A stakeholder framework for analyzing the impact of environmental management on firm value
by Bridget Lyons
Interdisciplinary Environmental Review (IER), Vol. 5, No. 1, 2003

Abstract: This article develops a stakeholder framework for analyzing the impact of environmental management on the value of the firm. The traditional financial model of firm valuation is reexamined using stakeholder theory. Next, environmental management is analyzed in this framework. The analysis focuses first on the firm's decision to undertake voluntary, costly, environmental management and considers why some firms undertake such activities while others do not. Conditions under which firm value is maximized by undertaking costly, voluntary environmental policies are outlined as are the expected limitations on such activities. Finally, public policy approaches aimed at encouraging corporate environmental management are examined.

Online publication date: Mon, 13-May-2013

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