The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Exploring environmental, social, and governance disclosure effects on the S&P 500 financial performance
Abstract
Much of the literature measuring the relationship between environmental, social, and governance (ESG) scores and firm performance treats the score as a measure of sustainability performance. In this study, we treat a firm's ESG score as a demonstration of strategic choice in the level of transparency that results in increased firm performance as measured by Tobin's Q and return on assets. Performance differences are a result of choice moderated by the size of the firm as measured by employees and sales. We analyze 467 firms in the S&P 500 from 2009 to 2015. Applying legitimacy and stakeholder theory, we find that there is significant difference between groups with respect to disclosure and performance. The results of quartile analysis by sales, capitalization, and Tobin's Q are relevant to understand the influence that the ESG score has on financial performance. ESG influences on Tobin's Q are greatest for large firms as measured by sales, as opposed to the ESG affects on Tobin's Q and return on asset for smallest firms as measured by market capitalization.
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Cites
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 1×
“Friedman (1970) famously claimed that the only thing that a firm has to do to be socially responsible is to act in the best interest of share-holders.”
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
Does corporate social responsibility affect the cost of capital?
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2011.02.007 · Cited by 3,465
Corporate Social Responsibility, Customer Satisfaction, and Market Value
Luo, X., & Bhattacharya, C. B. (2006) · Journal of Marketing · doi:10.1509/jmkg.70.4.001 · Cited by 3,439
A Simple Approximation of Tobin's q
Chung, K. H., & Pruitt, S. W. (1994) · Financial Management · doi:10.2307/3665623 · Cited by 2,460
Cited by
ESG disclosure and Firm performance: A bibliometric and meta analysis
Khan, M. A. (2022) · Research in International Business and Finance · doi:10.1016/j.ribaf.2022.101668 · Cited by 566
Sandberg, H., Alnoor, A., & Tiberius, V. (2023) · Business Strategy and the Environment · doi:10.1002/bse.3259 · Cited by 285
Barbosa, A. D. S., Crispim, M. C., da Silva, L. B., da Silva, J. M. N., Barbosa, A. M., & Morioka, S. N. (2024) · Business Strategy and the Environment · doi:10.1002/bse.3675 · Cited by 38
Abdelfattah, E., Malik, M., & Muhammad Ishraque Osman, S. (2025) · IEEE Access · doi:10.1109/access.2025.3579712 · Cited by 8
Metadata
- Authors
- Minutolo, M. C., Kristjanpoller, W. D., & Stakeley, J.
- Venue
- Business Strategy and the Environment
- Publisher
- Wiley
- Published
- 2019-03-20
- Volume
- 28
- Issue
- 6
- Pages
- 1083-1095
- ISSN
- 0964-4733 (ISSN-L)
- 1099-0836
- OpenAlex
- W2922724503
- Cited by
- 225
- References
- 5
- FWCI
- 20.86
- Type
- journal article
- Language
- en
- Open access
- closed
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- Minutolo, M. C., Kristjanpoller, W. D., & Stakeley, J. (2019). Exploring environmental, social, and governance disclosure effects on the S&P 500 financial performance. Business Strategy and the Environment. https://doi.org/10.1002/bse.2303
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