Ahmad Nasseri - Assistant Professor in Accounting, University of Sistan and Baluchestan, Zahedan, Iran

This study provides an empirical evidence on how Corporate Sustainability Performance (CSP), is reflected in the corporate value. Using a theoretical framework combining Legitimacy theory, Stakeholder theory and Agency theory, a set of hypotheses that relate the corporate value to CSP is examined. For a sample of Iranian firms, ۲۸ components with four dimensions as Community, Environment, Employees and Governance are measured in terms of sustainability. Also to assess the corporate value as dependent variable, Q-Tobin index is used. The results show that corporate sustainability performance and its dimensions, unlike the theoretical principles and dominant theories presented in this regard, have significant inverse relationships with the corporate value at ۹۵ percent confidence level. Such a finding amongst the Iranian companies, does not seem to be strange and unreal; because the concept of corporate sustainability is very unfamiliar and strange among senior Iranian managers of organizations, and often due to state ownership and lack of need to create a positive mindset among their customers, Iranian organizations show little interest for employing corporate sustainability principles. This study supports managers to develop effective policies related to CSP that is necessary to increase the value of corporations.  

corporate value, Sustainability performance, Corporate Sustainability Performance