ANALYSIS OF ENVIRONMENTAL SUSTAINABILITY PERFORMANCE AND ITS IMPACT ON THE COST OF EQUITY IN COMPANIES LISTED IN TEHRAN STOCK EXCHANGE

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HASSAS YEGANEH YAHYA; BABAJANI JAFAR; TAGHAVIFARD MOHAMMAD TAGHI; ARIANPOOR ARASH

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Paper Information

Journal: IRANIAN JOURNAL OF BEHAVIORAL & VALUED ACCOUNTING Year:2018 | Volume:3 | Issue:5 Page(s): 1-39

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Title

ANALYSIS OF ENVIRONMENTAL SUSTAINABILITY PERFORMANCE AND ITS IMPACT ON THE COST OF EQUITY IN COMPANIES LISTED IN TEHRAN STOCK EXCHANGE

Author(s)

HASSAS YEGANEH YAHYA | BABAJANI JAFAR | TAGHAVIFARD MOHAMMAD TAGHI | ARIANPOOR ARASH | Issue Writer Certificate

Keywords

ENVIRONMENTAL SUSTAINABILITY PERFORMANCEQ1

ENVIRONMENTAL SUSTAINABILITY PERFORMANCE INDICATORQ1

ENVIRONMENTAL SUSTAINABILITY REPORTING INDEXQ1

COST OF EQUITYQ2

Abstract

Following the emergence of environmental issues and corporate responsibility to environmental performance, guidelines, principles and rules for companies are developed, which companies publish their environmental reports. The main purpose of this paper is to analyze the status of environmental sustainability reporting and its relationship with the COST OF EQUITY in listed companies in Tehran Stock Exchange. In order to achieve the main objective of the research, after studying literature of research and experts’ opinion, 20 indicators were determined using Confirmatory Factor Analysis (CFA). Then, by reviewing the content of the financial statements and reports of the board of directors of 134 companies, the reporting status of these indicators was reviewed during the years 2013-2017. Also, after collecting data about 79 companies, the research hypothesis was tested using panel data.The findings show that companies have better reporting on components of "raw materials, energy and water " than other components, but the level of environmental sustainability of companies is lower than the investigated ones. Also, contrary to theoretical literature of the research, ENVIRONMENTAL SUSTAINABILITY PERFORMANCE has a positive impact on COST OF EQUITY, which can be attributed to stock price volatility and ignoring specific company characteristics (such as management ability or employee skills) or the interaction of historical and future information

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APA: Copy

HASSAS YEGANEH, YAHYA, BABAJANI, JAFAR, TAGHAVIFARD, MOHAMMAD TAGHI, & ARIANPOOR, ARASH. (2018). ANALYSIS OF ENVIRONMENTAL SUSTAINABILITY PERFORMANCE AND ITS IMPACT ON THE COST OF EQUITY IN COMPANIES LISTED IN TEHRAN STOCK EXCHANGE. IRANIAN JOURNAL OF BEHAVIORAL & VALUED ACCOUNTING, 3(5 ), 1-39. SID. https://sid.ir/paper/260489/en

Vancouver: Copy

HASSAS YEGANEH YAHYA, BABAJANI JAFAR, TAGHAVIFARD MOHAMMAD TAGHI, ARIANPOOR ARASH. ANALYSIS OF ENVIRONMENTAL SUSTAINABILITY PERFORMANCE AND ITS IMPACT ON THE COST OF EQUITY IN COMPANIES LISTED IN TEHRAN STOCK EXCHANGE. IRANIAN JOURNAL OF BEHAVIORAL & VALUED ACCOUNTING[Internet]. 2018;3(5 ):1-39. Available from: https://sid.ir/paper/260489/en

IEEE: Copy

YAHYA HASSAS YEGANEH, JAFAR BABAJANI, MOHAMMAD TAGHI TAGHAVIFARD, and ARASH ARIANPOOR, “ANALYSIS OF ENVIRONMENTAL SUSTAINABILITY PERFORMANCE AND ITS IMPACT ON THE COST OF EQUITY IN COMPANIES LISTED IN TEHRAN STOCK EXCHANGE,” IRANIAN JOURNAL OF BEHAVIORAL & VALUED ACCOUNTING, vol. 3, no. 5 , pp. 1–39, 2018, [Online]. Available: https://sid.ir/paper/260489/en

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