分析员的作用和能源效率的价值相关性

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2023-03-27 DOI:10.1108/raf-08-2022-0211
Ishwar Khatri
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引用次数: 2

摘要

目的本研究的目的是检验金融市场是否重视企业的特定环境绩效(CEP),即其能源效率。本研究还探讨了能源效率与企业价值相关的机制。设计/方法/方法对于实证研究,从汤森路透路孚特获得了2006-2019年期间324家在美国上市的非金融公司的样本。使用基线普通最小二乘回归模型,本研究首先估计了能源效率和企业价值之间的关联。然后,它测试了分析师覆盖率(跟随公司的卖方金融分析师的数量)在确定能源效率的价值相关性方面的作用。为了确保结果的稳健性,进行了包括内生性和样本偏差正确性检验在内的替代估计。研究结果表明,能源效率与企业价值相关,分析师覆盖率作为外部公司治理机制的作用对能源效率的价值相关性具有积极意义。此外,这项研究记录了这种关系是由可持续性相关的内部和外部风险形成的,这表明当公司受到高度审查时,财务分析师的作用变得更加重要。原创性/价值这项研究通过考察能源效率、分析师覆盖率和公司价值的交叉点,为文献做出了贡献。它试图证明CEP和财务业绩是如何联系在一起的,以及为什么联系在一起。在日益增长的环境问题、气候变化的压力和实现净零碳排放的背景下,这项研究为金融市场提供了宝贵的见解,在金融市场中,企业对环境负责的行为可以提高价值,治理机制也有影响力。本研究表明,财务分析师可以作为一种有效的外部公司治理机制。
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The role of analyst coverage and value-relevance of energy efficiency
Purpose The purpose of this study is to examine whether financial markets value a firm’s specific corporate environmental performance (CEP), i.e. its energy efficiency. This study also investigates the mechanism through which energy efficiency is associated with firm value. Design/methodology/approach For the empirical study, a sample of 324 US-listed non-financial firms during the period 2006–2019 was accessed from Thomson Reuters Refinitiv. Using baseline ordinary least squares regression models, this study first estimates the association between energy efficiency and firm value. It then tests the role of analyst coverage (the number of sell-side financial analysts following the firm) in ascertaining the value relevance of energy efficiency. To ensure the robustness of the results, alternative estimations including endogeneity and sample bias correctness tests were performed. Findings The study shows that energy efficiency is associated with firm value, and the role of analyst coverage as an external corporate governance mechanism is positive and significant on the value relevance of energy efficiency. Furthermore, this study documents that the relationship is shaped by sustainability-related internal and external risks, indicating that financial analysts’ role becomes more imperative when firms are subject to high scrutiny. Originality/value This study contributes to the literature by examining the intersections of energy efficiency, analyst coverage and firm value. It attempts to demonstrate how and why CEP and financial performance are linked. In the context of growing environmental concerns, the pressure of climate change and achievement of net-zero carbon emissions, this study provides valuable insights into the financial market wherein firms’ environmentally responsible behaviours are value-enhancing, and governance mechanisms are impactful. This study suggests that financial analysts can serve as an effective external corporate governance mechanism.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
期刊最新文献
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