The role of socially responsible investors in environmental performance. An analysis of proactive and reactive practices
Fecha
2023-07-31
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Resumen
Society's concern for the environment requires a response from businesses. In recent years in Europe, several policies have been institutionally promoted to encourage socially responsible investments (SRI) at the corporate level, in terms of corporate environmental performance and disclosure, and at the level of capital markets. Investors are called to consider the environmental effects of their investments and can influence the environmental practices of companies. The research proposes that the volume, stability, and value of socially responsible investors (SRIs) could be determinant in companies' adoption of environmental measures.
From a sample comprising 406 observations of European companies listed on the Dow Jones Sustainability Europe Index during a period of economic stability from 2015 to 2019, the extent to which stable and significant SRI determines companies’ adoption of environmental practices, both reactive—leading to reduction of the environmental footprint and effect—and proactive—tending to achieve clean energy and the recovery of the environment is studied.
The results show that the value and stability of SRI positively affects companies’ proactive environmental practices, while the volume of SRI is negatively related to reactive environmental practices. In addition, the volatility of SRI is positively related to reactive environmental practices.
The impact of SRI on proactive and reactive environmental practices shows their decisive role in companies taking proactive measures. At a time when European companies are required to strengthen their environmental commitments, the promotion of institutional practices that stimulate the presence and stability of SRI can favour the development of proactive practices, as opposed to reactive ones that could be an indirect indicator of a company's environmental risk.
Descripción
artículo partir de una muestra compuesta por 406 observaciones de empresas europeas que cotizan en el índice Dow Jones Sustainability Europe durante un período de estabilidad económica de 2015 a 2019, analizamos la Inversión Socialmente Responsable (ISR) estable y significativa determina la adopción de prácticas ambientales por parte de las empresas, ambas reactivas, lo que lleva a la reducción Se estudia la huella ambiental y su efecto –y proactivo– tendente a lograr energías limpias y la recuperación del medio ambiente. Concluimos que el valor y la estabilidad del ISR afecta positivamente a las prácticas ambientales proactivas de las empresas, mientras que el volumen de ISR se relaciona negativamente con las prácticas ambientales reactivas. Además, la volatilidad del SRI se relaciona positivamente con las prácticas ambientales reactivas.
El papel del Inversor Socialmente Responsable en las prácticas ambientales proactivas y reactivas se muestra decisivo en la adopción de medidas proactivas por parte de las empresas, pues puede favorecer el desarrollo de prácticas proactivas, frente a las reactivas que podrían ser un indicador indirecto del desempeño medioambiental de una empresa riesgo. Mi papel como autora ha sido la extracción de datos, la elaboración del marco teórico en colaboración con Lourdes A y realización de la discusión final.
Citación
Arco-Castro, M. L., López-Pérez, M. V., Macías-Guillén, A., & Rodríguez-Ariza, L. (2023). The role of socially responsible investors in environmental performance. An analysis of proactive and reactive practices. Journal of Cleaner Production, 419, 138279. https://doi.org/10.1016/j.jclepro.2023.138279