{"title":"多元化的价值：ESG与争议行业的投资","authors":"Cansu Iskenderoglu","doi":"10.1016/j.frl.2025.106956","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates the impact of Environmental, Social, and Governance (ESG) disclosure on the value of diversification and how investment in controversial industries (sin and energy) by conglomerate firms affects their ESG scores and valuations. I find that conglomerates with higher ESG scores have higher diversification values. Following an investment in controversial industries, conglomerate firms experience a significant decline in their ESG scores and valuations. Moreover, the negative impact of investments in con-troversial industries on the value of diversification is mitigated by higher ESG disclosure. After the Paris Agreement, in high ESG awareness period, excess values of conglomerates with higher ESG scores increase, indicating a causal effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"76 ","pages":"Article 106956"},"PeriodicalIF":6.9000,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The value of diversification: ESG and investment in controversial industries\",\"authors\":\"Cansu Iskenderoglu\",\"doi\":\"10.1016/j.frl.2025.106956\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper investigates the impact of Environmental, Social, and Governance (ESG) disclosure on the value of diversification and how investment in controversial industries (sin and energy) by conglomerate firms affects their ESG scores and valuations. I find that conglomerates with higher ESG scores have higher diversification values. Following an investment in controversial industries, conglomerate firms experience a significant decline in their ESG scores and valuations. Moreover, the negative impact of investments in con-troversial industries on the value of diversification is mitigated by higher ESG disclosure. After the Paris Agreement, in high ESG awareness period, excess values of conglomerates with higher ESG scores increase, indicating a causal effect.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"76 \",\"pages\":\"Article 106956\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-04-01\",\"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/S154461232500220X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2025/2/13 0:00:00\",\"PubModel\":\"Epub\",\"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/S154461232500220X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/2/13 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The value of diversification: ESG and investment in controversial industries
This paper investigates the impact of Environmental, Social, and Governance (ESG) disclosure on the value of diversification and how investment in controversial industries (sin and energy) by conglomerate firms affects their ESG scores and valuations. I find that conglomerates with higher ESG scores have higher diversification values. Following an investment in controversial industries, conglomerate firms experience a significant decline in their ESG scores and valuations. Moreover, the negative impact of investments in con-troversial industries on the value of diversification is mitigated by higher ESG disclosure. After the Paris Agreement, in high ESG awareness period, excess values of conglomerates with higher ESG scores increase, indicating a causal effect.
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