دراسة الدور التقييمي للأداء البيئي للشركات: دراسة تطبيقية على الشركات المقيدة بالبورصة المصرية

الملخص EN

The purpose of this paper is to provide insight into how environmental performance is reflected in the market value of listed Egyptian companies.

its intention is to understand if investors believe that the environmental performance is value- relevant in assessing a firm`s market value.

using the accounting-based valuation model developed by Ohlson (1995), which considers market value of equity as a function of book value of equity, accounting earnings, and environmental performance, where the last variable is used as a proxy for other value-relevant information.

the analysis in this paper is based on the environmental disclosure score.

the results support that environmental performance has value relevance, since it is likely to affect the expected future earnings of listed companies, and to increase competitive advantage, so improve financial returns to investors.

this paper increases the understanding of the value that markets assign to the environmental performance.

it contributes to enriching the literature on the value relevance analysis applied to non- financial variables.