The Economic Value of Corporate Eco-Efficiency
The Economic Value of Corporate Eco-Efficiency
Guenster, Nadja, Derwall, Jeroen, Bauer, Rob and Koedijk, Kees C.G., "The Economic Value of Corporate Eco-Efficiency" (August 2005). Abstract: This study adds new insights to the long-running corporate environmental-financial performance debate by focusing on the concept of eco-efficiency. Using a new database of eco-efficiency ratings, we document a positive but asymmetrical relation between eco-efficiency and a firm's Tobin's q. Moreover, our results suggest that the market's valuation of environmental performance has been time variant, which may indicate that the market incorporates environmental information with a drift. Although environmental leaders initially did not sell at a premium relative to laggards, the premium has increased significantly over time. Finally, we report that eco-efficiency relates to operating performance. Environmental leaders do not have a return on assets superior to that of the control group, but laggards display significant operational underperformance. The results suggest that company managers do not face a tradeoff between eco-efficiency and financial performance, and that investors can use environmental information for investment decisions. Go to article
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Facts on MBA
Master of Business Administration (MBA) is a tertiary degree in business management. Originally designed to provide engineers with management skills, today's MBA draws applicants from a range of disciplines.
Master of Business Administration (MBA) is a tertiary degree in business management. Originally designed to provide engineers with management skills, today's MBA draws applicants from a range of disciplines.
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