The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.
THE IMPACT OF ESG FACTORS ON MARKET VALUE OF COMPANIES FROM TRAVEL AND TOURISM INDUSTRY
Open accessAbstract
The aim of this paper is to investigate the relationship between environmental, social, and governance (ESG) factors and firm market value for the companies from travel and tourism industry and, in the same time, to investigates the question if the association between good ESG scores for travel and tourism companies and their market value can be used as a performance predictor. The impact of extra-financial ESG performance on market value of the companies was estimated using the modified version of the Ohlson (1995) model, based on a sample of 73 listed companies, worldwide distributed, during the 2010–2015 period. The overall results of this research are consistent with the value enhancing theory (as opposed with the shareholder expense theory). From the ESG factors, the governance factor seems to have the most important influence on the market value of the selected companies, regardless of the geographic region where they are located. Thus, our findings provide new insights into the influence of each ESG factor on the market value of the companies, providing a useful tool for stakeholders to measure economic impact but also for use as a predictor of economic performance.
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Citations
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 3×
“On the other hand, the critics which have been put forward against environmental, social and governance criteria are advocating that the stakeholder theory can be opposed on the basis that the primary goal of a business is to maximize the wealth of the shareholders according to (Friedman, 1970) and any other goal putt…”
BackgroundInfluentialCorporate 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 Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
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The price of sin: The effects of social norms on markets
Hong, H., & Kacperczyk, M. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.09.001 · Cited by 2,601
Corporate Social Performance As a Competitive Advantage in Attracting a Quality Workforce
Greening, D. W., & Turban, D. B. (2000) · Business & Society · doi:10.1177/000765030003900302 · Cited by 2,077
The Wages of Social Responsibility
Statman, M., & Glushkov, D. (2009) · Financial Analysts Journal · doi:10.2469/faj.v65.n4.5 · Cited by 634
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
Cited by
Zhou, G., Liu, L., & Luo, S. (2022) · Business Strategy and the Environment · doi:10.1002/bse.3089 · Cited by 907
How does corporate ESG performance affect bond credit spreads: Empirical evidence from China
Lian, Y., Ye, T., Zhang, Y., & Zhang, L. (2023) · International Review of Economics & Finance · doi:10.1016/j.iref.2023.01.024 · Cited by 268
Metadata
- Authors
- Ionescu, G. H., Firoiu, D., Pirvu, R., & Vilag, R. D.
- Venue
- Technological and Economic Development of Economy
- Published
- 2019-05-28
- Volume
- 25
- Issue
- 5
- Pages
- 820-849
- ISSN
- 1392-8619 (ISSN-L)
- 2029-4913
- 2029-4921
- OpenAlex
- W2947029498
- Cited by
- 202
- References
- 8
- FWCI
- 18.93
- Type
- journal article
- Language
- en
- Open access
- gold
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- Ionescu, G. H., Firoiu, D., Pirvu, R., & Vilag, R. D. (2019). THE IMPACT OF ESG FACTORS ON MARKET VALUE OF COMPANIES FROM TRAVEL AND TOURISM INDUSTRY. Technological and Economic Development of Economy. https://doi.org/10.3846/tede.2019.10294
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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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