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dc.contributor.authorGonenc, Halit
dc.contributor.authorScholtens, Bert
dc.date.accessioned2017-11-25T00:31:48Z
dc.date.available2017-11-25T00:31:48Z
dc.date.issued2017-02
dc.identifier.citationGonenc , H & Scholtens , B 2017 , ' Environmental and financial performance of fossil fuel firms : a closer inspection of their interaction ' , Ecological Economics , vol. 132 , pp. 307-328 . https://doi.org/10.1016/j.ecolecon.2016.10.004en
dc.identifier.issn0921-8009
dc.identifier.otherPURE: 246704914
dc.identifier.otherPURE UUID: b5a23cd7-cc5d-4f9f-8ff0-8143a2b5b12b
dc.identifier.otherScopus: 84997078163
dc.identifier.otherWOS: 000390825200028
dc.identifier.otherORCID: /0000-0001-5774-5191/work/69835016
dc.identifier.urihttp://hdl.handle.net/10023/12172
dc.description.abstractWe investigate the relationship between environmental and financial performance of fossil fuel firms. To this extent, we analyze a large international sample of firms in chemicals, oil, gas, and coal with respect to several environmental indicators in relation to financial performance for the period 2002–2013. We find that these firms have significantly higher scores on environmental performance efforts than other firms. We use a simultaneous equations system to identify the direction of the relationship between environmental and financial performance of the firms. We find that environmental outperformance has no impact on financial performance for chemical firms, reduces returns and risks for coal companies, has a mixed impact on returns in oil and gas, and reduces financial risks for oil and gas firms. Financial outperformance reduces environmental performance in all fossil fuel (sub)industries investigated. Our findings mainly support the opportunistic view regarding the impact of financial returns, which holds that financial performance negatively impacts social performance. Regarding financial risk, we find support for the stakeholder perspective where good environmental performance is beneficial from a finance perspective. We conclude to substantial differences in the environmental-financial performance relationship along fossil fuel firms in different subindustries.
dc.format.extent22
dc.language.isoeng
dc.relation.ispartofEcological Economicsen
dc.rightsCopyright © 2016, Elsevier B.V. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1016/j.ecolecon.2016.10.004en
dc.subjectEnvironmental performanceen
dc.subjectFinancial performanceen
dc.subjectFirm-level analysisen
dc.subjectFossil fuel firmsen
dc.subjectCorporate responsibilityen
dc.subjectHG Financeen
dc.subject3rd-NDASen
dc.subjectBDCen
dc.subjectR2Cen
dc.subject.lccHGen
dc.titleEnvironmental and financial performance of fossil fuel firms : a closer inspection of their interactionen
dc.typeJournal articleen
dc.description.versionPostprinten
dc.contributor.institutionUniversity of St Andrews.Centre for Responsible Banking and Financeen
dc.contributor.institutionUniversity of St Andrews.School of Managementen
dc.identifier.doihttps://doi.org/10.1016/j.ecolecon.2016.10.004
dc.description.statusPeer revieweden
dc.date.embargoedUntil2017-11-24


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