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Uncovering the Relationship between ESG Practices and Firm Value: The Role of Reputation and Industry Sensitivity

21 citations0/0 files storedASIA MARKETING JOURNAL

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Corporate Social Responsibility Reporting Corporate Identity and Reputation Corporate Governance and Financial Management

Abstract

Considering the rising interest in environmental, social, and governance (ESG) globally, various studies have shown that ESG practice increases firm value; however, there is still much debate. This study focuses on the relationship between ESG practice and firm value. Further, we identify the mechanisms constituting this relationship to address relevant research gaps. Specifically, this study examines the connection between ESG practice and corporate valuation, emphasizing the mediating role of a company’s reputation. Using panel analysis of data from 145 Korean firms (2014-2021), the study reveals that ESG practices notably enhance firm value, signaling their significance to stakeholders. Corporate reputation acts as a bridge between ESG efforts and value, with corporate reputation's influence varying across industries. This research presents broad implications for both academic and industrial fields, highlighting the strategic importance of ESG in enhancing firm value.

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2001Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility 2014The Impact of Corporate Sustainability on Organizational Processes and Performance 2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting 2013Corporate social responsibility and access to finance 2006Corporate Social Responsibility: Strategic Implications*1997CORPORATE SOCIAL PERFORMANCE AND ORGANIZATIONAL ATTRACTIVENESS TO PROSPECTIVE EMPLOYEES.2002Corporate reputation and sustained superior financial performance 1994A Simple Approximation of Tobin's q

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