Green research and development (R&D) investment and its impact on the market value of firms: evidence from South African mining firms

References

• Armah, F. A., S. Obiri, D. O. Yawson, E. K. Afrifa, G. T. Yengoh, J. A. Olsson, and J. O. Odoi. 2011. “Assessment of Legal Framework for Corporate Environmental Behaviour and Perceptions of Residents in Mining Communities in Ghana.” Journal of Environmental Planning and Management 54 (2): 193–209.
   Web of Science ®Google Scholar
• Ashton, W., S. Russell, and E. Futch. 2017. “The Adoption of Green Business Practices Among Small US Midwestern Manufacturing Enterprises.” Journal of Environmental Planning and Management 1–17. https://doi.org/10.1080/09640568.2017.1281107.
   Web of Science ®Google Scholar
• Barkemeyer, R., L. C. Stringer, J. A. Hollins, and F. Josephi. 2015. “Corporate Reporting on Solutions to Wicked Problems: Sustainable Land Management in the Mining Sector.” Environmental Science and Policy 48: 196–209.
   Web of Science ®Google Scholar
• Boz, E., and E. G. Mendoza. 2014. Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis.” Journal of Monetary Economics 62: 1–22.
   Web of Science ®Google Scholar
• CDP. 2014. CDP South Africa 100 Climate Change Report. London: CDP. http://www.nbi.org.za/wp-content/uploads/2016/06/South-African_CDP_Climate-Change_Report_2014.pdf.
   Google Scholar
• Chamber of Mines of South Africa. 2014a. The Future of South African Mining Industry. http://www.chamberofmines.org.za/industry-news/publications/presentations/send/7-2015/165-future-sa-mining-industry-oct2015.
   Google Scholar
• Chamber of Mines of South Africa. 2014b. Mining in SA. http://www.chamberofmines.org.za/sa-mining.
   Google Scholar
• Chauvin, K. W., and M. Hirschey. 1993. “Advertising, R&D Expenditures and the Market Value of the Firm.” Financial Management 22: 128–140.
   Web of Science ®Google Scholar
• Davis, E. P., and M. R. Stone. 2004. “Corporate Financial Structure and Financial Stability.” Journal of Financial Stability 1: 65–91
   Google Scholar
• Department of Environmental Affairs. 2010. How Mining Affects the Environment. http://soer.deat.gov.za/604.html.
   Google Scholar
• Dutta, T., K. H. Kim, M. Uchimiya, E. E. Kwon, B. H. Jeon, A. Deep, and S. T. Yun. 2016. “Global Demand for Rare Earth Resources and Strategies for Green Mining.” Environmental Research 150: 182–190.
   PubMed Web of Science ®Google Scholar
• Fazzari, S., R. G. Hubbard, and B. C. Petersen. 1988. “Financing Constraints and Corporate Investment.” Brookings Papers on Economic Activity 1: 141–206.
   Google Scholar
• Franks, D. M., D. V. Boger, C. M. Côte, and D. R. Mulligan. 2011. “Sustainable Development Principles for the Disposal of Mining and Mineral Processing Wastes.” Resources Policy 36 (2): 114–122.
   Web of Science ®Google Scholar
• Ganda, F., and C. C. Ngwakwe. 2013. “Strategic Approaches Toward a Low Carbon Economy.” Environmental Economics 4 (4): 46–55.
   Google Scholar
• Gemechu, E. D., I. Butnar, M. Llop, and F. Castells. 2014. “Economic and Environmental Effects of CO2 Taxation: An Input-Output Analysis for Spain.” Journal of Environmental Planning and Management 57 (5): 751–768.
   Web of Science ®Google Scholar
• Govindan, K., K. Muduli, K. Devika, and A. Barve. 2016. “Investigation of the Influential Strength of Factors on Adoption of Green Supply Chain Management Practices: An Indian Mining Scenario.” Resources, Conservation and Recycling 107: 185–194.
   Web of Science ®Google Scholar
• Graafland, J., P. Hudson, and J. Werner. 2016. “Does Corporate Social Performance Reduce Greenhouse Gas Emissions at the Macro Level?” Journal of Environmental Planning and Management 59 (2): 203–221.
