Manager’s Dilemma: Stockholders’ and Consumers’ Responses to Corporate Environmental Efforts
Abstract
:1. Introduction
Relevant Literature and Hypothesis Development
2. Materials and Methods
2.1. Methodology
2.2. Measurement of Environmental Actions
2.3. Measurement of Stockholders’ Response
2.4. Measurement of Consumers’ Response
2.5. Control Variables
2.6. Sample
3. Results
3.1. Descriptive Statistics
3.2. Stockholders’ and Consumers’ Responses to Corporate Environmental Actions
3.2.1. Univariate Analysis
3.2.2. Multivariate Analysis
4. Discussion and Conclusions
Acknowledgments
Author Contributions
Conflicts of Interest
References
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Industry | Number of Sample Firms | EIS | EMS | Firm Size [Ln(Assets)] | Debt Ratio |
---|---|---|---|---|---|
All (Full Sample) | 366 | 55.57 (56.70) | 53.93 (53.20) | 9.52 (9.40) | 0.27 (0.25) |
Consumer Goods | 44 | 46.43 (47.05) | 52.59 (53.75) | 8.89 (8.74) | 0.29 (0.30) |
Consumer Services | 101 | 65.35 (64.50) | 52.48 (51.60) | 9.41 (9.26) | 0.28 (0.23) |
Industrial Goods | 106 | 51.62 (52.45) | 54.72 (54.10) | 9.41 (9.24) | 0.29 (0.26) |
Technology & IT Services | 87 | 56.84 (62.2) | 58.60 (59.00) | 9.85 (9.72) | 0.25 (0.25) |
Energy | 28 | 45.65 (49.70) | 43.05 (43.90) | 10.33 (10.34) | 0.23 (0.21) |
SCAR (−1, +1) | Sales Growth | EIS | EMS | Firm Size | Debt Ratio | |
---|---|---|---|---|---|---|
SCAR (−1, +1) | 1.0000 | |||||
Sales Growth | 0.0264 (0.6151) | 1.0000 | ||||
EIS | 0.1161 ** (0.0264) | 0.1812 *** (0.0005) | 1.0000 | |||
EMS | −0.0188 (0.7195) | −0.1280 ** (0.0143) | −0.0123 (0.8140) | 1.0000 | ||
Firm Size | −0.1442 *** (0.0057) | −0.0381 (0.4678) | −0.1347 *** (0.0099) | 0.2471 *** (0.0000) | 1.0000 | |
Debt Ratio | −0.0302 (0.5640) | −0.0292 (0.5773) | −0.1658 *** (0.0015) | −0.0959 * (0.0668) | 0.0184 (0.7258) | 1.0000 |
Measurement Variable | Mean (Median) | Median | T-Test t-Statistics | Wilcoxon Signed Rank Test z-Statistics |
---|---|---|---|---|
SCAR (−1,+1) | 0.1819 *** | 0.2716 | 2.6145 (0.0093) | 3.161 (0.0016) |
SCAR (−2, +2) | 0.0198 ** | 0.0169 | 2.4454 (0.0149) | 8.829 (0.0000) |
Sales Growth | 0.0378 *** | 0.0227 | 5.8060 (0.0000) | 6.134 (0.0000) |
Variables | Dependent Variable: SCAR (−1, +1) | Dependent Variable: Sales Growth |
---|---|---|
EIS | 0.0105 ** (0.016) | 0.0016 *** (0.000) |
EMS | 0.0012 (0.829) | −0.0014 *** (0.007) |
Firm Size | −0.1943 *** (0.004) | 0.0188 ** (0.016) |
Debt Ratio | −0.0101 (0.976) | −0.0229 (0.488) |
Lagged Sales | −5.38 × 107 *** (0.005) | |
Constant | 1.5401 ** (0.046) | −0.8379 *** (0.000) |
Industry dummy | Included | Included |
Number of samples | 366 | 366 |
F-statistics | 5.87 *** (0.000) | 3.40 *** (0.001) |
VIF statistics | 4.33 | 3.97 |
Adjusted R2 | 0.0964 | 0.0558 |
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Yadav, P.L.; Han, S.H.; Kim, H. Manager’s Dilemma: Stockholders’ and Consumers’ Responses to Corporate Environmental Efforts. Sustainability 2017, 9, 1108. https://doi.org/10.3390/su9071108
Yadav PL, Han SH, Kim H. Manager’s Dilemma: Stockholders’ and Consumers’ Responses to Corporate Environmental Efforts. Sustainability. 2017; 9(7):1108. https://doi.org/10.3390/su9071108
Chicago/Turabian StyleYadav, Prayag Lal, Seung Hun Han, and Hohyun Kim. 2017. "Manager’s Dilemma: Stockholders’ and Consumers’ Responses to Corporate Environmental Efforts" Sustainability 9, no. 7: 1108. https://doi.org/10.3390/su9071108