The current global economic development faces social and environmental challenges, such as climate change and environmental pollution, which requires firms to be more socially responsible. Due to the fast-growing corporate social responsibility (CSR) consciousness and concerns of individual...

We investigate how corporate environmental responsibility (CER) actions affect firm value. We adopt an event studies approach using two narrowly-decided 5-to-4 Supreme Court rulings and show that firms gain value when they are expected to increase their CER activities. The market reactions are...

This paper studies the development of a firm’s Environmental, Social, and Governance (ESG) performance following the issuance of “green loans” earmarked for green projects versus “sustainable loans” to firms bench-marked by ESG criteria. Firms issuing green loans appear to be effective...

While abundant literature evaluates how the adoption of proactive environmental strategies affects corporate performance, we have little understanding of the organizational mechanisms that link such strategies to competitive advantage. It is therefore unclear how environmental strategies relate...

Purpose – The domestic institutional context has emerged as a key determinant of firms’ environmental disclosure, but studies have hardly addressed the extent to which exposure to foreign institutional contexts plays a role in the occurrence and contents of non-financial disclosure, crucial...

We analyze the stock market response to a comprehensive international sample of 1,560 corporate green bond announcements between January 2013 and January 2022. We do not find any significant market response to these green bond announcements. We conduct a battery of tests to check the robustness...

Green revenue refers to income generated from environmentally friendly or sustainable business activities (e.g., carbon emission reduction; energy efficiency improvements). We use the National Development and Reform Commission’s 2019 Green Industry Guiding Catalogue to identify the corporate...