2.1;4.2.1 Global 500, response rates and C02 emissions covered;85
11.2.2;4.2.2 Carbon disclo.ure score;87
11.2.3;4.2.3 Carbon performance score;89
11.2.4;4.2.4 Geographie and indnstry overview;91
11.3;4.3 CRITIQUE OF THE CARBON DISCLOSURE PROJECT;94
12;5 Research questions, model setup and hypothesis development;96
12.1;5.1 RESEARCH QUESTIONS ON CDP ACTIVITY;96
12.2;5.2 RESEARCH QUESTIONS ON SURVEY-SPECIFIC lTEMS;98
12.3;5.3 MODEL SETUP;98
12.4;5.4 PREDICTED RESEARCH OUTCOME BASED ON THEORIES AND HYPOTHESIS DEVELOPMENT;102
13;6 Research methodology;106
13.1;6.1 RESEARCH APPROACH;106
13.1.1;6.1.2 Assumptions 01event study;108
13.1.2;6.1.3 Event defmition;109
13.1.3;6.1.4 Selection of companies;109
13.1.4;6.1.5 Event and estimation window;110
13.1.5;6.1.6 Correction for confounding events;111
13.1.6;6.1.7 Estimation uf abnormal returns;112
13.1.7;6.1.8 Estimation of normal returns;114
13.1.7.1;6.1.8.1 Statistical models;114
13.1.7.2;6.1.8.2 Economic models;119
13.1.8;6.1.9 Benchmarks;120
13.1.9;6.1.10 Statistical testing methods;121
13.1.9.1;6.1.10.1 T-test for significance of abnormalreturns;122
13.1.9.2;6.1.10.2 T-test for equaIity of abnormal returns;126
13.1.9.3;6.1.10.3 Non-parametric tests;127
13.2;6.2 DATA COLLECTION;129
13.3;6.3 CRITIQUE OF EVENT STUDIES;130
13.4;6.4 SUMMARY;131
14;7 Description of data set;132
14.1;7.1 REGIONAL AND INDUSTRIAL SEGMENTATION OF GLOBAL 500;132
14.2;7.2 BREAKDOWN OF GLOBAL 500 DATA SET INTO RELEVANT SAMPLE;133
14.3;7.3 REGIONAL AND INDUSTRIAL SEGMENTATION OF RELEVANT SAMPLE;134
14.4;7.4 FURTHER CHARACTERISTICS OF THE SAMPLE;134
15;8 Etnpirical results and interpretation;139
15.1;8.1 IMPACT OF CDP PARTICIPATION ON FINANCIAL PERFORMANCE;139
15.2;8.2 IMPACT OF MEMBERSHIP IN CARBON DISCLOSURE LEADERSHIP INDEX ON FINANCIAL PERFORMANCE;143
15.3;8.3 IMPACT OF CARBON PERFORMANCE AWARD ON FINANCIAL PERFORMANCE;147
15.4;8.4 IMPACT OF SETTING CO2 REDUCTION TARGETS ON FINANCIAL PERFORMANCE;148
15.5;8.5 IMPACT ON FINANCIAL PERFORMANCE OF HAVING A BOARD LEVELMEMBERRESPONSIBLE FOR CLIMATE CHANGE;150
15.6;8.6 IMPACT ON FINANCIAL PERFORMANCE OF HAVING AN INCENTIVESYSTEM TO SUPPORT CLIMATE-FRIENDLY BEHAVIOR;153
16;9 Summary and conclusion;156
16.1;9.1 MAJOR FINDINGS;156
16.2;9.2 MANAGERIAL IMPLICATIONS;158
16.3;9.3 LIMITATIONS OF THE STUDY;159
16.4;9.4 SUGGESTIONS FOR FURTHER RESEARCH;160
17;Appendix;161
18;Reference List;170

Über Autor(innen)

Dr. Adrian Renner completed his doctoral thesis at the chair of industrial management at the University of Erlangen-Nuremberg.