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Asymmetry in Value Relevance of Environmental Performance (EP) Information: Contingency Effects of Size and Industry
Handelshögskolan Åbo Akademi. (SIRP)
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration. Åbo Akademi University, Turku, Finland. (SIRP)
2013 (English)In: Journal of Modern Accounting and Auditing, ISSN 1548-6583, E-ISSN 1935-9683, Vol. 9, no 6, 777-789 p.Article in journal (Refereed) Published
Abstract [en]

Contemporary research documents a positive but weak price premium from environmental performance (EP). The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 (SIX 300) companies listed on the Stockholm Stock Exchange (OMX Stockholm). Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is. however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.

Place, publisher, year, edition, pages
USA: David Publishing Company , 2013. Vol. 9, no 6, 777-789 p.
Keyword [en]
environmental performance (EP), market premium, industry risk, size, moderated regression analysis (MRA)
National Category
Business Administration
Research subject
Business Studies
Identifiers
URN: urn:nbn:se:umu:diva-67466OAI: oai:DiVA.org:umu-67466DiVA: diva2:612084
Funder
Mistra - The Swedish Foundation for Strategic Environmental Research
Note

USBESDA

Available from: 2013-03-19 Created: 2013-03-19 Last updated: 2017-12-06Bibliographically approved

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Semenova, NataliaHassel, Lars G

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf