Environmental Responsibility and Firm Performance: The Application of an Environmental, Social and Governance Model
研究了韩国企业2011-2012年间环境责任对净资产收益率和资产收益率的影响，发现两者正相关，但研发投入不影响环境责任或财务绩效。
Abstract This paper investigates the way in which environmental responsibility impacts on corporate financial performance, measured by return on equity (ROE) and return on assets (ROA). Using a sample of Korean firms covering the period 2011–2012, and employing two different test methods, namely the OLS and 2SLS methods, we show that the relationships between environmental responsibility performance and firms’ ROE and ROA are positive and statistically significant. However, we show that research and development (R&D) intensity (expenditure) does not affect either environmental responsibility or corporate financial performance. The results of this analysis encourage further empirical analysis of the industries, as well as the use of more than one estimation method to determine environmental responsibility and corporate financial performance within firms. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment