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Environmental risk management and the cost of capital

Strategic management journal, 2008-06, Vol.29 (6), p.569-592 [Peer Reviewed Journal]

Copyright 2008 John Wiley & Sons, Ltd. ;Copyright © 2008 John Wiley & Sons, Ltd. ;Copyright Wiley Periodicals Inc. Jun 2008 ;ISSN: 0143-2095 ;EISSN: 1097-0266 ;DOI: 10.1002/smj.678 ;CODEN: SMAJD8

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Title:
Environmental risk management and the cost of capital
Author: Sharfman, Mark P. ; Fernando, Chitru S.
Subjects: Business management ; Capital costs ; Capital investments ; Capital management ; Cost analysis ; Cost of capital ; Cost of equity ; Cost reduction ; Debt financing ; Environmental management ; environmental performance ; Environmental risk ; environmental risk management ; environmental strategy ; Equity capital ; Financial leverage ; Financial management ; Industrial management ; Management science ; Risk management ; Studies ; U.S.A ; Variable coefficients
Is Part Of: Strategic management journal, 2008-06, Vol.29 (6), p.569-592
Description: Our study of 267 U.S. firms shows that improved environmental risk management is associated with a lower cost of capital. Our finding provide an alternative perspective on the environmental-economic performance relationship, which has been dominated by the view that improvements in economic performance stem from better resource utilization. Firms also benefit from improved environmental risk management through a reduction in their cost of equity capital, a shift from equity to debt financing, and higher tax benefits associated with the ability to add debt. These findings help build better theory regarding the outcomes of strategic improvements in environmental risk management.
Publisher: Chichester, UK: John Wiley & Sons, Ltd
Language: English
Identifier: ISSN: 0143-2095
EISSN: 1097-0266
DOI: 10.1002/smj.678
CODEN: SMAJD8
Source: Alma/SFX Local Collection

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Environmental risk management and the cost of capital

Copyright 2008 John Wiley & Sons, Ltd. ;Copyright © 2008 John Wiley & Sons, Ltd. ;Copyright Wiley Periodicals Inc. Jun 2008 ;ISSN: 0143-2095 ;EISSN: 1097-0266 ;DOI: 10.1002/smj.678 ;CODEN: SMAJD8

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