Impact of ESG performance on firm value and profitability

被引：227

作者：

Aydogmus, Mahmut ^{[1
]}

Gulay, Guzhan ^{[1
]}

Ergun, Korkmaz ^{[1
]}

机构：

[1] Borsa Istanbul, Istanbul, Turkey

来源：

BORSA ISTANBUL REVIEW | 2022年 / 22卷

关键词：

Environment; Social; Governance; ESG; Firm value; Tobin's Q; ROA; FINANCIAL PERFORMANCE; CORPORATE; RETURNS;

D O I：

10.1016/j.bir.2022.11.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this study, we examine impact of Environment, Social, Governance (ESG) performance on firm value and profitability. Our large dataset gives us the chance to better conceptualize this impact. Our findings suggest that overall ESG combined score is positively and significantly associated with firm value. Individual Social and Governance scores have a positive and significant relationship while Environment score does not have a significant relationship with firm value. On the other hand, ESG combined score, Environment, Social, and Governance scores have positive and significant relationships with firm profitability. These findings suggest that investing in high ESG performance promises financial return for the firm in terms of both value and profitability.Copyright (c) 2022 Borsa Istanbul Anonim S, irketi. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

引用

页码：S119 / S127

页数：9

共 42 条

[1] Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age [J].