Exploring the moderating effect of financial performance on the relationship between corporate environmental responsibility and institutional investors: some Egyptian evidencewahba, hayam
AbstractMuch of the existing literature has argued that those firms that invest in environmental initiatives attract more institutional investors. A noticeable problem with these studies is the assumption that the relationship between institutional investors and corporate environmental responsibility is a monotonic relationship that does not vary with firm financial performance. Initial findings of this study demonstrated that corporate environmental responsibility exerted a positive and significant coefficient on institutional ownership. However, when an interaction term between environmental responsibility and financial performance was included, the results verified that corporate environmental responsibility has a neutral impact on the preferences of institutional investors. Moreover, by classifying firms into two sub‐groups, according to their financial performance, environmental responsibility was found to have a positive and significant impact on institutional ownership only when financial performance is high.
|Keywords||corporate social responsibility, Egypt, environmental policy, financial performance, institutional investors ,ISO 14001||Issue Date||Nov-2008||Publisher||John Wiley & Sons, Ltd.||Source||Cited by 49||Journal||Corporate Social Responsibility and Environmental Management||Series/Report no.||Volume 15, Issue 6;Pages 361-371||URI||http://research.asu.edu.eg/handle/123456789/2009||DOI||https://doi.org/10.1002/csr.177|
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