TALKING TRASH: LEGITIMACY, IMPRESSION MANAGEMENT, AND UNSYSTEMATIC RISK IN THE CONTEXT OF THE NATURAL ENVIRONMENT.
基于制度理论，研究发现环境合法性高的企业股票非系统性风险更低，而低合法性企业可通过表达环境承诺来缓解风险。
Applying institutional theory, we argue that environmentally legitimate firms incur less unsystematic stock market risk than illegitimate firms. Firms earn environmental legitimacy when their performance with respect to the natural environment conforms to stakeholders' expectations. This relationship was supported with the analysis of media reports and stock prices of 100 firms over a five-year period. The analysis also showed that firms with low environmental legitimacy can attenuate this effect by expressing commitment to the natural environment.