What the Papers Say: Trends in Sustainability

This paper presents an overview of the results of a longitudinal analysis of the coverage of sustainability-related concepts in 115 leading national newspapers worldwide between January 1990 and July 2008, covering approximately 20,500,000 articles in 340,000 newspaper issues in 39 countries. On a global level, sustainable development and corporate social responsibility seem to have reached the mainstream public arena, whereas the coverage of corporate citizenship and corporate sustainability remains marginal. The increase in sustainability related media coverage since 1990 largely seems to be of an incremental nature, rather than clearly associated with specific events. Only very few truly global events can be identified that triggered a substantial amount of media coverage globally. Furthermore, marked regional and national differences in the coverage of sustainability related concepts can be identified.

Environmental shareholder value. Economic success with corporate environmental management

The links between corporate environmental protection and economic success have been analysed vigorously in several theoretical and empirical studies. Most studies are based on the hypothesis that the amount of environmental protection is somehow - negatively or positively - correlated with the economic success of the company. We argue that the amount of corporate environmental protection per se neither spurs nor reduces shareholder value, which is maybe the most important measure of economic success at present. Moreover, the effect environmental protection exerts on shareholder value is determined by the manner in which corporate environmental management is practised. Referring to the value drivers of shareholder value, we discuss the characteristics necessary to increase shareholder value, or at least to contain any reduction as effectively as possible.

The impact of equity markets and corporate governance on labour market flexibility

Drawing from various literatures, this article explores links between equity markets and labour market flexibility. Various data sources are used to test relationships for a set of OECD countries, controlling for other likely influences on flexibility such as government and industrial relations institutions. The results are generally supportive as regards employment flexibility: equity market trading activity is associated with shorter job tenure, higher activity rates, and greater employment change over the cycle. However, the relationship between equity markets and pay flexibility is less statistically robust to the addition of controls.