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Cited by 907

The DOI matches its Crossref record; 49 of the 49 references it cites were found in a registry or an index.

Sustainable development, ESG performance and company market value: Mediating effect of financial performance

Open access
Zhou, Guangyou, Liu, Lian, Luo, Sumei·2022·Business Strategy and the Environment
DOI 10.1002/bse.3089
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Abstract

At present, more and more attention is paid to the sustainable development of enterprises. In particular, in the context of frequent financial crises and COVID‐19 pandemic, how the performance of listed companies' environmental, social, and governance (ESG) affects the company's market value has attracted widespread attention. Different from existing studies, this paper takes financial performance as a mediating variable and constructs linear regression model and mediating effect model based on analyzing the relationship between ESG performance, financial performance, and company market value and their influencing mechanism. The ESG rating data of Chinese listed companies newly developed by SynTao Green Finance from 2014 to 2019 were selected for empirical test. The results show that the improvement of ESG performance of listed companies can improve the market value of the company, and the financial performance of the company presents an obvious mediating effect. At the same time, operational capacity is an important mediating way for ESG performance to affect the company's market value. Further research shows that ESG performance of state‐owned listed companies exerts a stronger mediating effect on corporate operating capacity. Finally, this paper provides relevant suggestions for regulators, listed companies, and investors.

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Metadata

Authors
Zhou, G., Liu, L., & Luo, S.
Venue
Business Strategy and the Environment
Publisher
Wiley
Published
2022-04-12
Volume
31
Issue
7
Pages
3371-3387
ISSN
  • 0964-4733 (ISSN-L)
  • 1099-0836
DOI
10.1002/bse.3089
OpenAlex
W4223544134
Cited by
907
References
49
FWCI
132.23
Type
journal article
Language
en
Open access
hybrid

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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.