The determinants of corporate sustainability performance

被引：372

作者：

Artiach, Tracy ^{[1
]}

Lee, Darren ^{[1
]}

Nelson, David ^{[2
]}

Walker, Julie ^{[1
]}

机构：

[1] Univ Queensland, UQ Business Sch, St Lucia, Qld 4072, Australia

[2] ABN AMRO Morgans Ltd, Brisbane, Qld 4001, Australia

来源：

ACCOUNTING AND FINANCE | 2010年 / 50卷 / 01期

关键词：

Corporate sustainability; Dow Jones Sustainability Index; Stakeholder Theory; M14; SOCIAL-RESPONSIBILITY; FINANCIAL PERFORMANCE; ECONOMIC-PERFORMANCE; DISCLOSURE;

D O I：

10.1111/j.1467-629X.2009.00315.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the factors that drive high levels of corporate sustainability performance (CSP), as proxied by membership of the Dow Jones Sustainability World Index. Using a stakeholder framework, we examine the incentives for US firms to invest in sustainability principles and develop a number of hypotheses that relate CSP to firm-specific characteristics. Our results indicate that leading CSP firms are significantly larger, have higher levels of growth and a higher return on equity than conventional firms. Contrary to our predictions, leading CSP firms do not have greater free cash flows or lower leverage than other firms.

引用

页码：31 / 51

页数：21

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