Articlegold2022

The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure

Shiyu Wu · Xinyi Li · Xiaosen Du · Zexin Li

171 citations0/0 files storedSustainability

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Social Responsibility Reporting Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

The purpose of this paper is to investigate the relationship between Environmental, Social and Governance (ESG) performance and firm value of Chinese manufacturing listed companies. The moderating role of ownership structure on the relationship between ESG performance and firm value is also tested. Sino-Securities ESG Rating is adopted in this paper to measure ESG performance and ownership structure is measured in four aspects, which include ownership concentration, equity balances, executive shareholding and institutional investor shareholding. We find that (1) ESG performance is important in improving firm value, (2) executive ownership and institutional ownership positively and significantly affect firm value, while ownership concentration and equity balance have no impact and (3) executive ownership and institutional ownership moderate the link between ESG performance and firm value, whereas the moderating role of ownership concentration and equity balance is not significant. The results of this study contribute to the existing literature on ESG and will aid corporations to enhance firm value through improving ESG performance.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 171 citations exist upstream.

References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1997A Survey of Corporate Governance 1995Executive compensation structure, ownership, and firm performance 2006Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆2017ESG performance and firm value: The moderating role of disclosure 2014Corporate social responsibility and stock price crash risk 2016Do ESG Controversies Matter for Firm Value? Evidence from International Data 2006Voluntary Environmental Disclosures by Large UK Companies

Cited by

2023Environmental, Social, and Governance (ESG) Performance and Firm Value: Evidence from Chinese Manufacturing Firms 2024Assessing the Role of Sustainability Disclosure on Firms’ Financial Performance: Evidence from the Energy Sector of Belt and Road Initiative Countries 2022Does Fintech Development Enhance Corporate ESG Performance? Evidence from an Emerging Market 2024ESG investment and bank efficiency: Evidence from China 2024Addressing environment, social and governance (ESG) investment in China: Does board composition and financing decision matter?

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.