Date of Award
Sustainable architecture, Social responsibility of business, Stock exchanges
Corporate Social Responsibility (CSR), which focuses on environmental, social and governance risks and issues, has become an important item on the corporate agenda (Aho, 2013; Orlitzky, Siegel and Waldman, 2011; Laszlo, 2008; Esty and Winston, 2006). CSR has been found to affect consumer attitudes (Tran, 2009), employee performance (Temmink, 2010), cost structure and corporate image (Eichholtz, Kok and Quigley, 2010). Previous research on CSR have determined inconsistent relationships with firm value. CSR-related strategies have generally shown a positive relationship with different measurements of firm value, however there some studies have shown the opposite (Fisher-Vanden & Thorburn, 2011). Other studies found that the relationship between CSR related strategies and market value is too weak to determine any conclusions (Waddock & Graves, 1997; Hart & Ahuja, 1996; Margolis, Elfenbein, & Walsh, 2009). However, previous studies neglect the importance of green buildings –defined as LEED or Energy Star certified– as a CSR tool. Additionally, previous research neglects the impact of green building practices on corporate stock market performance and growth expectations of shareholders. It is expected that companies that include green buildings in their CSR strategy to have a higher stock market performance for the following reasons: Firstly green buildings are more efficient in their operation and reduce costs which improves the cost structure of companies, and secondly green building investments signal a commitment to CSR which in turn positively affect consumer, employee and other stakeholder attitudes towards the company.
Nguyen, Mary, "Green Buildings, Corporate Social Responsibility, and Stock Market Performance" (2014). University Honors Theses. Paper 30.