financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/25875671-2024-28-1-155-165finance-2687Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEВлияние корпоративной экологической ответственности, КСО и пакета акций генерального директора на финансовые показатели: данные по американским компаниям, зарегистрированным на фондовой биржеEffects of Corporate Environmental Responsibility, CSR and CEO Shareholding on Financial Performance: Evidence from U.S.-Listed Companieshttps://orcid.org/0000-0002-0999-0448ХачичаФ.HachichaF.

Фатма Хачича — доцент, кафедра финансов

Сфакс

Fatma Hachicha — Assoc. Prof., Department of Finance

Sfax

hachicha_fatmaa@yahoo.comУниверситет СфаксаТунисUniversity of SfaxTunisia202401032024281155165Copyright © Хачича Ф., 20242024Хачича Ф.Hachicha F.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/2687

Корпоративная экологическая ответственность (CER) играет важную роль в устойчивой политике компаний и влияет на поведение менеджеров. Данное исследование направлено на оценку устойчивости инвестиций через корпоративную экологическую ответственность (CER) и корпоративную социальную ответственность (CSR), взаимодополняемость или замещаемость между CER и акционерным капиталом генерального директора, а также влияния на корпоративные финансовые показатели (CFP) американских компаний, зарегистрированных на бирже в 2010–2021 гг. Результаты показывают, что усилия CSR создают хороший имидж компании, что впоследствии повышает доверие к ее проектам корпоративной экологической ответственности. Результаты исследования показывают, что корпоративная экологическая ответственность компаний, зарегистрированных на американской бирже, оказывает положительное воздействие на производительность. В частности, доля акций генерального директора служит посредником между корпоративной экологической ответственностью и корпоративными финансовыми показателями. Более того, обнаружена связь между долевым участием генерального директора и корпоративной экологической ответственностью: чем больше генеральный директор не желает брать на себя риск, тем больше он избегает инвестировать в проект корпоративной экологической ответственности. Этот вывод усиливает положительное влияние корпоративной экологической ответственности на производительность. Положительная связь была зафиксирована между CFP и сочетанием между CSR и CER, а также между CFP и комбинацией CER и пакетом акций генерального директора. В совокупности наши данные свидетельствуют о том, что проблемы, связанные с CER, могут расширить масштабы управленческого обучения, особенно для компаний, подвергающихся большим рискам. Наша работа предоставляет новые доказательства роли CER в снижении корпоративного риска и дополнительно подтверждает важность корпоративной среды путем проведения теста на устойчивость.

Corporate environmental responsibility (CER) plays an important role in the sustainable policies of firms and affects the behaviors of managers. For U.S. listed firms for 2010–2021, this study aims at evaluating the sustainability of investment through corporate environmental responsibility (CER) and corporate social responsibility (CSR), the complementarily or substitutability between (CER) and the CEO shareholding, and the impact on corporate financial performance (CFP).The results show that CSR efforts create a good image of the company, which subsequently enhances the credibility of its corporate environmental responsibility projects. Also, the results show the corporate environmental responsibility of U.S listed companies has a positive impact on performance. Specifically, the CEO’s shareholding serves as a mediator between corporate environmental responsibility and CFP. Moreover, the paper finds substitutability between CEO shareholding and corporate environmental responsibility, so the more the shareholding CEO is reluctant to take the risk, the more they avoid investing in corporate environmental responsibility projects. This finding will reinforce the positive effect of corporate environmental responsibility on performance. A positive relationship was recorded between CFP and the combination between CSR and CER and between CFP and the combination between CER and CEO shareholding. Taken together, our evidence suggests that CER concerns could enhance the extent of managerial learning, especially for firms experiencing greater risks. Our paper provides new evidence for the role of CER in reducing corporate risk and further confirms the importance of the corporate environment by conducting a robustness test.

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The authors declare that there are no conflicts of interest present.