环境、社会和治理绩效会提升公司价值吗？国际证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-12-10 DOI:10.1016/j.frl.2024.106639

Adrian Gawęda

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引用次数: 0

摘要

公司的环境、社会和治理绩效（ESGP）对公司价值的影响是一个被广泛讨论的问题；然而，研究结果并不是决定性的。通过对2018年至2022年43个国家5540家上市公司的面板分析，我们探讨了复合ESGP及其支柱对公司价值的影响。我们研究了国家经济和可持续发展水平如何调节这种关系。我们的研究结果揭示了(i) ESGP与公司价值之间的负相关关系，以及（ii）在更发达的国家，这种关系更为明显。我们的贡献是将国家发展纳入关于ESGP和公司价值关系的辩论。

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Does environmental, social, and governance performance elevate firm value? International evidence

The impact of a company's environmental, social, and governance performance (ESGP) on firm value is a widely discussed question; however, findings are not conclusive. Using panel analysis on 5,540 listed companies from 43 countries between 2018 and 2022, we explore the impact of composite ESGP and its pillars on firm value. We investigate how country level of economic and sustainability development moderates this relationship. Our findings reveal (i) negative association between ESGP and firm value, and (ii) it is more pronounced in more developed countries. We contribute by incorporating country development into the debate on ESGP and firm value relationship.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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