Corporate Environmental Responsibility, Accounting and Corporate Finance in the EU: A Quantitative Analysis ApproachThe purpose of this book is to study the association of corporate environmental responsibility (CER) with financial performance, capital structure, innovative activities, corporate risk, working capital management and accounting quality. Undoubtedly, CER has been developed into a crucial corporate issue around the world. CER has been incorporated within various sectors, countries and includes many types of activities and dimensions. A fundamental issue that is addressed in this book, is how corporate finance and accounting are affected by CER activities and how it impacts company performance. In order to analyse this interrelation, the authors focus on a sample of firms from 28 EU member countries. The purpose of this book is to study the association of CER with financial performance, capital structure, innovative activities, corporate risk, working capital management and accounting quality. The book also intends to provide useful policy recommendations as well as to offerconstructive impulses for future research. |
Contents
| 1 | |
Corporate Environmental Responsibility in the EU | 17 |
Literature Review on Corporate Environmental Responsibility | 51 |
FirmSpecific Determinants of Corporate Environmental Responsibility | 69 |
Corporate Environmental Responsibility and Financial Performance | 91 |
Corporate Environmental Responsibility and Innovative Activities | 113 |
Corporate Environmental Responsibility and Capital Structure | 133 |
Corporate Environmental Responsibility and Corporate Risk | 157 |
Corporate Environmental Responsibility Cash Holding and Dividend Policy Decisions | 177 |
Corporate Environmental Responsibility and Earnings Value Relevance | 197 |
Corporate Environmental Responsibility and Earnings Management | 214 |
Corporate Environmental Responsibility and Accounting Conservatism | 235 |
Conclusions and Implications | 253 |
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Common terms and phrases
accounting conservatism accruals analysis association between CER BDSIZE Benlemlih 2019 Breusch-Pagan test Business Ethics capital structure cash flows cash holdings CER activities CER firms CER performing firms CER related activities CER_COM ChiČ p-value Corporate Environmental Responsibility corporate governance corporate social responsibility correlation costs Country F.E. decisions Descriptive statistics Dimitropoulos disclosure earnings management economic emission reduction Empirical evidence EN_INNOV enhanced environment environmental performance equity estimation European European Union financial performance fiows firm’s growth opportunities high CER performing higher hypothesis impact of CER indicate statistical significance Industry F.E. information asymmetries investors Journal of Accounting leverage low CER managerial null hypothesis operating cash flows pollution profitability R-sq R&D intensive random effect estimation reduce regression results RES_USE sample firms sensitivity tests shareholders significance level respectively significant coefficients social and environmental stakeholder theory stakeholders strategic Suto and Takehara systematic risk Table total assets value relevance