Market Valuation of Environmental Performance Dissertation

(2010). Market Valuation of Environmental Performance . 10.25148/etd.FI10112001

thesis or dissertation chair


  • Elshahat, Islam M


  • This research investigated the general association between corporate environmental performance and the firms’ annual returns independent of any particular environmental event. The association analysis was based on the most recent environmental data for the years 2006, 2007, and 2008. The results indicated that while some environmental variables were significantly associated with firms’ returns, the majority were not. The results also indicated that environmental concerns were more likely to be associated with increase in the firm value than were environmental strengths; however, there were no mean differences between firms whose environmental performance increased as compared with those whose performance deteriorated. Overall, the results provided support for the perspective that environmental strengths require firm expenditures that place additional financial burdens on firms, resulting in lower stock returns.

publication date

  • September 14, 2010


  • Environmental performance
  • Market valuation

Digital Object Identifier (DOI)