ESG performance and firm value: The moderating role of disclosure

被引：682
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
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