The results are consistent with stakeholders using the released data to discriminate between Shane and CEP reports on Market based firms with different Spicer environmental returns adjusted pollution control (1983) performance for risk performance records. 72 firms (+) Signifantly positive Social disclosure between disclosure Richardson (subsumes and cost of capital, and Welker environmental more profitable firms (2001) disclosure) Cost of Capital are penalized. (+) Companies with Freedman separate and Annual reports environmental reports Stagliano disclosures, content provide more (1991) analysis 4 categories Stock returns information voluntary. 52 firms (o) No evidence that firms try to satisfy their Environmental and stakeholders through Moneva et. annual reports, 4 environmental Al. (2000) categories Stock returns reporting 70 firms (o) No significant Fiori et.al Analysis of CSR relationship could be (2007) disclosure reports Stock price found (o) Montabon Positive relationship et.al. Content analysis of ROI, sales between the two 230 (2007) CSR disclosure reports growth measurements. firms (+) The G2 and G3 framework compared G2 G3 Materials Aspect: Materials EN1 Materials used EN1 Materials Used EN2 Use of waste material EN2 Use or Recycled input Energy Aspect: Energy EN3 Energy use EN3 Direct energy use EN4 Indirect energy use EN4 Indirect energy use EN17 Renewable/efficiency EN18 Product requirements EN19 Other indirect Energy EN5 Energy saved EN6 Product energy saved EN7 Reduce indirect energy Water Aspect: Water EN5 Water use EN8 Water withdrawal
Shane and Spicer (1983) CEP reports on environmental performance Market based returns adjusted for risk The results are consistent with stakeholders using the released data to discriminate between firms with different pollution control performance records. 72 firms (+) Richardson and Welker (2001) Social disclosure (subsumes environmental disclosure) Cost of Capital Signifantly positive between disclosure and cost of capital, more profitable firms are penalized. (+) Freedman and Stagliano (1991) Annual reports disclosures, content analysis 4 categories Stock returns Companies with separate environmental reports provide more information voluntary. 52 firms (o) Moneva et. Al. (2000) Environmental and annual reports, 4 categories Stock returns No evidence that firms try to satisfy their stakeholders through environmental reporting 70 firms (o) Fiori et.al (2007) Analysis of CSR disclosure reports Stock price No significant relationship could be found (o) Montabon et.al. (2007) Content analysis of CSR disclosure reports ROI, sales growth Positive relationship between the two measurements. 230 firms (+) The G2 and G3 framework compared G2 G3 Materials Aspect: Materials EN1 Materials used EN1 Materials Used EN2 Use of waste material EN2 Use or Recycled input Energy Aspect: Energy EN3 Energy use EN3 Direct energy use EN4 Indirect energy use EN4 Indirect energy use EN17 Renewable/efficiency EN18 Product requirements EN19 Other indirect Energy EN5 Energy saved EN6 Product energy saved EN7 Reduce indirect energy Water Aspect: Water EN5 Water use EN8 Water withdrawal