环境、社会和公司治理是否始终如一地促进公司财务业绩?全球邮轮业研究

Yuechen Wu
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引用次数: 0

摘要

对公司财务绩效决定因素的分析引起了广泛关注,尤其是环境、社会和治理(ESG)成为近年来的研究重点。除了增加收入,邮轮业还积极倡导 "绿色邮轮"。本研究探讨了全球邮轮业 ESG 与企业财务绩效(CFP)之间的关系。本文利用 2012-2023 年全球最大邮轮公司的样本数据,通过回归模型检验了 ESG 与 CFP 的关系。结果表明,邮轮公司的 ESG 实践会对 CFP 产生负面影响,而财务限制会进一步影响 CFP。此外,异质性分析表明,较高的时间利息收入(TIE)比率和较低的温室气体(GHG)年排放总量会加剧 ESG 对 CFP 的不利影响。这些发现有助于 ESG 的理论研究,并为邮轮业运营商和投资者的决策提供了实践指导。
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Does ESG Consistently Promote the Corporate Financial Performance? A Study of the Global Cruise Industry
The analysis of determinants of a company's financial performance has aroused significant attention, particularly, the environmental, social, and governance (ESG) has been the research focus in recent years. In addition to increasing revenue, the cruise industry has actively embraced the initiative of "green shipping". This study investigates the relationship between ESG and corporate financial performance (CFP) in the global cruise sector. This paper utilizes the sample data from the world's largest cruise companies over 2012-2023, to examine the ESG-CFP relationship by a regression model. The results indicate that ESG practices in cruise companies negatively influence CFP, which is further impacted by financial constraints. Furthermore, the heterogeneity analysis suggests that the high time interest earned (TIE) ratios and low total annual greenhouse gas (GHG) emissions worsen the adverse impacts of ESG on CFP. These findings contribute to the theoretical research on ESG and provide practical guidance for cruise industry operators and investors in their decision-making.
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