The impact of environmental, social, and governance disclosure on firm value: The role of CEO power

被引：482
|
作者：
Li, Yiwei [1 ]
Gong, Mengfeng [2 ,3 ]
Zhang, Xiu-Ye [4 ]
Koh, Lenny [2 ,3 ]
机构：
[1] Univ Reading, Henley Business Sch, ICMA Ctr, Reading RG6 6BA, Berks, England
[2] Univ Sheffield, Management Sch, Ctr Energy Environm & Sustainabil, Sheffield S10 1FL, S Yorkshire, England
[3] Univ Sheffield, Management Sch, Logist & Supply Chain Management Res Ctr, Sheffield S10 1FL, S Yorkshire, England
[4] Australian Natl Univ, Coll Business & Econ, Res Sch Accounting, Canberra, ACT 2601, Australia
来源：
BRITISH ACCOUNTING REVIEW | 2018年 / 50卷 / 01期
关键词：
CORPORATE FINANCIAL PERFORMANCE; INTERNATIONAL PERSPECTIVE; RESPONSIBILITY; INFORMATION; MARKET; MODEL; COST; CONSEQUENCES; MANIPULATION; VALUATION;
D O I：
10.1016/j.bar.2017.09.007
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a large cross-sectional dataset comprising of FTSE 350 listed firms, this study investigates whether superior environmental, social and corporate governance (ESG) disclosure affects firm value. We find a positive association between ESG disclosure level and firm value, suggesting that improved transparency and accountability and enhanced stakeholder trust play a role in boosting firm value. We also report that higher CEO power enhances the ESG disclosure effect on firm value, indicating that stakeholders associate ESG disclosure from firms with higher CEO power with greater commitment to ESG practice. This evidence is strong and consistent for three different measures of ESG-related disclosure: the ESG, environmental and social disclosure scores. The results are robust to the use of an instrumental variable approach, and the Heckman two-stage estimation procedure. Crown Copyright (C) 2017 Published by Elsevier Ltd. All rights reserved.
引用
收藏
页码：60 / 75
页数：16
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