Do investors penalize the firms disclosing higher environmental performance? a cross cultural evidence - Rennes School of Business Access content directly
Journal Articles Environmental Science and Pollution Research Year : 2022

Do investors penalize the firms disclosing higher environmental performance? a cross cultural evidence

Muhammad Azeem Qureshi

Abstract

"Climate change discourse integrates 3Ps – people, planet, and profit. However, we do not find any empirical study that integrates 3Ps. Therefore, using a large global panel dataset from 46 countries, this study intends to fill this gap by providing empirical evidence about investors’ value proposition of corporate climate performance in different cultural environments. The results show that Hofstede’s cultural dimensions affect corporate climate performance and its market pricing. We find that in cultures with high power distance, low individualism, high masculinity, high uncertainty avoidance, high long-term orientation, and high restraint, the investors generally penalize the firms disclosing higher environmental performance. Strangely enough, corporate waste production is universally value irrelevant. Our results indicate some policy implications."

Dates and versions

hal-03871789 , version 1 (25-11-2022)

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Muhammad Azeem Qureshi, Tanveer Ahsan. Do investors penalize the firms disclosing higher environmental performance? a cross cultural evidence. Environmental Science and Pollution Research, 2022, 29 (36), pp.55147-55160. ⟨10.1007/s11356-022-19716-8⟩. ⟨hal-03871789⟩
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