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Sustainable European Companies Market Value: Effects of Emissions Efficiency

Sustainable European Companies Market Value: Effects of Emissions Efficiency

María Pache-Durán, Esteban Pérez-Calderón, Patricia Milanés-Montero
Copyright: © 2019 |Pages: 22
ISBN13: 9781522579373|ISBN10: 1522579370|EISBN13: 9781522579380
DOI: 10.4018/978-1-5225-7937-3.ch004
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MLA

Pache-Durán, María, et al. "Sustainable European Companies Market Value: Effects of Emissions Efficiency." Global Campaigning Initiatives for Socio-Economic Development, edited by Luísa Cagica Carvalho and Maria José Madeira, IGI Global, 2019, pp. 51-72. https://doi.org/10.4018/978-1-5225-7937-3.ch004

APA

Pache-Durán, M., Pérez-Calderón, E., & Milanés-Montero, P. (2019). Sustainable European Companies Market Value: Effects of Emissions Efficiency. In L. Carvalho & M. Madeira (Eds.), Global Campaigning Initiatives for Socio-Economic Development (pp. 51-72). IGI Global. https://doi.org/10.4018/978-1-5225-7937-3.ch004

Chicago

Pache-Durán, María, Esteban Pérez-Calderón, and Patricia Milanés-Montero. "Sustainable European Companies Market Value: Effects of Emissions Efficiency." In Global Campaigning Initiatives for Socio-Economic Development, edited by Luísa Cagica Carvalho and Maria José Madeira, 51-72. Hershey, PA: IGI Global, 2019. https://doi.org/10.4018/978-1-5225-7937-3.ch004

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Abstract

This chapter reveals the extent to which the companies with the best eco-efficiency indicators have found their market value positively or adversely affected. The authors will analyze whether one of the main stakeholders in business attitude and activity towards the environment (i.e., capital markets) are rewarding companies for their excellent eco-efficiency performance. The chapter will be explicitly examining the hypothesis that a higher degree of eco-efficiency is associated with a greater recognition by the stock market. The study sample will comprise a data panel from European companies indexed in the DJSWI for the years ranging from 2011-2015. The findings obtained indicate that the capital markets are giving recognition to the European companies that achieve greater eco-efficiency levels where emissions are concerned. The previous behavior will be rewarded by the capital market, which can contribute to improving its reputation, reducing its financing costs and generating wealth for its shareholders.

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