Sustainable Investment and Corporate Governance Working Papers, Sustainable Investment Research Platform
No 2010/6:
The Relationships between Economic, Environmental, Social and Corporate Governance Performance – The Moderating effect of Cultural Belongings of the MSCI 3000 Companies
Pontus Cerin ()
and Sindri Reynisson
Abstract: Increasingly, information on environmental, social and
corporate governance has experienced attention around the world permeating
into the focus of not only the general public but corporations,
accountants, analysts, investors as well as policy makers. This paper
investigates how corporate environmental, social and corporate governance
aspects influence economic performance and how they differ between cultural
groups. We find a positive relation between a firm's economic performance
and it i) having a well functioning and structured board of directors with
a fair compensation policy, ii) it being committed and effective in
maintaining the company's reputation within the general community and iii)
its capacity to increase its workforce loyalty and productivity.
Furthermore, once the firms in the sample have been divided into
sub-samples according to business culture and geographical position, we
find differences in the effects of corporate environmental, social and
corporate governance aspects on the financial performance of firms
belonging to different sub-samples.
Keywords: Economic environmental social and corporate governance performance; regional corporate governance cultures; ASSET4 data; MSCI 3000 firms; (follow links to similar papers)
27 pages, May 22, 2010
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