TAILIEUCHUNG - The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance

We investigate the effect of a corporate culture of sustainability on multiple facets of corporate behavior and performance outcomes. Using a matched sample of 180 companies, we find that corporations that voluntarily adopted environmental and social policies many years ago – termed as High Sustainability companies – exhibit fundamentally different characteristics from a matched sample of firms that adopted almost none of these policies – termed as Low Sustainability companies. In particular, we find that the boards of directors of these companies are more likely to be responsible. | HARVARD BUSINESS SCHOOL The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance Robert G. Eccles Ioannis Ioannou George Serafeim Working Paper 12-035 November 25 2011 Copyright 2011 by Robert G. Eccles Ioannis Ioannou George Serafeim Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance Robert G. Eccles Ioannis Ioannou and George Serafeim Abstract We investigate the effect of a corporate culture of sustainability on multiple facets of corporate behavior and performance outcomes. Using a matched sample of 180 companies we find that corporations that voluntarily adopted environmental and social policies many years ago - termed as High Sustainability companies - exhibit fundamentally different characteristics from a matched sample of firms that adopted almost none of these policies - termed as Low Sustainability companies. In particular we find that the boards of directors of these companies are more likely to be responsible for sustainability and top executive incentives are more likely to be a function of sustainability metrics. Moreover they are more likely to have organized procedures for stakeholder engagement to be more long-term oriented and to exhibit more measurement and disclosure of nonfinancial information. Finally we provide evidence that High Sustainability companies significantly outperform their counterparts over the long-term both in terms of stock market and accounting performance. The outperformance is stronger in sectors where the customers are individual consumers instead of companies companies compete on the basis of brands and reputations and products significantly depend upon extracting large amounts of natural resources. Robert G. Eccles is

• Tài chính doanh nghiệp
• previous infection
• spreads via
• matting and fixation
• fascia and present
• sinus formation
• gingiva or conjunctiva
• involvement represents
• enlarging lymph
• lymphadenopathy
• trình bày báo cáo
• tài liệu báo cáo khoa học
• báo cáo y học
• kiến thức y học
• nghiên cứu y học