   Web of Science ®Google Scholar
• Hart, S. 1995. “A Natural Resource-Based View of the Firm.” Academy of Management Review 20 (4): 986–1014.
   Web of Science ®Google Scholar
• Kemp, D., C. J. Bond, D. M. Franks, and C. Cote. 2010. “Mining, Water and Human Rights: Making the Connection.” Journal of Cleaner Production 18 (15): 1553–1562.
   Web of Science ®Google Scholar
• Kusi-Sarpong, S., C. Bai, J. Sarkis, and X. Wang. 2015. “Green Supply Chain Practices Evaluation in the Mining Industry Using a Joint Rough Sets and Fuzzy Topsis Methodology.” Resources Policy 46: 86–100.
   Web of Science ®Google Scholar
• Kusi-Sarpong, S., J. Sarkis, and X. Wang. 2016. “Assessing Green Supply Chain Practices in the Ghanaian Mining Industry: A Framework and Evaluation.” International Journal of Production Economics 181: 325–341.
   Web of Science ®Google Scholar
• Lèbre, É., G. D. Corder, and A. Golev. 2016. “Sustainable Practices in the Management of Mining Waste: A Focus on the Mineral Resource.” Minerals Engineering 107 (June): 34–42.
   Web of Science ®Google Scholar
• Lee, E., C. S. Jung, and M. S. Hwang. 2016. “Investigating Supportive Conditions for Participation in Voluntary Environmental Programs.” Journal of Environmental Planning and Management 59 (7): 1323–1340.
   Web of Science ®Google Scholar
• Lee, K. H., and B. Min. 2015. “Green R&D for Eco-Innovation and Its Impact on Carbon Emissions and Firm Performance.” Journal of Cleaner Production 108: 534–542.
   Web of Science ®Google Scholar
• Lee, K. H., B. Min, and K. H. Yook. 2015. “The Impacts of Carbon (CO2) Emissions and Environmental Research and Development (R&D) Investment on Firm Performance.” International Journal of Production Economics 167: 1–11.
   Web of Science ®Google Scholar
• Litmanen, T., T. Jartti, and E. Rantala. 2016. “Refining the Preconditions of a Social Licence to Operate (SLO): Reflections on Citizens’ Attitudes Towards Mining in Two Finnish Regions.” The Extractive Industries and Society 3 (3): 782–792.
   Google Scholar
• Mason, L., T. Prior, G. Mudd, and D. Giurco. 2011. “Availability, Addiction and Alternatives: Three Criteria for Assessing the Impact of Peak Minerals on Society.” Journal of Cleaner Production 19 (9): 958–966.
   Web of Science ®Google Scholar
• McLellan, B. C., G. D. Corder, D. Giurco, and S. Green. 2009. “Incorporating Sustainable Development in the Design of Mineral Processing Operations: Review and Analysis of Current Approaches.” Journal of Cleaner Production 17 (16): 1414–1425.
   Web of Science ®Google Scholar
• Miller, M., and F. Modigliani. 1961. “Dividend Policy, Growth and the Value of Shares.” Journal of Business 34: 411–433
   Web of Science ®Google Scholar
• Moneyweb. 2013. South Africa Now China's No 3 Iron Ore Supplier. https://w.moneyweb.co.za/archive/sa-now-chinas-number-3-iron-ore-supplier/ [20 February 2017]
   Google Scholar
• Mudd, G. M. 2010. The Environmental Sustainability of Mining in Australia: Key Mega-Trends and Looming Constraints.” Resources Policy 35 (2): 98–115.
   Web of Science ®Google Scholar
• Muduli, K., and A. Barve. 2011. “Role of Green Issues of Mining Supply Chain on Sustainable Development.” International Journal of Innovation, Management and Technology 2 (6): 484–489.
   Google Scholar
• Muduli, K., K. Govindan, A. Barve, D. Kannan, and Y. Geng. 2013. “Role of Behavioural Factors in Green Supply Chain Management Implementation in Indian Mining Industries.” Resources, Conservation and Recycling 76: 50–60.
