The DOI matches its Crossref record; 12 of the 12 references it cites were found in a registry or an index.
Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack
Open accessAbstract
This paper examines whether a firm’s financial performance (FP) is associated with superior environmental, social and governance (ESG) scores in emerging markets of multinationals in Latin America. The study addresses the current research gap on this issue; it develops hypotheses and tests them by applying linear regressions with a data panel drawn from the Thomson Reuters Eikon™ database to analyse data on 104 multinationals from Brazil, Chile, Colombia, Mexico and Peru between 2011 and 2015. The results suggest that the relationship between the ESG score and FP is significantly statistically negative. Furthermore, in examining environmental, social and governance separately to accurately determine each variable’s relationship to multilatinas’ FP, the results reveal a negative relationship. Finally, the empirical analysis provides evidence for a moderating effect of financial slack and geographic international diversification on the relationship between ESG dimensions and firms’ FP. This study furthers understanding of the relationship between ESG dimensions and FP for the Latin American business context.
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Cites
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Cited by
Chen, S., Song, Y., & Gao, P. (2023) · Journal of Environmental Management · doi:10.1016/j.jenvman.2023.118829 · Cited by 789
How Do Companies Respond to Environmental, Social and Governance (ESG) ratings? Evidence from Italy
Clementino, E., & Perkins, R. (2021) · Journal of Business Ethics · doi:10.1007/s10551-020-04441-4 · Cited by 486
DasGupta, R. (2022) · Finance Research Letters · doi:10.1016/j.frl.2021.102487 · Cited by 404
Building sustainable entrepreneurial ecosystems: A holistic approach
Theodoraki, C., Dana, L.-P., & Caputo, A. (2022) · Journal of Business Research · doi:10.1016/j.jbusres.2021.11.005 · Cited by 297
Lunawat, R. M., Elmarzouky, M., & Shohaieb, D. (2025) · Sustainability · doi:10.3390/su17198522 · Cited by 23
Metadata
- Authors
- Duque-Grisales, E., & Aguilera-Caracuel, J.
- Venue
- Journal of Business Ethics
- Published
- 2019-05-16
- Volume
- 168
- Issue
- 2
- Pages
- 315-334
- ISSN
- 0167-4544 (ISSN-L)
- 1573-0697
- OpenAlex
- W2944847255
- Cited by
- 1,098
- References
- 12
- FWCI
- 78.43
- Type
- journal article
- Language
- en
- Open access
- green
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- Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics. https://doi.org/10.1007/s10551-019-04177-w
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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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