Impact of Environmental Disaster Movies on Corporate Environmental and Financial Performance

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Using a unique United States box office data set, we investigate the impact of environmental sentiment on corporate environmental and financial performance of the United States listed firms. The influence of mass media on public and investor sentiments is well documented in the existing literature. However, little is known about the effect of movies, although they may influence the public more than other mass media because people, regardless of age and gender, enjoy watching movies. Using the event study methodology and multivariable regression analysis, we show that the release of anthropogenic environmental disaster movie(s) creates environmental sentiment and influences corporate behaviors. Specifically, firms significantly increase their environmental performance in the subsequent year of strong environmental sentiment after the release of environmental movies. More importantly, the positive effect of corporate environmental performance on financial performance is stronger when the environmental sentiment is stronger.
Publisher
MDPI
Issue Date
2021-01
Language
English
Article Type
Article
Citation

SUSTAINABILITY, v.13, no.2, pp.559

ISSN
2071-1050
DOI
10.3390/su13020559
URI
http://hdl.handle.net/10203/281076
Appears in Collection
MT-Journal Papers(저널논문)
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