{"title":"环境、社会和公司治理支柱对企业财务业绩的独特影响：韩国上市公司的随机森林分析","authors":"Yangsoo Jin","doi":"10.1016/j.frl.2024.106395","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the distinct effects of the environmental, social, and governance (ESG) pillars on corporate financial performance (CFP) measured by ROE and ROA. Using a random forest regression on a sample of Korean-listed firms, we address the positive correlations among these pillars and explore the nonlinear relationships between CFP and individual pillars without pre-specified functional forms. The findings indicate that both environmental and governance performances positively affect CFP, with environmental performance having a more substantial impact but diminishing returns at higher levels. Social performance negatively affects CFP. The environmental pillar emerges as the most reliable predictor of CFP.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106395"},"PeriodicalIF":7.4000,"publicationDate":"2024-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Distinctive impacts of ESG pillars on corporate financial performance: A random forest analysis of Korean listed firms\",\"authors\":\"Yangsoo Jin\",\"doi\":\"10.1016/j.frl.2024.106395\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study investigates the distinct effects of the environmental, social, and governance (ESG) pillars on corporate financial performance (CFP) measured by ROE and ROA. Using a random forest regression on a sample of Korean-listed firms, we address the positive correlations among these pillars and explore the nonlinear relationships between CFP and individual pillars without pre-specified functional forms. The findings indicate that both environmental and governance performances positively affect CFP, with environmental performance having a more substantial impact but diminishing returns at higher levels. Social performance negatively affects CFP. The environmental pillar emerges as the most reliable predictor of CFP.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"71 \",\"pages\":\"Article 106395\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-10-31\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324014247\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324014247","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Distinctive impacts of ESG pillars on corporate financial performance: A random forest analysis of Korean listed firms
This study investigates the distinct effects of the environmental, social, and governance (ESG) pillars on corporate financial performance (CFP) measured by ROE and ROA. Using a random forest regression on a sample of Korean-listed firms, we address the positive correlations among these pillars and explore the nonlinear relationships between CFP and individual pillars without pre-specified functional forms. The findings indicate that both environmental and governance performances positively affect CFP, with environmental performance having a more substantial impact but diminishing returns at higher levels. Social performance negatively affects CFP. The environmental pillar emerges as the most reliable predictor of CFP.
期刊介绍：
Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
Papers are invited in the following areas:
Actuarial studies
Alternative investments
Asset Pricing
Bankruptcy and liquidation
Banks and other Depository Institutions
Behavioral and experimental finance
Bibliometric and Scientometric studies of finance
Capital budgeting and corporate investment
Capital markets and accounting
Capital structure and payout policy
Commodities
Contagion, crises and interdependence
Corporate governance
Credit and fixed income markets and instruments
Derivatives
Emerging markets
Energy Finance and Energy Markets
Financial Econometrics
Financial History
Financial intermediation and money markets
Financial markets and marketplaces
Financial Mathematics and Econophysics
Financial Regulation and Law
Forecasting
Frontier market studies
International Finance
Market efficiency, event studies
Mergers, acquisitions and the market for corporate control
Micro Finance Institutions
Microstructure
Non-bank Financial Institutions
Personal Finance
Portfolio choice and investing
Real estate finance and investing
Risk
SME, Family and Entrepreneurial Finance
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
