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JOURNAL OF STRATEGIC INNOVATION AND SUSTAINABILITY
Does It Pay to Be Environmentally Responsible?
Toxic Releases and Financial Performance
Author(s): William Bosworth, Bruce Clemens
Citation: William Bosworth, Bruce Clemens, (2011) "Does It Pay to Be Environmentally Responsible?
Toxic Releases and Financial Performance," Journal of Strategic Innovation and Sustainability, Vol. 7, Iss. 2, pp. 115 - 121
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Is a corporation’s environmental responsibility consistent with its responsibility to maximize shareholder wealth? If environmentally sustainable behavior is a binding constraint on available strategies one would expect environmentally responsible firms to exhibit lower market values than corporations who are free to execute any strategies. But if there is a link between corporate environmental responsibility and shareholder wealth then one would expect environmentally responsible firms to have a higher market value. This study finds evidence of a positive relationship between financial performance as measured by Tobin’s q and environmental performance as measured by the USEtox weighting system.
