Categorizing variables affecting the proactive environmental orientation of firms

Despite several authors having studied the strategic approach to environmental orientation and, considering that environmental proactivity is emerging in business strategy, it still remains unclear which real actions influence a firm's environmental orientation. An empirical analysis of a sample of 126 Spanish companies shows that firms' actions are explained as training, information and divulgation actions; firms goals are understood as actions to improve business competitiveness, and agents' implications and firms' management implications explain the environmental proactivity of firms, while obstacles with negative effects are also identified. This paper undertakes a questionnaire-based study of environmental proactivity to explain the relations among variables through a Structural Equation Modeling [EQS] model

Influence of the environmental, social and corporate governance ratings on the economic performance of companies: an overview

Over the past years there has been a significant growth in corporate reporting of environmental, social and corporate governance [ESG] factors. This study assesses whether ESG ratings are related to firm performance. Through a multivariate analysis we have confirmed differences between the ESG scores used to evaluate environmental, social and corporate governance factors of rated companies. We checked that although there is a significant correlation between them, companies do not rank equally and therefore their economic results might vary among the indicators. We found that selected US companies in the bottom 25% [Worst In Class, termed WIC] of their industries according to ESG scores perform significantly better than those in the top 25%, [Best In Class, termed BIC]. We also found that BIC companies have significant higher revenue per employee and cash flow per share compared the industry medians. Attending to these results, it seems that extreme strategies on ESG issues produce better economic results than those strategies that are in line with the industry

Carbon dioxide emissions vs. allocation rights: Spanish case analysis

The market for carbon dioxide rights emerged as one of the tools applicable to the implementation of the measures adopted by the Kyoto Protocol to combat climate change. In this paper we analyze the case of Spain, because their peculiar administrative division into seventeen Autonomous Communities, it is relevant to a detailed study of emissions and allowances of the industries that make up the different regions for the period between 2005 and 2009. Allowing us to test the efficiency and compliance with the requirements and conditions prescribed in the regulations for each one of those territorial units. Statistical analysis shows significant differences found between emissions and allocations for several regions