Does Carbon-Conscious Behavior Drive Firm Performance? [electronic resource] : An Event Study on the Global 500 Companies /
Renner, Adrian.author.
Carbon Disclosure Project.Carbon disclosure project report 2007: USA S&P 500.
Climate change and its implications for consumers and policymakers, have been discussed extensively. Adrian Renner provides a unique perspective on how stockholders react if companies move towards a carbon-conscious future. A multi-country event study approach was used to analyze stock market reactions of the largest 500 companies globally. The analysis shows that depending on the situation of the company outcomes vary substantially. For example, Asian companies were gratified by investors for their carbon-conscious behavior while European and North American companies got punished for this.
Description based upon print version of record.
Foreword; Acknowledgements; TABLE OF CONTENTS; List of abbreviations; Table of symbols; Index of figures; Index of tables; 1 Introduction; 1.1 PROBLEM DEFINITION; 1.1.1 Description 01environmental challenges posed by climate change; 1.1.1.1 RelaUonlblp betweeDhuman behavior and lDueued CQz; 1.1.1.2 Relationship between CO] increase and temperature rise; 1.1.1.3 Relationship between increased temperature and global climate; 1.1.1.4 Climate change and its consequences for mankind; 1.1.2 Reaction 01 consumers and policy mak.ers to environmental challenges
1.1.3 Implications of climate change for corporate leaders and investors1.2 OUTLINE OF TIIE STUDY; 2 Literature review; 2.1 RELATIONSIDP BETWEEN ENVIRONMENTAL DISCLOSURE AND ENVIRONMENTAL PERFORMANCE; 2.1.1 Theoretical perspective; 2.1.1.1 Socio-political theories; 2.1.2 Empirical perspective; 2.2 RELATION BETWEEN ENVIRONMENTAL AND ECONOMIC PERFORMANCE; 2.2.1 Theoretical perspective; 2.2.1.1 Traditionalist view; 2.2.1.2 Revisionist view; 2.2.1.3 Synthesis of traditionalist and revisionist views; 2.2.2 Empirical perspective; 2.3 SUMMARY AND NEW APPROACH TO THEORETICAL FRAMEWORK
3 Definition of tenns3.1 SUSTAINABILITY; 3.2 CORPORATE SOCIAL RESPONSIBILITY; 3.3 ENVIRONMENT; 3.4 GREEN MANAGEMENT AND CARBON-CONSCIOUS BERAVIOR; 3.5 CORPORATE SUCCESS; 3.6 EVENT STUDY; 4 Carbon Disclosure Project and its Global 500 report; 4.1 THE CARBON DISCLOSURE PROJECT AS AN ORGANIZATION; 4.2 GLOBAL 500 REPORT; 4.2.1 Global 500, response rates and CO2 emissions covered; 4.2.2 Carbon disclo.ure score; 4.2.3 Carbon performance score; 4.2.4 Geographie and indnstry overview; 4.3 CRITIQUE OF THE CARBON DISCLOSURE PROJECT; 5 Research questions, model setup and hypothesis development
5.1 RESEARCH QUESTIONS ON CDP ACTIVITY5.2 RESEARCH QUESTIONS ON SURVEY-SPECIFIC lTEMS; 5.3 MODEL SETUP; 5.4 PREDICTED RESEARCH OUTCOME BASED ON THEORIES AND HYPOTHESIS DEVELOPMENT; 6 Research methodology; 6.1 RESEARCH APPROACH; 6.1.2 Assumptions 01event study; 6.1.3 Event defmition; 6.1.4 Selection of companies; 6.1.5 Event and estimation window; 6.1.6 Correction for confounding events; 6.1.7 Estimation uf abnormal returns; 6.1.8 Estimation of normal returns; 6.1.8.1 Statistical models; 6.1.8.2 Economic models; 6.1.9 Benchmarks; 6.1.10 Statistical testing methods
6.1.10.1 T-test for significance of abnormalreturns6.1.10.2 T-test for equaIity of abnormal returns; 6.1.10.3 Non-parametric tests; 6.2 DATA COLLECTION; 6.3 CRITIQUE OF EVENT STUDIES; 6.4 SUMMARY; 7 Description of data set; 7.1 REGIONAL AND INDUSTRIAL SEGMENTATION OF GLOBAL 500; 7.2 BREAKDOWN OF GLOBAL 500 DATA SET INTO RELEVANT SAMPLE; 7.3 REGIONAL AND INDUSTRIAL SEGMENTATION OF RELEVANT SAMPLE; 7.4 FURTHER CHARACTERISTICS OF THE SAMPLE; 8 Etnpirical results and interpretation; 8.1 IMPACT OF CDP PARTICIPATION ON FINANCIAL PERFORMANCE
8.2 IMPACT OF MEMBERSHIP IN CARBON DISCLOSURE LEADERSHIP INDEX ON FINANCIAL PERFORMANCE
Includes bibliographical references and index.
Climate change and its implications for consumers and policymakers, have been discussed extensively. Adrian Renner provides a unique perspective on how stockholders react if companies move towards a carbon-conscious future. A multi-country event study approach was used to analyze stock market reactions of the largest 500 companies globally. The analysis shows that depending on the situation of the company outcomes vary substantially. For example, Asian companies were gratified by investors for their carbon-conscious behavior while European and North American companies got punished for this.
Finance.
Finance, general.