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    ESG transparency and firm value

    Yu, Ellen Pei-yi and Guo, Qian and Luu, B.V. (2018) ESG transparency and firm value. In: 45rd Academy of International Business (UK & Ireland Chapter) Conference, Birmingham, 12th -15th April, 2018., 12-15 Apr 2018, Birmingham, UK. (Submitted)

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    Abstract

    We investigate whether ESG transparency, the extent of ESG disclosure, has an impact on firm value. Reducing investors’ information symmetry and agency costs is the mechanism by which better ESG transparency potentially impacts firm value. Using the Bloomberg ESG disclosure scores to assess a firm’s ESG transparency, we look at a sample of 1996 large cap companies across 47 developed and emerging countries and territories. Our empirical analyses suggest that the benefits from ESG disclosure outweigh their costs for the average listed firm. We find supporting evidence for greater disclosure of ESG issues boosting firm valuation measures, such as Tobin’s Q. Furthermore, our results suggest that firms with greater asset size, better liquidity, higher R&D intensity, fewer insider holdings, good past financial performance will be more transparent in ESG issues.

    Metadata

    Item Type: Conference or Workshop Item (Paper)
    Keyword(s) / Subject(s): ESG disclosure, sustainable development, stakeholder engagement, environmental policy, corporate governance.
    School: Birkbeck Schools and Departments > School of Business, Economics & Informatics > BEI
    Birkbeck Schools and Departments > School of Business, Economics & Informatics > Management
    Depositing User: Dr. Ellen Pei-yi Yu
    Date Deposited: 16 Mar 2018 08:19
    Last Modified: 26 Jul 2019 18:46
    URI: http://eprints.bbk.ac.uk/id/eprint/21588

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