计量经济分析 = Econometric analysis

Framework Convention on Climate Change

We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched sample of 180 US companies, we find that corporations that voluntarily adopted sustainability policies by 1993 - termed as High Sustainability companies - exhibit by 2009 distinct organizational processes compared to a matched sample of companies that adopted almost none of these policies - termed as Low Sustainability companies. The boards of directors of High Sustainability companies are more likely to be formally responsible for sustainability and top executive compensation incentives are more likely to be a function of sustainability metrics. High Sustainability companies are more likely to have established processes for stakeholder engagement, to be more long-term oriented, and to exhibit higher measurement and disclosure of nonfinancial information. Finally, High Sustainability companies significantly outperform their counterparts over the long-term, both in terms of stock market and accounting performance.

The Impact of Corporate Sustainability on Organizational Processes and Performance

We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched sample of 180 U.S. companies, we find that corporations that voluntarily adopted sustainability policies by 1993-termed as high sustainability companies-exhibit by 2009 distinct organizational processes compared to a matched sample of companies that adopted almost none of these policies-termed as low sustainability companies. The boards of directors of high sustainability companies are more likely to be formally responsible for sustainability, and top executive compensation incentives are more likely to be a function of sustainability metrics. High sustainability companies are more likely to have established processes for stakeholder engagement, to be more long-term oriented, and to exhibit higher measurement and disclosure of nonfinancial information. Finally, high sustainability companies significantly outperform their counterparts over the long term, both in terms of stock market and accounting performance.

This paper was accepted by Bruno Cassiman, business strategy.

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'Institutionalized Organizations: Formal Structure as Myth and Ceremony', American Journal of Sociology, 83, pp. 340-63.

Under increased pressure to report environmental impacts, some firms selectively disclose relatively benign impacts, creating an impression of transparency while masking their true performance. We theorize circumstances under which firms are less likely to engage in such selective disclosure, focusing on organizational and institutional factors that intensify scrutiny and expectations of transparency and that foster civil society mobilization. We test our hypotheses using a novel panel data set of 4,750 public companies across many industries that are headquartered in 45 countries during 2004–2007. Results show that firms that are more environmentally damaging, particularly those in countries where they are more exposed to scrutiny and global norms, are less likely to engage in selective disclosure. We discuss contributions to research on institutional theory, strategic management, and information disclosure.

/pdf/scrutiny-norms-and-selective-disclosure-a-global-study-of-29d0nv12mx.pdf

Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing

This article analyzes the closing gap between regulation and enforcement of environmental protection in China and explores its implications for doing business there. It identifies three major dimensions that characterize change in regulatory systems: priorities and incentives, bureaucratic alignment, and transparency and monitoring. Using these dimensions, it describes the mechanisms that characterized China’s prior period where enforcement of environmental protection was decoupled from regulation. Regulation and enforcement are becoming re-aligned. This is due to a change in national development strategy, reorganization of the bureaucracy, and increasing monitoring from both the government and general public. To address these changes, firms need to embrace environmental innovation and integrate local and global standards. They should also be more transparent and compete on reputation.

/pdf/regulatory-uncertainty-and-corporate-responses-to-2c6o3v4lj2.pdf

Regulatory Uncertainty and Corporate Responses to Environmental Protection in China

The Globalization of Corporate Environmental Disclosure: Accountability or Greenwashing?

C has undergone dramatic and largely positive changes in the last three decades, including profound economic expansion, wealth accumulation, and global connectivity. The Chinese government’s economic growth model, with its focus on attracting foreign technology, building infrastructure, and encouraging exports, has received much of the credit. But the changes in China have come with attending social problems that the government has either failed to put on the agenda or struggled to solve. Pernicious environmental pollution, food safety scandals, and migrant worker suicides have shaken public trust and are daily reminders of the public sector’s shortcomings. Moreover, traditional civil society models that deal with these issues in other countries, such as NGOs (nongovernmental organizations) and GONGOS (government-organized NGOs that act similarly to NGOs), have not been able to muster an adequate response; instead, they’ve been criticized for being irresponsive and bureaucratic at best, corrupt and scandal-ridden at worst. Increasingly dissatisfied with the status quo, China’s rising middle class is demanding a bigger say in how society operates. Yet given the restrictive political environment surrounding any type of collective organizing, people find their options limited. In the past few years, however, a new form of social media-driven charitable giving campaign has emerged as an innovative and effective channel for Chinese citizens seeking to make a difference on social issues and to present political appeals. We call these campaigns “subversive The Emergence of Subversive Charities in China

The Emergence of Subversive Charities in China

The Bishan Commune and the Practice of Socially Engaged Art in Rural China , by Corlin, Mai & Socially Engaged Art in Contemporary China: Voices from Below , by Wang, Meiqin

Yanhua Zhou

Papers

Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing

Regulatory Uncertainty and Corporate Responses to Environmental Protection in China

The Globalization of Corporate Environmental Disclosure: Accountability or Greenwashing?

The Emergence of Subversive Charities in China

The Bishan Commune and the Practice of Socially Engaged Art in Rural China , by Corlin, Mai & Socially Engaged Art in Contemporary China: Voices from Below , by Wang, Meiqin