Investigating the relationship between disclosure of environmental performance, financial performance and the value of companies admitted to the Tehran Stock Exchange

 

Investigating the relationship between disclosure of environmental performance, financial performance and the value of companies admitted to the Tehran Stock Exchange

 

Subject Areas : Financial Economics

محمدتقی خسروی لاریجانی ¹ , محمود یحیی زاده فر ² , سید علی نبوی چاشمی ³ , ناصر علی یداله زاده طبری ⁴

1 - گروه مدیریت مالی، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران
2 - گروه مدیریت بازرگانی، دانشگاه مازندران، بابلسر، ایران
3 - گروه مدیریت مالی، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران
4 - گروه مدیریت مالی، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران

Received: 2022-06-11 Accepted : 2024-01-29 Published : 2024-07-10

Keywords:

Abstract :

Abstract

Currently, the idea of corporate social responsibility is the answer to this broad challenge that they are not only involved in economic and financial discussions but also involved in social, human and environmental interactions. Any company that wants to ensure the sustainable development of performance, must not ignore the advantage of interaction in a social approach. The purpose of this research is to examine the relationship between disclosure of environmental performance, financial performance and company value; The approach of the research is descriptive-correlational in terms of practical purpose and considering the analysis of relationships between variables. By carefully studying the subject, five design hypotheses and a statistical sample including 130 companies have been selected from among the companies admitted to the Tehran Stock Exchange for a 5-year period of 1395-1400. The test was performed using multiple regression equations based on consolidated data. The findings of the research indicate that according to the first and second hypothesis, financial performance is not related to environmental disclosure, but the financial performance of the previous period is related to environmental disclosure. Regarding the third hypothesis, environmental disclosure is not related to company value, and the results obtained from the fourth and fifth research hypotheses reject the effect of environmental disclosure on the relationship between financial performance and company value and environmental performance and company value.

Keywords: environmental disclosure, environmental performance, financial performance, company value

JEL classification: Q15, M14

 

[i] Department of Financial Management, Babol Branch, Islamic Azad University, Babol, [e-mail]

[ii]Department,Business Management Department, Mazandaran University, Babol, Iran. (Corresponding author). [e-mail]

[iii] Department of Financial Management, Babol Branch, Islamic Azad University, Babol, [e-mail]

[iv] Department of Financial Management, Babol Branch, Islamic Azad University, Babol, [e-mail]

 

Graphical Abstract:

Investigating the relationship between disclosure of environmental performance, financial performance and the value of companies admitted to the Tehran Stock Exchange

 

Mohammad Taghi Khosravi Larijani^[i]

Mahmoud Yahyazadeh Far^[ii]

Seyed Ali Nabovi Chashmi^[iii]

Naser Ali Yadalezadeh Tabari^[iv]

 

Received: 26 / April / 2024      Accepted: 07 / June / 2024

 

Abstract

Currently, the idea of corporate social responsibility is the answer to this broad challenge that they are not only involved in economic and financial discussions but also involved in social, human and environmental interactions. Any company that wants to ensure the sustainable development of performance, must not ignore the advantage of interaction in a social approach. The purpose of this research is to examine the relationship between disclosure of environmental performance, financial performance and company value; The approach of the research is descriptive-correlational in terms of practical purpose and considering the analysis of relationships between variables. By carefully studying the subject, five design hypotheses and a statistical sample including 130 companies have been selected from among the companies admitted to the Tehran Stock Exchange for a 5-year period of 1395-1400. The test was performed using multiple regression equations based on consolidated data. The findings of the research indicate that according to the first and second hypothesis, financial performance is not related to environmental disclosure, but the financial performance of the previous period is related to environmental disclosure. Regarding the third hypothesis, environmental disclosure is not related to company value, and the results obtained from the fourth and fifth research hypotheses reject the effect of environmental disclosure on the relationship between financial performance and company value and environmental performance and company value.

Keywords: environmental disclosure, environmental performance, financial performance, company value

JEL classification: Q15, M14

 

[i] Department of Financial Management, Babol Branch, Islamic Azad University, Babol, [e-mail]

[ii]Department,Business Management Department, Mazandaran University, Babol, Iran. (Corresponding author). [e-mail]

[iii] Department of Financial Management, Babol Branch, Islamic Azad University, Babol, [e-mail]

[iv] Department of Financial Management, Babol Branch, Islamic Azad University, Babol, [e-mail]

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