Agenda/Outline:

---

ONE: The Impact of Voluntary Environmental Disclosure Quality on Firm Value
Author: Marlene Plumlee; U. of utah;
Author: R Scott Marshall; Portland State U.;
Author: Darrell Brown; Portland State U.;

This study examines the relationship between the quality of a firm's voluntary environmental disclosures and firm value, by exploring the relationship between the components of firm value (cost of capital and expected cash flows) and disclosure quality. Using a disclosure quality index to capture variation in voluntary environmental disclosure quality, we document a negative relation between cost of capital component of value and voluntary disclosure quality for firms that operate in environmentally sensitive industries and a generally positive association between the cash flow component of value and voluntary disclosure quality for firms that operate in environmentally non-sensitive industries. Our study provides a comprehensive rationale for a variety of firms to provide high quality voluntary disclosures, even though the means by which firm value is affected varies across firms. Overall, our results suggest a complex inter-relationship between firm value and voluntary environmental disclosure quality; one that requires an understanding of the association between both the cost of capital and cash flows and voluntary disclosure quality.

Search Terms: voluntary disclosure, firm value, environmental

---

ONE: The Effect of Corporate Social Responsibility on Brand Loyalty
Author: Yuanqiong He; Huazhong U. of Science & Technology;
Author: K.K. Lai; City U. of Hong Kong;

Corporate social responsibility has been adopted as an effective marketing tool to influence consumer attitude and behavior by many firms. The effect of corporate social responsibility on consumer behavior is more complex than the direct relationship conceptualized in previous literature. In the current work, we separate legal and ethical responsibilities, the two dimensions of social responsibility, and examine the indirect relationship between legal and ethical responsibility and brand loyalty, based on the mediating role of brand image. Based on consumer evidence from the cosmetics industry in Hong Kong, our empirical results indicate that corporate legal and ethical responsibilities perceived by consumers improve brand loyalty through enhancing positive functional and symbolic images. Moreover, fulfillments of legal and ethical responsibilities play different roles in improving brand loyalty. Theoretical discussions and practical implications have also been provided.

Search Terms: corporate social responsibility, ethical responsibility, law responsibility

---

ONE: Appropriateness or Expected Returns? Organizational Representations of Corporate Environmentalism
Author: Deborah Philippe; HEC Paris;

This paper explores how organizations build representations of their corporate environmentalism in their annual reports. From the content analysis of the annual reports of 7 Canadian firms in the resource industry over 20 years, I identify the emergence of three organizational stories describing the relationship of organizations with the natural environment. The framings of these stories follow a logic of expected returns, an exogenous logic of appropriateness or an endogenous logic of appropriateness. Each of these stories adopts a different chronotope — the spatiotemporal matrix that builds the discourse structure. From the analysis of these chronotopes, I suggest differences in the embeddedness of corporate environmentalism in organizations.

Search Terms: None

---

ONE: Why Companies Rent Green: CSR and the Role of Real Estate
Author: Piet MA Eichholtz; Maastricht U.;
Author: Nils Kok; Maastricht U.;
Author: John M Quigley; UC Berkeley;

We conduct a quantitative study to explain why firms lease commercial office space in buildings with a green label — as this implies paying a rental premium. Based on a literature review, we construct a theoretical framework of drivers underlying corporate social responsibility. We formulate six propositions that explain why specific industries may be more willing to lease green. Then, we test these propositions using a sample of 11,000 unique tenants in approximately 5,000 office buildings, of which 1,100 buildings have a green label. We find that corporations in the oil and banking industry, as well as government-related organization, are among the most prominent green tenants. The empirical analysis shows that tenants in these industry groups are also significantly more likely to rent green office space.

Search Terms: Real Estate, Corporate Social Responsibility, Green Labeling