Determinants of corporate environmental performance and the moderating effect of economic crises
Metadatos
Mostrar el registro completo del ítemAutor
Arco Castro, María Lourdes; López Pérez, María Victoria; Alonso Conde, Ana B.; Rojo Suárez, JavierEditorial
Emerald
Materia
Corporate environmental performance Stakeholder engagement Environmental management systems
Fecha
2024-04-22Referencia bibliográfica
Arco-Castro, M.L., López-Pérez, M.V., Alonso-Conde, A.B. and Rojo Suárez, J. (2024), "Determinants of corporate environmental performance and the moderating effect of economic crises", Baltic Journal of Management, Vol. 19 No. 6, pp. 39-59. [https://doi.org/10.1108/BJM-06-2023-0233]
Patrocinador
R&D Projects. European Regional Development Fund (ERDF) Andalusia 2014–2020, Operational Program [Grant number B-SEJ-740-UGR20]; R&D Projects. UGR 2022 Own Plan Grants [Grant number PPJIA2022-34]Resumen
Purpose – This paper aims to identify the effect of environmental management systems (EMSs), commitment
to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an
economic crisis moderates these relationships.
Design/methodology/approach – A regression analysis was conducted on a sample of 14,217 observations
from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with
heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the
presence of heteroscedasticity and autocorrelation.
Findings – The results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose
their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP
that is not affected by an economic crisis.
Research limitations/implications – The study has some limitations that could be addressed in the future.
We present board gender diversity as a governance mechanism because its role is strongly related to nonfinancial
performance. Future studies could focus on other corporate governance mechanisms, such as the
presence of institutional or long-term investors. In addition, other mechanisms could be found that can
counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these
results with the crisis generated by the coronavirus pandemic.
Practical implications – The results obtained have important practical implications at the corporate and
institutional levels. At the corporate level, they highlight, as essential contributions, that environmental
management systems and stakeholder orientation are not effective in times of economic crisis, except for with
the presence of women on the board.
Social implications – Following the crisis, the European Commission has promoted gender diversity on
boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability.
In this sense, another one of the practical implications of the study is support for the policies that the European
Union has implemented over the last two decades.