infonet-economy

This paper empirically analyzes the effect of the inclusion of German corporations in the Dow Jones STOXX Sustainability Index (DJSI STOXX) and the Dow Jones Sustainability World Index (DJSI World) on stock performance. In order to receive robust estimation results, we apply an event study approach that is based on both a modern asset pricing model, namely the three-factor model...

In this paper I argue that the assessment and management of corporate sustainability potentially runs the risk of severe biases due to the application of inadequate criteria. Firstly, present praxis as well as theory of corporate sustainability assessment tend to not distinguish between structural and performance related features relevant for corporate sustainability. Secondly, the...

Present-day discussions of corporate Governance is mainly centered on finance-related issues and the relation of shareholders and management. However, this view neglects the fundamental changes of the operating conditions of business due to globalization and the weakening of regulatory frameworks, not only changing the role of business, rendering it a political actor in part....

The proportion of sustainable property in the total building stock remains small. One reason is that the financial added value resulting from sustainability is not sufficiently taken into account in property valuation due to the tendency of valuations to lag behind market trends. This article presents the development of a new approach that attempts to provide the quantitative...

Based on a unique firm-level data set from the German manufacturing sector, this paper disentangles environmental and non-environmental product and process innovations. The multivariate probit analysis shows that the various innovation types are determined by different factors. The estimation results suggest a policy mix which comprises the encouragement of R&D activities,...

The discussion of corporate sustainability (CS) is hindered by a lack of definitional clarity of the concept of CS and neighboring concepts. Therefore in this paper a framework of corporate sustainability is construdted from information derived from guidelines concerning corporate sustainability. Within this framework, a differentiation between sustainability performance and its...

Within the discussion of voluntary proactive approaches to environmental protection, former microeconometric studies analyze the causal effect of the adoption of environmental management systems (EMS) on technological environmental innovations and find some positive impacts. Based on empirical studies which consider the effect of general innovativeness on the adoption of voluntary...

This paper provides new empirical evidence for the effect of corporate social responsibility (CSR) on corporate financial performance. In contrast to former studies, we examine two different regions, namely the USA and Europe. Our econometric analysis shows that envi-ronmental and social activities of a firm compared with other firms within the industry are valued by financial...