ESG performance and firm value: The moderating role of disclosure
Integrity signals
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Firms may emphasize their ESG disclosure to prevent the negative consequences of severe environmental damages on their market value.
“Firms may emphasize their ESG disclosure to prevent the negative consequences of severe environmental damages on their market value (Fatemi et al., 2018, Cho andPatten 2007) [38,48].”
From Voluntary Disclosure of Carbon Emissions and Sustainable Existence of Firms: With a Focus on Human Resources of Internal Control System (2021) · cites this paper as Fatemi et al., 2018
Firms that report good ESG scores generate a favorable reputation and report a higher firm value.
“Firms that report good ESG scores generate a favorable reputation and report a higher firm value (Cahan et al., 2015;Fatemi et al., 2018) [38,45].”
From Voluntary Disclosure of Carbon Emissions and Sustainable Existence of Firms: With a Focus on Human Resources of Internal Control System (2021) · cites this paper as Fatemi et al., 2018
ESG involves efficient processes, energy consumption reduction, and effectiveness in the environment-related industries.
“In particular ESG, a prolongation of socially responsible behavior, involves efficient processes, energy consumption reduction (Fatemi et al., 2018) [38], and effectiveness in the environment-related industries (Qureshi et al., 2019) [47].”
From Voluntary Disclosure of Carbon Emissions and Sustainable Existence of Firms: With a Focus on Human Resources of Internal Control System (2021) · cites this paper as Fatemi et al., 2018
Tobin's Q has been used as a proxy for representing firm value.
“In previous studies (Fatemi et al., 2018, Kang andJin, 2006) [38,39], Tobin's Q has been used as a proxy for representing firm value.”
From Voluntary Disclosure of Carbon Emissions and Sustainable Existence of Firms: With a Focus on Human Resources of Internal Control System (2021) · cites this paper as Fatemi et al., 2018
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The Social Responsibility of Business Is to Increase Its Profits
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Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility
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Voluntary environmental disclosure quality and firm value: Further evidence
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CSR disclosure: the more things change…?
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Corporate social responsibility and media coverage
Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2015.07.004 · Cited by 365 · see citing works
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Can digital transformation improve market and ESG performance? Evidence from Chinese SMEs
Wang, S., & Esperança, J. P. (2023) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2023.137980 · Cited by 315 · see citing works
How Green Trust, Consumer Brand Engagement and Green Word-of-Mouth Mediate Purchasing Intentions
Guerreiro, J., & Pacheco, M. (2021) · Sustainability · doi:10.3390/su13147877 · Cited by 185 · see citing works
Nicolo', G., Zampone, G., De Iorio, S., & Sannino, G. (2024) · Journal of International Financial Management & Accounting · doi:10.1111/jifm.12194 · Cited by 134 · see citing works
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Wonglimpiyarat, J. (2025) · foresight · doi:10.1108/fs-11-2023-0233 · Cited by 9 · see citing works
- Authors
- Fatemi, A., Glaum, M., & Kaiser, S.
- Affiliations
- DePaul University (US)
- WHU – Otto Beisheim School of Management (DE)
- Corresponding author
- Fatemi, Ali
- Venue
- Global Finance Journal
- Publisher
- Elsevier BV
- Published
- 2018-11
- Volume
- 38
- Pages
- 45-64
- ISSN
- 1044-0283 (ISSN-L)
- OpenAlex
- W2593151889
- Cited by
- 1,611
- References
- 12
- Citations by year
- 2026: 328 · 2025: 359 · 2024: 300 · 2023: 242 · 2022: 194 · 2021: 88 · 2020: 55 · 2019: 27 · 2018: 12 · 2017: 6
- FWCI
- 54.37
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Global Finance Journal (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Governance and Financial Management
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
- Keywords
- ESG performance, firm value, ESG disclosure, corporate sustainability, stock valuation
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
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