Determinants of corporate environmental performance and the moderating effect of economic crises.
| Title: | Determinants of corporate environmental performance and the moderating effect of economic crises. |
|---|---|
| Authors: | Arco-Castro, María Lourdes, López-Pérez, María Victoria, Alonso-Conde, Ana Belén, Rojo Suárez, Javier |
| Source: | Baltic Journal of Management; 2024, Vol. 19 Issue 6, p39-59, 21p |
| Abstract: | Purpose: This paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an economic crisis moderates these relationships. Design/methodology/approach: A regression analysis was conducted on a sample of 14,217 observations from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the presence of heteroscedasticity and autocorrelation. Findings: The results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP that is not affected by an economic crisis. Research limitations/implications: The study has some limitations that could be addressed in the future. We present board gender diversity as a governance mechanism because its role is strongly related to non-financial performance. Future studies could focus on other corporate governance mechanisms, such as the presence of institutional or long-term investors. In addition, other mechanisms could be found that can counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these results with the crisis generated by the coronavirus pandemic. Practical implications: The results obtained have important practical implications at the corporate and institutional levels. At the corporate level, they highlight, as essential contributions, that environmental management systems and stakeholder orientation are not effective in times of economic crisis, except for with the presence of women on the board. Social implications: Following the crisis, the European Commission has promoted gender diversity on boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability. In this sense, another one of the practical implications of the study is support for the policies that the European Union has implemented over the last two decades. Originality/value: The paper analyses how a crisis affects the moral and cultural institutional mechanisms that promote CEP. Gender diversity on the board of directors not only promotes environmental performance but also appears to be a governance mechanism that ensures this performance in times of crisis when the other mechanisms lose their effectiveness. The study proposes specific policies that help maintain environmental performance in an economic crisis. [ABSTRACT FROM AUTHOR] |
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| Database: | Complementary Index |
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| Items | – Name: Title Label: Title Group: Ti Data: Determinants of corporate environmental performance and the moderating effect of economic crises. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Arco-Castro%2C+María+Lourdes%22">Arco-Castro, María Lourdes</searchLink><br /><searchLink fieldCode="AR" term="%22López-Pérez%2C+María+Victoria%22">López-Pérez, María Victoria</searchLink><br /><searchLink fieldCode="AR" term="%22Alonso-Conde%2C+Ana+Belén%22">Alonso-Conde, Ana Belén</searchLink><br /><searchLink fieldCode="AR" term="%22Rojo+Suárez%2C+Javier%22">Rojo Suárez, Javier</searchLink> – Name: TitleSource Label: Source Group: Src Data: Baltic Journal of Management; 2024, Vol. 19 Issue 6, p39-59, 21p – Name: Abstract Label: Abstract Group: Ab Data: Purpose: This paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an economic crisis moderates these relationships. Design/methodology/approach: A regression analysis was conducted on a sample of 14,217 observations from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the presence of heteroscedasticity and autocorrelation. Findings: The results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP that is not affected by an economic crisis. Research limitations/implications: The study has some limitations that could be addressed in the future. We present board gender diversity as a governance mechanism because its role is strongly related to non-financial performance. Future studies could focus on other corporate governance mechanisms, such as the presence of institutional or long-term investors. In addition, other mechanisms could be found that can counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these results with the crisis generated by the coronavirus pandemic. Practical implications: The results obtained have important practical implications at the corporate and institutional levels. At the corporate level, they highlight, as essential contributions, that environmental management systems and stakeholder orientation are not effective in times of economic crisis, except for with the presence of women on the board. Social implications: Following the crisis, the European Commission has promoted gender diversity on boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability. In this sense, another one of the practical implications of the study is support for the policies that the European Union has implemented over the last two decades. Originality/value: The paper analyses how a crisis affects the moral and cultural institutional mechanisms that promote CEP. Gender diversity on the board of directors not only promotes environmental performance but also appears to be a governance mechanism that ensures this performance in times of crisis when the other mechanisms lose their effectiveness. The study proposes specific policies that help maintain environmental performance in an economic crisis. [ABSTRACT FROM AUTHOR] – Name: Abstract Label: Group: Ab Data: <i>Copyright of Baltic Journal of Management is the property of Emerald Publishing Limited and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.) |
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| RecordInfo | BibRecord: BibEntity: Identifiers: – Type: doi Value: 10.1108/BJM-06-2023-0233 Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 21 StartPage: 39 Titles: – TitleFull: Determinants of corporate environmental performance and the moderating effect of economic crises. Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Arco-Castro, María Lourdes – PersonEntity: Name: NameFull: López-Pérez, María Victoria – PersonEntity: Name: NameFull: Alonso-Conde, Ana Belén – PersonEntity: Name: NameFull: Rojo Suárez, Javier IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 11 Text: 2024 Type: published Y: 2024 Identifiers: – Type: issn-print Value: 17465265 Numbering: – Type: volume Value: 19 – Type: issue Value: 6 Titles: – TitleFull: Baltic Journal of Management Type: main |
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