The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Environmental, social and governance transparency and firm value
Abstract
We investigate whether environmental, social and governance (ESG) transparency, the extent of ESG disclosure, has an impact on firm value. Reducing investors’ information symmetry and agency costs is the mechanism by which better ESG transparency potentially impacts firm value. Using Bloomberg ESG disclosure scores to assess a firm's ESG transparency, we look at a sample of 1996 large cap companies across 47 developed and emerging countries and territories. Our empirical analyses suggest that the benefits from ESG disclosure outweigh their costs for the average listed firm. We find supporting evidence for greater disclosure of ESG issues boosting firm valuation measures, such as Tobin's Q. Furthermore, our results suggest that firms with greater asset size, better liquidity, higher R&D intensity, fewer insider holdings and good past financial performance will be more transparent in ESG issues.
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Citations
Cites
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
Legal protection of investors, corporate governance, and the cost of equity capital
Chen, K. C. W., Chen, Z., & Wei, K. C. J. (2009) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2009.01.001 · Cited by 669
Cited by
Greenwashing in environmental, social and governance disclosures
Yu, E. P.-Y., Luu, B. V., & Chen, C. H. (2020) · Research in International Business and Finance · doi:10.1016/j.ribaf.2020.101192 · Cited by 1,119
Self-citationDo environmental, social, and governance activities improve corporate financial performance?
Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019) · Business Strategy and the Environment · doi:10.1002/bse.2224 · Cited by 1,072
ESG disclosure and financial performance: Moderating role of ESG investors
Chen, Z., & Xie, G. (2022) · International Review of Financial Analysis · doi:10.1016/j.irfa.2022.102291 · Cited by 986
Khaled, R., Ali, H., & Mohamed, E. K. A. (2021) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2021.127599 · Cited by 377
Sandberg, H., Alnoor, A., & Tiberius, V. (2023) · Business Strategy and the Environment · doi:10.1002/bse.3259 · Cited by 285
Metadata
- Authors
- Yu, E. P., Guo, C. Q., & Luu, B. V.
- Venue
- Business Strategy and the Environment
- Publisher
- Wiley
- Published
- 2018-03-24
- Volume
- 27
- Issue
- 7
- Pages
- 987-1004
- ISSN
- 0964-4733 (ISSN-L)
- 1099-0836
- OpenAlex
- W2789424449
- Cited by
- 613
- References
- 3
- FWCI
- 26.40
- Type
- journal article
- Language
- en
- Open access
- closed
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- Yu, E. P., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment. https://doi.org/10.1002/bse.2047
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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