Article2023

ESG performance and firm value in the Chinese market

112 citations0/0 files storedInvestment Analysts Journal

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Corporate Social Responsibility Reporting Sustainable Finance and Green Bonds Corporate Governance and Financial Management

Abstract

While the recent COVID-19 pandemic has accelerated environmental, social, and governance (ESG) investing, there remains a growing sense of uncertainty in this sector. This study investigates the impacts of ESG-related information disclosures on firm value and tests the relationship between ESG scores and firm value. Using a Chinese dataset, we run a fixed-effects panel regression model to assess the impact of ESG performance on firm value in terms of enterprise multiples while controlling for corporate attributes. Our results reveal that disclosing ESG-related information significantly increases firm value, and this relationship has intensified after the pandemic. However, the influence of ESG scores on firm value only seems significant after the pandemic. Environmental score significantly affects firm values whereas social and governance category scores do not.

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References

2013Corporate social responsibility and access to finance 2010Stakeholder Theory: The State of the Art 2010Corporate Social Responsibility as a Conflict Between Shareholders 2019Responsible Investing: The ESG-Efficient Frontier 2014Corporate goodness and shareholder wealth 2020The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China 2017ESG performance and firm value: The moderating role of disclosure 2021Sustainable investing with ESG rating uncertainty

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2023ESG performance, investor attention, and company reputation: Threshold model analysis based on panel data from listed companies in China 2023ESG controversy as a potential asset-pricing factor 2024Firm value, ownership structure, and strategic approaches to ESG activities 2024Sustainable development and firm value: How ESG performance shapes corporate success—a systematic literature review 2024Beyond compliance: evaluating the role of environmental, social and governance disclosures in enhancing firm value and performance

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