ABSTRACT

Although an increasing number of companies have publicly declared environmental targets (ETs), scant research has been conducted in this area. This study, therefore, investigates the extent of corporate environmental targets disclosure (ETD) and empirically examines whether environmental governance and performance influence the ETD of companies in the U.K. during the 2005–2013 period. We find that firms show a large degree of variability and inconsistency in their reporting of ETs. The results indicate that U.K. firms, particularly those with high environmental sensitivity, tend to disclose symbolic soft or semi-hard ETs to manage stakeholder perceptions and legitimize their existence. Moreover, Global Reporting Initiative (GRI) guidelines, sustainability committees, and sustainability assurance show positive relationships with ETD. We also find that U.K. firms that perform well environmentally are likely to set and disclose hard ETs. These results support stakeholder, legitimacy, and impression management theories. We suggest that there is a need for regulations that will not only enhance the usefulness of ETD but also encourage companies to take serious proactive action to reduce negative environmental impacts, possibly creating ‘win-win’ solutions. Our findings have important implications for policy-makers and various stakeholder groups.

摘要

尽管越来越多的公司公开宣布了环境目标 (ET)，但在这一领域开展的研究却很少。因此，本研究调查了企业环境目标披露 (ETD) 的程度，并实证检验了环境治理和绩效是否会影响 2005-2013 年期间英国公司的 ETD。我们发现公司在报告 ET 时表现出很大程度的可变性和不一致。结果表明，英国公司，尤其是那些对环境敏感的公司，倾向于披露象征性的软或半硬 ET，以管理利益相关者的看法并使其存在合法化。此外，全球报告倡议组织 (GRI) 指南、可持续发展委员会和可持续发展保证显示与 ETD 的积极关系。我们还发现，环境表现良好的英国公司可能会设置和披露硬 ET。这些结果支持利益相关者、合法性和印象管理理论。我们建议需要制定法规，不仅可以提高 ETD 的实用性，还可以鼓励公司采取严肃的积极行动来减少负面环境影响，从而可能创造“双赢”的解决方案。我们的研究结果对政策制定者和各种利益相关者群体具有重要意义。我们建议需要制定法规，不仅可以提高 ETD 的实用性，还可以鼓励公司采取严肃的积极行动来减少负面环境影响，从而可能创造“双赢”的解决方案。我们的研究结果对政策制定者和各种利益相关者群体具有重要意义。我们建议需要制定法规，不仅可以提高 ETD 的实用性，还可以鼓励公司采取严肃的积极行动来减少负面环境影响，从而可能创造“双赢”的解决方案。我们的研究结果对政策制定者和各种利益相关者群体具有重要意义。