The curvilinear and time-lagging impact of sustainability performance on financial performance: Evidence from Germany
Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung
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The curvilinear and time-lagging impact of sustainability performance on financial performance : Evidence from Germany. / Nuber, Claudio; Velte, Patrick; Hörisch, Jacob.
in: Corporate Social Responsibility and Environmental Management, Jahrgang 27, Nr. 1, 01.01.2020, S. 232-243.Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung
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TY - JOUR
T1 - The curvilinear and time-lagging impact of sustainability performance on financial performance
T2 - Evidence from Germany
AU - Nuber, Claudio
AU - Velte, Patrick
AU - Hörisch, Jacob
PY - 2020/1/1
Y1 - 2020/1/1
N2 - Based on the stakeholder-agency theory, this study empirically investigates the impact of sustainability performance on financial performance. We rely on a sample from the German DAX30, MDAX, and TecDAX from 2008 to 2017. In contrast to former studies concentrating on the German market that tested a direct linear relationship between sustainability performance and financial performance, a time-lagging and curvilinear regression analysis was carried out, and evidence of a U-shaped relationship was found. This implies that sustainability management aiming at increasing financial performance should proactively strive for very high levels of corporate sustainability to meet the needs of investors and further stakeholders.
AB - Based on the stakeholder-agency theory, this study empirically investigates the impact of sustainability performance on financial performance. We rely on a sample from the German DAX30, MDAX, and TecDAX from 2008 to 2017. In contrast to former studies concentrating on the German market that tested a direct linear relationship between sustainability performance and financial performance, a time-lagging and curvilinear regression analysis was carried out, and evidence of a U-shaped relationship was found. This implies that sustainability management aiming at increasing financial performance should proactively strive for very high levels of corporate sustainability to meet the needs of investors and further stakeholders.
KW - Management studies
KW - corporate social responsibility
KW - financial performance
KW - social performance
KW - stakeholder-agency theory
KW - Sustainability sciences, Management & Economics
KW - environmental performanceq
KW - sustainability performance
UR - http://www.scopus.com/inward/record.url?scp=85067459978&partnerID=8YFLogxK
U2 - 10.1002/csr.1795
DO - 10.1002/csr.1795
M3 - Journal articles
VL - 27
SP - 232
EP - 243
JO - Corporate Social Responsibility and Environmental Management
JF - Corporate Social Responsibility and Environmental Management
SN - 1535-3958
IS - 1
ER -