Are "green" oil and gas companies more efficient? An analysis of the relationship between stakeholder pressure, corporate environmental performance and corporate financial performance

Anna Christina Gruvstad

Student thesis: Master thesis


The first objective of this thesis is to analyse the stakeholder pressure surrounding three different events: the Brent Spar controversy experienced by Shell, the Prudhoe Bay oil spill experienced by BP and the Exxon Valdez disaster experienced by Exxon and the effect of this pressure on the respective companies’ environmental performance. The second objective of this thesis is to investigate whether oil and gas companies are rewarded by the stock market for improving their environmental performance. The two research questions are presented below: 1. Are “green” stakeholders able to pressure oil and gas companies to adopt higher standards of corporate environmental governance? 2. Assuming that the first research question is affirmed - As a consequence of this heavy pressure from “green” stakeholders, do oil and gas companies become more efficient as they improve corporate environmental performance”?

EducationsMSc in Applied Economics and Finance, (Graduate Programme) Final Thesis
Publication date2009
Number of pages84