An Empirical Analysis Of The Relationship Between Esg Performance And Corporate Financial Performance
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An Empirical Analysis Of The Relationship Between Esg Performance And Corporate Financial Performance
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Author : Benedict Rotering
language : en
Publisher:
Release Date : 2022
An Empirical Analysis Of The Relationship Between Esg Performance And Corporate Financial Performance written by Benedict Rotering and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Assessing the performance of companies according to the non-financial aspects of environmental, social, and governance (ESG) has become an important topic in management research over the last few years. Organizations incorporate ESG initiatives into their core business strategies and researchers argue that there is a positive effect on the financial performance (FP) of companies. Despite the growing number of empirical studies yet contradictory results remain. Many researchers conclude that the ESG performance (ESGP) has a positive effect while others find a negative effect or even no association at all. There has been much debate in the literature about the metrics used to assess ESGP and FP. In addition, there has been identified a research gap concerning not only the direction of the effect but also whether there exists a causal relationship between ESGP and FP. The purpose of my thesis is to evaluate the bidirectional relationship between ESGP in total and its individual pillars -- Environmental performance (EP), Social performance (SP), and Governance performance (GP) -- and FP of companies. The main hypothesis is whether superior ESG performance positively influences the financial performance of companies. The thesis uses a panel data set of Standard & Poor's 500 companies for the years 2001-2020. The thesis uses linear regression models (OLS, FE, RE) to test possible relationships between ESGP and FP. In addition, the thesis applies a Granger causality test. ESGP is assessed with ESG scores provided by Refinitiv Eikon. FP is measured by the accounting-based metrics Return on Assets (ROA), Return on Equity (ROE), and Return on Invested Capital (ROIC). The total ESG score indicates significant positive effect on FP, while FP does not necessarily lead to improved ESGP. The individual pillar effects differ in the strength of the effect but in general confirm the direction as indicated by the total ESG score. However, the effect of FP on ESGP is not as clear and seems to be dependent on the financial metric used.
Deciphering The Esg Performance Conundrum An Analysis Of The Relationship And Causality In Corporate Financial Performance
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Author :
language : en
Publisher: GRIN Verlag
Release Date : 2023-11-28
Deciphering The Esg Performance Conundrum An Analysis Of The Relationship And Causality In Corporate Financial Performance written by and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-28 with Business & Economics categories.
Master's Thesis from the year 2023 in the subject Business economics - Investment and Finance, Kiel University of Applied Sciences (Economics), language: English, abstract: Financial performance is an essential measurement that companies are aiming to improve by following various strategies. These strategies could be environmental-, social- or governmental (ESG). However, in the literature, the relationship between company performance and ESG is under huge debate. On the one hand, studies show that ESG influences positively company performance by improving corporate sustainability as well as attracting investors and stakeholders. On the other hand, studies suggest an opposite impact on the company performance. Furthermore, some studies find no relationship between both of them. In light of these contradicting results, this study aims to investigate ESG in the context of company performance to shed light on their relationship and causality. Moreover, this study includes various indicators and variables that represent company performance. The overall outcome of this study suggests that the company performance has no significant impact on the ESG and vice versa.
Corporate Sustainability
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Author : Paolo Tenuta
language : en
Publisher: Springer Nature
Release Date : 2022-09-26
Corporate Sustainability written by Paolo Tenuta and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-26 with Business & Economics categories.
This book introduces readers to the main types of corporate sustainability practices. The first section examines both the ratings provided by international agencies and the various ESG (Environmental, Social and Government) indexes existing at 2021. In turn, the second part empirically investigates the relationship between the level of corporate sustainability and corporate financial performance among the large companies listed on the Milan Exchange FTSE-MIB 40 index for 2015-2019. The book offers a comprehensive overview of current sustainability concepts and practices and illustrates how various companies are seeking to integrate them in their competitive strategy. Further, it fills a gap in the extant literature by analysing the origins, historical evolution and structure of the main rating agencies and ESG indexes. In addition, the empirical analysis of corporate sustainability’s impact on companies’ financial performance reveals the importance of collegial leadership – a commonly found feature of Italian family businesses that has not been considered in previous studies – as a moderating factor for reconciling sustainability initiatives and performance at family-run firms.
