Abstract

ROQUE, Vanda  and  CORTEZ, Maria do Céu. A divulgação de informação ambiental e a performance financeira das empresas cotadas em Portugal. Tékhne [online]. 2006, n.5-6, pp.119-143. ISSN 1645-9911.

This paper aims to investigate the relationship between corporate environmental report and corporate financial performance. We use a sample of 35 corporations listed in Euronext Lisbon stock exchange for the 5 year period from 2000 to 2004. The empirical results suggest that companies that do not disclose environmental information have a superior financial performance - as measured by return, risk and risk-adjusted return - than those that do disclose it. In particular, companies with better environmental reporting, which disclose qualitative and quantitative environmental information, are the ones with worse financial performance. Nevertheless the differences found in financial performance are not statistically significant. These results hold for both methodologies used: portfolio studies and contingency tables.

Keywords : Environmental Report; Financial Performance; Capital Markets.

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