Does ESG certification add firm value?

被引：231
|
作者：
Wong, Woei Chyuan [1 ]
Batten, Jonathan A. [2 ]
Ahmad, Abd Halim [1 ]
Mohamed-Arshad, Shamsul Bahrain [1 ]
Nordin, Sabariah [1 ]
Adzis, Azira Abdul [1 ]
机构：
[1] Univ Utara Malaysia, Sch Econ Finance & Banking, Sintok, Kedah, Malaysia
[2] RMIT Univ, Sch Econ Finance & Mkt, Melbourne City Campus, Melbourne, Vic 3001, Australia
来源：
FINANCE RESEARCH LETTERS | 2021年 / 39卷
关键词：
Cost of capital; Corporate social responsibility; Emerging markets; Environmental social and governance; certification; ESG; Malaysia;
D O I：
10.1016/j.frl.2020.101593
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the impact of environmental, social and governance (ESG) certification on Malaysian firms. The analysis shows that ESG certification lowers a firm's cost of capital, while Tobin's Q increases significantly. These findings, while consistent with existing studies in developed economies, demonstrate the value enhancement from corporate social responsibility disclosure by firms in emerging and developing nations. Overall, the study confirms the benefits to stakeholders from firms pursuing an ESG agenda.
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页数：7
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