Linking Environmental and Financial Performance for Privately Owned Firms: Some Evidence from Australia
研究了138家澳大利亚私营企业2009-2013年的数据，发现承担环境责任有助于提高财务回报，但减排对高环境敏感企业无效，而降低能耗则能创造价值。
The debate over whether the “green” strategy pays off has been centered overwhelmingly within large public firms. It remains unclear whether “being green” matters to smaller firms such as privately owned or family controlled firms, which are equally heavy polluters but subject to much less public scrutiny. Using a sample of 138 private companies registered in the Australian National Greenhouse and Energy Reporting database over the 2009–2013 period, this study finds that embracing environmental/carbon responsibility has helped these companies gain higher financial returns. However, reducing carbon emissions has not paid off for environmentally sensitive firms, although lowering energy consumption is evidenced to be value creation.