Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/61887
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Title: Corporate environmental initiatives in the Chinese context : performance implications and contextual factors
Authors: Lam, HKS
Yeung, ACL 
Cheng, TCE 
Humphreys, PK
Issue Date: Oct-2016
Source: International journal of production economics, Oct. 2016, v. 180, p. 48-56
Abstract: Although a number of studies have been conducted on the relationship between environmental management and firm performance, most of them are conducted in the Western context. Due to the unique social and economic environments in China, the performance implications of environmental management might be quite different in the Chinese context. We examine the impact of corporate environmental initiatives (CEIs) on the market value of firms in China. We find that, in contrast to the findings in the Western context, Chinese investors react negatively to CEI announcements. The negative reaction is more significant when the announcements are related to processes rather than products, and for state-owned enterprises rather than privately-owned corporations. However, there is no difference whether the CEI is self-declared or third-party endorsed. Overall, our research indicates that Chinese investors consider CEIs to be in conflict with shareholder interest. In particular, CEIs in state-owned enterprises might be considered by investors as signals that firms need to sacrifice profits to shoulder more social responsibility.
Keywords: Abnormal returns
China
Corporate environmental initiatives
Event study
Publisher: Elsevier
Journal: International journal of production economics 
ISSN: 0925-5273
DOI: 10.1016/j.ijpe.2016.06.020
Rights: © 2016 Published by Elsevier B.V.
© 2016. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/.
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