绿色政策的底线:防止污染和公司的表现
1Formally, School of Sustainability and Environment, University of Saskatchewan, Saskatoon, SK, Canada. Fatmaehabzaki@gmail.com.
Environmental management
|August 1, 2025
概括
污染预防 (PP) 措施最初会降低公司业绩,但从长远来看会提高市场估值. 强有力的治理和战略财务管理是抵消短期成本和实现持续竞争优势的关键.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 战略管理的战略管理.
背景情况:
- 关于防止污染 (PP) 对企业业绩的财务影响的研究有限.
- 现有的研究往往忽略了PP影响的不同时间范围.
- 基于资源的观点 (RBV) 和基于自然资源的观点 (NRBV) 等理论框架为理解这些关系提供了基础.
研究的目的:
- 实证地评估PP策略对公司业绩的短期和长期影响.
- 调查PP如何影响即时的财务指标 (利能力,偿付能力,效率) 和长期市场估值.
- 为了确定最初的合规成本是否被PP倡议带来的持续竞争优势所抵消.
主要方法:
- 利用了美国上市公司 (2011-2019) 的面板数据集.
- 雇员倾向得分匹配 (PSM) 和增强的反向概率权重 (AIPW) 以减轻选择偏差.
- 公司产业固定效应和对公司特征的控制 (治理,董事会,杆,资本结构).
主要成果:
- 观察到的短期不良影响:由于合规支出,利能力,运营效率和偿付能力下降.
- 长期减轻负面影响:持续的PP承诺与增强的市场估值正相关.
- 治理,董事会特点,资本管理和杆决策显著影响PP战略的成功.
结论:
- 防止污染在短期的财务限制和长期的战略利益之间进行了权衡.
- 有效的环境实践可以带来持续的竞争优势和改善市场估值.
- 管理者和政策制定者应该平衡直接成本与对环境负责任实践的长期投资.
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