The curvilinear and time-lagging impact of sustainability performance on financial performance: Evidence from Germany

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@article{1166bef3e3d24358bb7a81cd1933f389,
title = "The curvilinear and time-lagging impact of sustainability performance on financial performance: Evidence from Germany",
abstract = "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.",
keywords = "Management studies, corporate social responsibility, financial performance, social performance, stakeholder-agency theory, Sustainability sciences, Management & Economics, environmental performanceq, sustainability performance",
author = "Claudio Nuber and Patrick Velte and Jacob H{\"o}risch",
year = "2020",
month = jan,
day = "1",
doi = "10.1002/csr.1795",
language = "English",
volume = "27",
pages = "232--243",
journal = "Corporate Social Responsibility and Environmental Management",
issn = "1535-3958",
publisher = "John Wiley & Sons Ltd.",
number = "1",

}

RIS

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 -

DOI