CO 2  Emissions and Financial Performance of Socially Responsible Firms: An Empirical Survey | Zendy

Sariannidis Nikolaos | Zendy; Zafeiriou Eleni | Zendy; Giannarakis Grigoris | Zendy; Arabatzis Garyfallos | Zendy

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CO 2 Emissions and Financial Performance of Socially Responsible Firms: An Empirical Survey

Author(s) -

Sariannidis Nikolaos,

Zafeiriou Eleni,

Giannarakis Grigoris,

Arabatzis Garyfallos

Publication year - 2013

Publication title -

business strategy and the environment

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 2.123

H-Index - 105

eISSN - 1099-0836

pISSN - 0964-4733

DOI - 10.1002/bse.1737

Subject(s) - social responsibility , business , econometric analysis , autoregressive conditional heteroskedasticity , industrial organization , economics , finance , econometrics , ecology , volatility (finance) , biology

A firm's financial performance is closely related to its environmental behavior. This result is valid especially in the case of socially responsible firms. In the present study a data econometric analysis is conducted based on a GARCH model for socially responsible and conventional firms. According to our findings, the performance of socially responsible firms is negatively related to an increase of global CO 2 emissions. The firms' costs for implementing environmental policies and the investors' attitude towards the aforementioned firms may account for our results. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.

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