   Web of Science ®Google Scholar
• Myers, S. C. 1977. “Determinants of Corporate Borrowing.” Journal of Financial Economics 5: 147–175.
   Web of Science ®Google Scholar
• NGO Pulse. 2011. Acid Mine Drainage: A Prolific Threat to South Africa's Environment and Mining Industry. http://www.ngopulse.org/article/acid-mine-drainage-prolific-threat-south-africa%E2%80%99s-environment-and-mining-industry.
   Google Scholar
• Oliveira, R., A. S. Camanho, and A. Zanella. 2017. “Expanded Eco-Efficiency Assessment of Large Mining Firms.” Journal of Cleaner Production 142: 2364–2373.
   Web of Science ®Google Scholar
• Prior, T., J. Daly, L. Mason, and D. Giurco. 2013. “Resourcing the Future: Using Foresight in Resource Governance.” Geoforum 44: 316–328.
   Web of Science ®Google Scholar
• PWC. 2012. SA Mine Highlighting the Trends in the South African Mining Industry. http://www.pwc.co.za/en/assets/pdf/sa-mine-nov-2012.pdf.
   Google Scholar
• Reyes-Bozo, L., A. Godoy-Faúndez, R. Herrera-Urbina, P. Higueras, J. L. Salazar, H. Valdés-González, and B. Antizar-Ladislao. 2014. “Greening Chilean Copper Mining Operations Through Industrial Ecology Strategies.” Journal of Cleaner Production 84: 671–679.
   Web of Science ®Google Scholar
• Shang, D., G. Yin, X. Li, Y. Li, C. Jiang, X. Kang, and C. Zhang. 2015. “Analysis for Green Mine (Phosphate) Performance of China: An Evaluation Index System.” Resources Policy 46: 71–84.
   Web of Science ®Google Scholar
• Shen, L., K. Muduli, and A. Barve. 2015. “Developing a Sustainable Development Framework in the Context of Mining Industries: AHP Approach.” Resources Policy 46: 15–26.
   Web of Science ®Google Scholar
• Sivakumar, R., D. Kannan, and P. Murugesan. 2015. “Green Vendor Evaluation and Selection Using AHP and Taguchi Loss Functions in Production Outsourcing in Mining Industry.” Resources Policy 46: 64–75.
   Web of Science ®Google Scholar
• Tiwary, A., T. Chatterton, and A. Namdeo. 2014. “Co-Managing Carbon and Air Quality: Pros and Cons of Local Sustainability Initiatives.” Journal of Environmental Planning and Management 57 (8): 1266–1283.
   Web of Science ®Google Scholar
• US Geological Survey. 2013. U.S. Geological Survey, Mineral Commodity Summaries, January 2013. https://minerals.usgs.gov/minerals/pubs/commodity/gold/mcs-2013-gold.pdf.
   Google Scholar
• US Geological Survey. 2016. U.S. Geological Survey, Mineral Commodity Summaries, January 2016. https://minerals.usgs.gov/minerals/pubs/mcs/2016/mcs2016.pdf.
   Google Scholar
• US Geological Survey. 2017. U.S. Geological Survey, Mineral Commodity Summaries, January 2017. https://minerals.usgs.gov/minerals/pubs/mcs/2017/mcs2017.pdf.
   Google Scholar
• Vintró, C., L. Sanmiquel, and M. Freijo. 2014. “Environmental Sustainability in the Mining Sector: Evidence from Catalan Companies.” Journal of Cleaner Production 84: 155–163.
   Web of Science ®Google Scholar
• Whited, T. M. 1992. “Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data.” Journal of Finance 47: 1425–1460.
   Web of Science ®Google Scholar
• Worrall, R., D. Neil, D. Brereton, and D. Mulligan. 2009. “Towards a Sustainability Criteria and Indicators Framework for Legacy Mine Land.” Journal of Cleaner Production 17 (16): 1426–1434.
   Web of Science ®Google Scholar
• Yu, X. 2016. “Coal Mining and Environmental Development in Southwest China.” Environmental Development 21 (March): 77–86.
   Web of Science ®Google Scholar