The Impact of Corporate Sustainability on Organizational Processes and Performance

• 成果类型: Article
• 署名作者: Eccles, Robert G.; Ioannou, Ioannis; Serafeim, George
• 署名单位: Harvard University; University of London; London Business School
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2014.1984
• 发表日期: 2014
• 页码: 2835-2857
• 关键词: organizational studies; strategy; effectiveness performance; BEHAVIOR; sustainability

摘要

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.