英语论文网

摘要：本文是作者的一篇英国本科毕业论文。任何一个企业和社会组织都是存在于环境之中的。企业环境可分成微观环境和宏观环境。微观环境包括那些直接影响企业履行其使命状况的行动者、供应商、各种市场中间商、顾客、竞争对手等。宏观环境包括那些影响企业微观环境中所有行动者的较广泛的社会力量或因素，包括人口的、经济的、技术的、政治的、法律的、以及社会文化方面的力量和因素。企业的经济环境包括：1、宏观经济形势，如国民经济发展水平及其发展趋势，政府财政。金融情况;2、本行业在整个经济体系中的地位和行业特点;3、企业的直接经济环境，包括人均实际收入、平均消费取向、消费支出分配模式。

y to invest in the activities that have a positive impact on environmental reputation. Thus, the environmental performance could be improved by these activities. Waddock andGraves(1997) listed three kinds of activities, which could be affected by the level of systematic risk. They are these activities, which have the potential to (1) ‘elicit saving’, (2) ‘incur future or present costs’, or (3) ‘build or destroy markets’. Second, the high level of environmental performance will benefit the firm in different aspects, such as more investment, enhancing employee morale and productivity. (Moskowitz, 1972) This leads to riskiness reduction finally.

Due to these factors, risk should be considered as a control variable in this study. According to Waddock andGraves(1997), the long-term debt to total assets ratio is used as a proxy for riskiness. Similarly, long-term debt and total assets can be obtained for sample companies from DataStream (Datatypes: Worldscope 03255 and 02999), and the ratios can be calculated in the Microsoft Office- Excel afterwards.

4.4.3 Industry

As mentioned above, the research is based on the corporations from various industries.GriffinandMahon(1997) asserted that different industries have different industries characteristics, such as ‘intensity of competition, consumer visibility, regulatory risk’ (Roberts, 1992), ‘levels of R&D’ (Waddock and Graves, 1997) or consumer-oriented nature of companies (Arlow and Gannon, 1982). All these differences contribute to different levels of environmental performance. Roberts (1992) asserted that higher profile industries should have a higher level of environmental performance. Therefore, industry classification should be taken into account as a control variable.

There are a total of 38 sectors in this study. And I classify these industries into two categories, namely high-profile and low-profile industries. High-profile industries are those who could have a significant impact on the natural environment. (Salama, 2005) Industry effects are measured by dichotomous classification (1/0) by reference to Roberts (1992). The sectors, including Oil Equipment & Services; Mining; Aerospace & Defense; Oil & Gas Producers; Travel & Leisure (Airline sectors); Gas, Water & Multiutilities; Automobiles & Parts; Alternative Energy; Construction & Materials; Industrial Transportation; Industrial Engineering are high-profile industries. The variable ‘industry’ of the companies from these industries is measured as 1. The other industries are low profile, so the industry variable is measured as 0.

4.5 Model specification

Two main models are employed to test the hypotheses listed above in this study.

Model 1: Testing the link between prior corporate financial performance and subsequent environmental reputation (Testing Hypothesis 1)

CER (i) = a CFP (i-1) + b SIZE (i-1) + c RISK (i-1) + dIND+ e

Model 2: Testing the link between prior corporate environmental reputation and subsequent financial performance (Testing Hypothesis 2)

CFP (i+1) = A CER (i) + B SIZE (i+1) + C RISK (i+1) + DIND+ E

本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。