ESG performance and firm value: The moderating role of disclosure

被引：502
|
作者：
Fatemi, Ali [1 ,2 ]
Glaum, Martin [3 ]
Kaiser, Stefanie [3 ]
机构：
[1] Greenleaf Advisors LLC, 1 East Jackson Blvd,Suite 5500, Chicago, IL 60614 USA
[2] DePaul Univ, 1 East Jackson Blvd,Suite 5500, Chicago, IL 60614 USA
[3] WHU Otto Beisheim Sch Management, Burgpl 2, D-56179 Vallendar, Germany
来源：
GLOBAL FINANCE JOURNAL | 2018年 / 38卷
关键词：
ESG; CSR; Disclosure; Firm value;
D O I：
10.1016/j.gfj.2017.03.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effect of environmental, social, and governance (ESG) activities and their disclosure on firm value. We find that ESG strengths increase firm value and that weaknesses decrease it. ESG disclosure, per se, decreases valuation. But more importantly, we find that disclosure plays a crucial moderating role by mitigating the negative effect of weaknesses and attenuating the positive effect of strengths. (C) 2017 Elsevier Inc. All rights reserved.
引用
收藏
页码：45 / 64
页数：20
相关论文
共 50 条
  • [1] The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure
    Wu, Shiyu
    Li, Xinyi
    Du, Xiaosen
    Li, Zexin
    [J]. SUSTAINABILITY, 2022, 14 (21)
  • [2] ESG disclosure and firm performance before and after IR The moderating role of governance mechanisms
    Albitar, Khaldoon
    Hussainey, Khaled
    Kolade, Nasir
    Gerged, Ali Meftah
    [J]. INTERNATIONAL JOURNAL OF ACCOUNTING AND INFORMATION MANAGEMENT, 2020, 28 (03) : 429 - 444
  • [3] ESG disclosure and financial performance: Moderating role of ESG investors
    Chen, Zhongfei
    Xie, Guanxia
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 83
  • [4] ESG Disclosure and Firm Value: The Role of Family Ownership
    Thahira, Annisa Meidiana
    Mita, Aria Farah
    [J]. VISION 2025: EDUCATION EXCELLENCE AND MANAGEMENT OF INNOVATIONS THROUGH SUSTAINABLE ECONOMIC COMPETITIVE ADVANTAGE, 2019, : 6188 - 6194
  • [5] The Ownership Structure, and the Environmental, Social, and Governance (ESG) Disclosure, Firm Value and Firm Performance: The Audit Committee as Moderating Variable
    Fuadah, Luk Luk
    Mukhtaruddin, Mukhtaruddin
    Andriana, Isni
    Arisman, Anton
    [J]. ECONOMIES, 2022, 10 (12)
  • [6] THE VALUE RELEVANCE OF ESG DISCLOSURE PERFORMANCE IN INFLUENCING THE ROLE OF STRUCTURED WARRANTS IN FIRM VALUE CREATION
    Yen-Yen, Y.
    [J]. POLISH JOURNAL OF MANAGEMENT STUDIES, 2019, 20 (01): : 468 - 477
  • [7] Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age
    Abdi, Yaghoub
    Li, Xiaoni
    Camara-Turull, Xavier
    [J]. ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2022, 24 (04) : 5052 - 5079
  • [8] Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age
    Yaghoub Abdi
    Xiaoni Li
    Xavier Càmara-Turull
    [J]. Environment, Development and Sustainability, 2022, 24 : 5052 - 5079
  • [9] Assessing the moderating role of ESG performance on corporate governance and firm value in developing countries
    Bukari, Ayishetu
    Agyemang, Andrew Osei
    Bawuah, Bernard
    [J]. COGENT BUSINESS & MANAGEMENT, 2024, 11 (01):
  • [10] Board Effectiveness and Firm Risk: The Moderating Role of ESG Performance
    Nurrizkiana, Rika
    Adhariani, Desi
    Setiawan, Doddy
    Harymawan, Iman
    [J]. AUSTRALASIAN ACCOUNTING BUSINESS AND FINANCE JOURNAL, 2024, 18 (01) : 108 - 129
12345