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Call for Papers: PIER Research Workshop 2025
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27 July 2017
20171501113600000
No. 064

Environmental Efforts and Firm Performance

Dyna SengChaiporn Vithessonthi

Abstract

In this paper, we test the prediction that environmental efforts, presenting one dimension of corporate social responsibility, are positively related to firm performance. We analyze a panel sample of non-financial firms in the Netherlands over the period 2001–2014 using two approaches: ordinary least squares regressions and two-stage least squares regressions. Our two-stage least squares regressions show that firms with higher degrees of environmental efforts have better firm performance, measured as return on assets, but have poorer firm performance, measured as return on sales. However, this relationship disappears when firm performance is measured as return on equity or stock return. Our analysis further reveals that better firm performance does not necessarily lead to a disclosure of a firm's environmental efforts. We find that larger firms are more inclined to report the environmental efforts than smaller firms. Neither prior firm performance nor variation in firm performance moderates the effect of environmental efforts on firm performance.

Dyna Seng
Dyna Seng
Chaiporn Vithessonthi
Chaiporn Vithessonthi
Sunway University Business School
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JEL: F21F23G31G32
Tags: corporate investmentenvironmental performancerenewable energyfirm performancenetherlands
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Dyna Seng
Dyna Seng
Chaiporn Vithessonthi
Chaiporn Vithessonthi
Sunway University Business School

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