The Value Relevance of Reputation for Sustainability Leadership
This study investigates whether the market valuation of the two summary accounting measures, book value of equity and net income, is higher for firms with reputation for sustainability leadership, when compared to firms that do not enjoy such reputation. The results are interpreted through the lens...
| Κύριοι συγγραφείς: | ; ; ; |
|---|---|
| Τύπος μέσου: | Ηλεκτρονική πηγή Άρθρο |
| Γλώσσα: | Αγγλικά |
| Έλεγχος διαθεσιμότητας: | HBZ Gateway |
| Journals Online & Print: | Φόρτωση...
|
| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Έκδοση: |
2014
|
| Στο/Στη: |
Journal of business ethics
Έτος: 2014, Τόμος: 119, Τεύχος: 1, Σελίδες: 17-28 |
| Άλλες λέξεις-κλειδιά: | B
Corporate Sustainability
B Reputation B Value relevance |
| Διαθέσιμο Online: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
| Σύνοψη: | This study investigates whether the market valuation of the two summary accounting measures, book value of equity and net income, is higher for firms with reputation for sustainability leadership, when compared to firms that do not enjoy such reputation. The results are interpreted through the lens of a framework combining signalling theory and resource-based theory, according to which firms signal their commitment to sustainability to influence the external perception of reputation. A firm’s reputation for being committed to sustainability is an intangible resource that can increase the value of a firm’s expected cash flows and/or reduce the variability of its cash flows. Our findings are according to expectations and show that the net income of firms with good sustainability reputation has a higher valuation by the market, when compared to their counterparts. |
|---|---|
| ISSN: | 1573-0697 |
| Περιλαμβάνει: | Enthalten in: Journal of business ethics
|
| Persistent identifiers: | DOI: 10.1007/s10551-012-1617-7 |