Does Esg Performance Have An Impact On Financial Performance Evidence From Germany
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Author : Patrick Velte
language : en
Publisher:
Release Date : 2018
Does Esg Performance Have An Impact On Financial Performance Evidence From Germany written by Patrick Velte and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Purpose - This paper concentrates on environmental, social and corporate governance (ESG) performance in total and divided in each component and their impact on financial performance. Design/methodology/approach - The study covers a sample selection of companies listed on the German Prime Standard (DAX30, TecDAX, MDAX) for the business years 2010-2014 (412 firm-year observations). A correlation and regression analysis are carried out in order to evaluate possible links between ESG performance as determined by the AssetFour database of Thomson Reuters and accounting and market-based measures of financial performance (ROA and Tobin's Q). Findings - ESG performance has a positive impact on ROA but no impact on Tobin's Q. Furthermore, by analyzing the three different components of ESG performance, corporate governance performance has the strongest impact on financial performance in comparison to environmental and social performance. Originality/Value - The analysis makes a key contribution to the empirical CSR research as we break down ESG performance into their three components and include both accounting based and market based financial performance for the German setting for the first time. Not only companies but also regulators and researchers are affected by the notion that CSR and financial performance are close together and should be lead to a successful stakeholder management.
Esg And Financial Performance The Effects Of Audit Quality And National Culture In The Nigerian And Kenyan Context
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Author : Ursule Yvanna Otek Ntsama
language : en
Publisher: GRIN Verlag
Release Date : 2023-03-22
Esg And Financial Performance The Effects Of Audit Quality And National Culture In The Nigerian And Kenyan Context written by Ursule Yvanna Otek Ntsama and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-22 with Business & Economics categories.
Doctoral Thesis / Dissertation from the year 2022 in the subject Business economics - Business Management, Corporate Governance, grade: 3.9, Dongbei University of Finance and Economics, language: English, abstract: This research is motivated by the need to show whether environmental, social, and governance performance (ESG) is highly linked to the African companies’ performances, and national culture. Besides, this study examines the impacts of audit quality and the national culture on the relationship between financial performance and environmental, social, and governance (ESG) criteria. The introduction of ESG practices has started lately in sub-Saharan African countries, but its implementation has been easier as the African context prones social factors that facilitate its development. Although several studies have explored the nexus between ESG, audit quality and firm financial performance, the outcomes of research on the financial performance-ESG’s relationship are contradicting and further research is needed. These areas include (1) the mediating role of audit quality in the relationship between corporate governance and firm performance; (2) the moderated mediating role of national culture in the relationship between ESG and financial performance through audit quality, (3) the impact of each ESG characteristics such as environment, social, governance scores and audit firm size on firm performance. Thus, the aims of the study are to examine (1) the impact of environment, social, governance criteria on firm financial performance; (2) the relationship environment, social, governance criteria and audit quality; (3) the effect of audit quality on firm financial performance; (4) the mediating role of audit quality in the relationship ESG and firm financial performance; and (5) the ESG performance of companies deviating between firms from different countries, the last key objective is to fill the research gap by examining the moderated mediating role of the four cultural dimensions of Hofstede –power distance, uncertainty avoidance, individualism, and masculinity- on the impact of ESG on firm financial performance through audit quality.
Adapting To Change
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Author : Egidio Palmieri
language : en
Publisher: Springer Nature
Release Date : 2024-01-11
Adapting To Change written by Egidio Palmieri and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-11 with Business & Economics categories.
