The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Do environmental, social, and governance activities improve corporate financial performance?
Open accessAbstract
This study investigated the relationship between corporate efficiency and corporate sustainability to determine whether firms concerned about environmental, social, and governance (ESG) issues can also be efficient and profitable. We applied data envelopment analysis to estimate corporate efficiency and investigated the nonlinear relationship between corporate efficiency and ESG disclosure. Evidence shows that corporate transparency regarding ESG information has a positive association with corporate efficiency at the moderate disclosure level, rather than at the high or low disclosure level. Governance information disclosure has the strongest positive linkage with corporate efficiency, followed by social and environmental information disclosure. Moreover, we explored the relationship between particular ESG activities and corporate financial performance (CFP), including corporate efficiency, return on assets, and market value. We found that most of the ESG activities reveal a nonnegative relationship with CFP. These findings may provide evidence about voluntary corporate social responsibility strategy choices for enhancing corporate sustainability.
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Cites
Toward a New Conception of the Environment-Competitiveness Relationship
Porter, M. E., & Linde, C. V. D. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.97 · Cited by 13,365
The Social Responsibility of Business Is to Increase Its Profits
Friedman, M. (2007) · Corporate Ethics and Corporate Governance · doi:10.1007/978-3-540-70818-6_14 · Cited by 11,529 · cited 2×
“Conventional shareholder-oriented management (Friedman, 1970) aims to enhance financial performance and maximize the benefits of shareholders.”
BackgroundCorporate Social and Financial Performance: A Meta-Analysis
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003) · Organization Studies · doi:10.1177/0170840603024003910 · Cited by 7,641
CORPORATE SOCIAL PERFORMANCE AND ORGANIZATIONAL ATTRACTIVENESS TO PROSPECTIVE EMPLOYEES.
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Why Do Investors Hold Socially Responsible Mutual Funds?
RIEDL, A., & SMEETS, P. (2017) · The Journal of Finance · doi:10.1111/jofi.12547 · Cited by 1,378 · cited 1×
“Investors with intrinsic social preferences are more likely to hold socially responsible funds, rather than conventional funds of higher financial performance (Riedl and Smeets, 2017).”
BackgroundThe Economics of Green Building
Eichholtz, P., Kok, N., & Quigley, J. M. (2013) · Review of Economics and Statistics · doi:10.1162/rest_a_00291 · Cited by 495
Cited by
Chen, S., Song, Y., & Gao, P. (2023) · Journal of Environmental Management · doi:10.1016/j.jenvman.2023.118829 · Cited by 789
Waheed, A., & Zhang, Q. (2022) · Journal of Business Ethics · doi:10.1007/s10551-020-04679-y · Cited by 322
The Impact of Voluntary Sustainability Reporting on Firm Value: Insights from Signaling Theory
Friske, W., Hoelscher, S. A., & Nikolov, A. N. (2023) · Journal of the Academy of Marketing Science · doi:10.1007/s11747-022-00879-2 · Cited by 249
Decoding the impact of firm‐level ESG performance on financial disclosure quality
Ferdous, L. T., Rana, T., & Yeboah, R. (2025) · Business Strategy and the Environment · doi:10.1002/bse.3982 · Cited by 46
Corporate Sustainability Disclosure and Investment Efficiency: The Saudi Arabian Context
Kouaib, A. (2022) · Sustainability · doi:10.3390/su142113984 · Cited by 39
Metadata
- Authors
- Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S.
- Venue
- Business Strategy and the Environment
- Publisher
- Wiley
- Published
- 2018-08-14
- Volume
- 28
- Issue
- 2
- Pages
- 286-300
- ISSN
- 0964-4733 (ISSN-L)
- 1099-0836
- OpenAlex
- W2886771468
- Cited by
- 1,072
- References
- 6
- FWCI
- 45.67
- Type
- journal article
- Language
- en
- Open access
- green
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- Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment. https://doi.org/10.1002/bse.2224
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
