Talking trash: Legitimacy, impression management, and unsystematic risk in the context of the natural environment

• 成果类型: Article
• 署名作者: Bansal, P; Clelland, I
• 署名单位: Western University (University of Western Ontario); University Western Ontario Hospital; Radford University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/20159562
• 发表日期: 2004
• 页码: 93-103
• 关键词: ORGANIZATIONAL LEGITIMACY; returns; MODEL

摘要

Applying institutional theory, we argue that environmentally legitimate firms incur less unsystematic stock market risk than illegitimate firms. Firms earn environmental legitimacy when their performance with respect to the natural environment conforms to stakeholders' expectations. This relationship was supported with the analysis of media reports and stock prices of 100 firms over a five-year period. The analysis also showed that firms with low environmental legitimacy can attenuate this effect by expressing commitment to the natural environment.