Xuan Li, Maisarah Mohamed Saat, Saleh F. A. Khatib, Yang Liu
{"title":"可持续发展与公司价值:环境、社会和公司治理绩效如何塑造企业成功--系统性文献综述","authors":"Xuan Li, Maisarah Mohamed Saat, Saleh F. A. Khatib, Yang Liu","doi":"10.1002/bsd2.70026","DOIUrl":null,"url":null,"abstract":"<p>This study is designed to conduct a systematic literature review aimed at assessing the influence of environmental, social, and governance (ESG) performance on firm value. Although previous studies have explored their relationship, a comprehensive systematic review on this topic is still lacking. We conducted a detailed literature search in the Scopus and Web of Science databases and identified 73 papers published between 2016 and 2023 as the sample, covering annual trends, country and industry distribution, theoretical frameworks, proxy variables, research methods, research results, and provided direction for future research. We found a significant increase in the number of studies over the past 3 years. Cross-country studies dominated the field, with most research adopting multi-industry analysis, while studies focusing on a single industry were relatively rare. The stakeholder theory and agency theory were the most widely applied theories. Most studies showed that ESG performance had a positive effect on firm value, reflecting the growing importance that markets and investors placed on ESG performance and its contribution to long-term firm growth. However, some studies reported negative or insignificant effects, noting that the effects of ESG performance varied by industry, region, and market environment. This study suggests that future research should explore the independent and interactive effects of each ESG dimension on firm value, focusing on dynamic relationships across industries and regions, using new methods and models, and incorporating moderating variables. This study provides practical guidance for firm managers and policymakers to optimize ESG practices, enhancing firm value and promoting sustainability.</p>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"7 4","pages":""},"PeriodicalIF":4.8000,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Sustainable development and firm value: How ESG performance shapes corporate success—a systematic literature review\",\"authors\":\"Xuan Li, Maisarah Mohamed Saat, Saleh F. A. Khatib, Yang Liu\",\"doi\":\"10.1002/bsd2.70026\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This study is designed to conduct a systematic literature review aimed at assessing the influence of environmental, social, and governance (ESG) performance on firm value. Although previous studies have explored their relationship, a comprehensive systematic review on this topic is still lacking. We conducted a detailed literature search in the Scopus and Web of Science databases and identified 73 papers published between 2016 and 2023 as the sample, covering annual trends, country and industry distribution, theoretical frameworks, proxy variables, research methods, research results, and provided direction for future research. We found a significant increase in the number of studies over the past 3 years. Cross-country studies dominated the field, with most research adopting multi-industry analysis, while studies focusing on a single industry were relatively rare. The stakeholder theory and agency theory were the most widely applied theories. Most studies showed that ESG performance had a positive effect on firm value, reflecting the growing importance that markets and investors placed on ESG performance and its contribution to long-term firm growth. However, some studies reported negative or insignificant effects, noting that the effects of ESG performance varied by industry, region, and market environment. This study suggests that future research should explore the independent and interactive effects of each ESG dimension on firm value, focusing on dynamic relationships across industries and regions, using new methods and models, and incorporating moderating variables. This study provides practical guidance for firm managers and policymakers to optimize ESG practices, enhancing firm value and promoting sustainability.</p>\",\"PeriodicalId\":36531,\"journal\":{\"name\":\"Business Strategy and Development\",\"volume\":\"7 4\",\"pages\":\"\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-10-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Business Strategy and Development\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/bsd2.70026\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Business Strategy and Development","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/bsd2.70026","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
摘要
本研究旨在进行系统的文献综述,以评估环境、社会和治理(ESG)绩效对公司价值的影响。尽管之前的研究已经探讨了它们之间的关系,但仍然缺乏对这一主题的全面系统综述。我们在 Scopus 和 Web of Science 数据库中进行了详细的文献检索,确定了 2016 年至 2023 年间发表的 73 篇论文作为样本,内容涵盖年度趋势、国家和行业分布、理论框架、替代变量、研究方法、研究成果,并为未来研究提供了方向。我们发现,在过去 3 年中,研究数量大幅增加。跨国研究在该领域占主导地位,大多数研究采用了多行业分析方法,而针对单一行业的研究相对较少。利益相关者理论和代理理论是应用最广泛的理论。大多数研究表明,环境、社会和公司治理绩效对公司价值有积极影响,这反映出市场和投资者越来越重视环境、社会和公司治理绩效及其对公司长期增长的贡献。不过,也有一些研究报告了负面影响或影响不显著,指出环境、社会和公司治理绩效的影响因行业、地区和市场环境而异。本研究建议,未来的研究应探索各环境、社会和公司治理维度对公司价值的独立和交互影响,重点关注不同行业和地区的动态关系,使用新的方法和模型,并纳入调节变量。本研究为企业管理者和政策制定者优化环境、社会和公司治理实践、提高企业价值和促进可持续发展提供了实用指导。
Sustainable development and firm value: How ESG performance shapes corporate success—a systematic literature review
This study is designed to conduct a systematic literature review aimed at assessing the influence of environmental, social, and governance (ESG) performance on firm value. Although previous studies have explored their relationship, a comprehensive systematic review on this topic is still lacking. We conducted a detailed literature search in the Scopus and Web of Science databases and identified 73 papers published between 2016 and 2023 as the sample, covering annual trends, country and industry distribution, theoretical frameworks, proxy variables, research methods, research results, and provided direction for future research. We found a significant increase in the number of studies over the past 3 years. Cross-country studies dominated the field, with most research adopting multi-industry analysis, while studies focusing on a single industry were relatively rare. The stakeholder theory and agency theory were the most widely applied theories. Most studies showed that ESG performance had a positive effect on firm value, reflecting the growing importance that markets and investors placed on ESG performance and its contribution to long-term firm growth. However, some studies reported negative or insignificant effects, noting that the effects of ESG performance varied by industry, region, and market environment. This study suggests that future research should explore the independent and interactive effects of each ESG dimension on firm value, focusing on dynamic relationships across industries and regions, using new methods and models, and incorporating moderating variables. This study provides practical guidance for firm managers and policymakers to optimize ESG practices, enhancing firm value and promoting sustainability.