This book examines the evolving dynamics between banks and firms within the context of alternative finance and Environmental, Social, and Governance (ESG) integration. The book contributes to understanding the bank-firm relationship in light of the changing financial landscape and its implications for sustainable development. The book employs an empirical analysis to examine the bank-firm relationship in the context of alternative finance and ESG performance to assess firms’ riskiness, access to funds and cost of capital. The book addresses research gaps by comprehensively analysing the impact of alternative finance and ESG on the bank-firm relationship. It assists banks in adapting their financing practices and policies to align with emerging trends, and it offers insights for banks to evaluate and mitigate ESG-related risks effectively. It provides policy implications for promoting responsible lending, supporting the growth of alternative finance, and incentivising ESG integration in the financial sector. Ultimately, it contributes to formulating policies that foster a sustainable and inclusive financial system, and will be of interest to professionals and researchers in finance, alternative finance, and sustainable finance.
Corporate Sustainability
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Author : Sekhar Amba
language : en
Publisher:
Release Date : 2019
Corporate Sustainability written by Sekhar Amba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This research examines the association between corporate sustainability reporting ESG score and firm's financial performance, Executive compensation. Empirical analysis is performed on firms listed on S&P 500 and S&P/TSX firms. Regression method is used to test the impact of ESG score of a year on next years' ROE and Executive compensation. Empirical evidence suggests that ESG scores of an year has an impact on ROE of the following year during the period of investigation 2011 to 2015, whereas ESG scores showed similar impact on Executive compensation from the year 2013 onwards suggesting executive compensation is tied to corporate sustainability performance.
Climate Change Adaptation Governance And New Issues Of Value
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Author : Carlo Bellavite Pellegrini
language : en
Publisher: Springer Nature
Release Date : 2022-03-11
Climate Change Adaptation Governance And New Issues Of Value written by Carlo Bellavite Pellegrini and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-11 with Business & Economics categories.
This book investigates sustainability, CSR, climate change adaptation, the relevance of ESG scores and their impact on firm value and growth. The first part of the book analyses the topics from a conceptual angle. The authors discuss how the concepts of self-consciousness and awareness drive the shift of the traditional concept of corporate mission towards more sustainable business models. The authors propose an in-depth analysis of the main challenges posed by climate change and of the initial policy-makers’ responses and provide their view on the central role of ESG scores and circular economy for growth and development. The authors conclude with an analysis of the main literature on the measurement of the relation between ESG scores and firms’ performance and cost of equity (CoE). The second part of the book contains comparative empirical evidence, supporting these theories across specific industries, and will be of interest to academics, researchers, and students of sustainability and impact finance.
The Balanced Scorecard
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Author : Robert S. Kaplan
language : en
Publisher:
Release Date : 2005
The Balanced Scorecard written by Robert S. Kaplan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business planning categories.
Esg And Financial Performance
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Author : Gunnar Friede
language : en
Publisher:
Release Date : 2015
Esg And Financial Performance written by Gunnar Friede and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The search for a relation between environmental, social, and governance (ESG) criteria and corporate financial performance (CFP) can be traced back to the beginning of the 1970s. Scholars and investors have published more than 2,000 empirical studies and several review studies on this relation since then. The largest previous review study analyzes just a fraction of existing primary studies, making findings difficult to generalize. Thus, knowledge on the financial effects of ESG criteria remains fragmented. To overcome this shortcoming, this study extracts all provided primary and secondary data of previous academic review studies. Through doing this, the study combines the findings of about 2,200 individual studies. Hence, this study is by far the most exhaustive overview of academic research on this topic and allows for generalizable statements. The results show that the business case for ESG investing is empirically very well-founded. Roughly 90% of studies find a non-negative ESG-CFP relation. More importantly, the large majority of studies reports positive findings. We highlight that the positive ESG impact on CFP appears stable over time. Promising results are obtained when differentiating for portfolio and non-portfolio studies, regions, and young asset classes for ESG investing such as emerging markets, corporate bonds, and green real estate.
