Yu, Ellen Pei-yi and Guo, Qian and Luu, B.V. (2018) Environmental, social and governance transparency and firm value. Business Strategy and the Environment 27 (7), pp. 987-1004. ISSN 1099-0836.
|
Text
ESG.pdf - Author's Accepted Manuscript Download (508kB) | Preview |
|
![[img]](https://eprints.bbk.ac.uk/style/images/fileicons/text.png) |
Text
21605A.pdf - Other Restricted to Repository staff only Download (637kB) | Request a copy |
|
|
Text
21605b.pdf - Other Restricted to Repository staff only Download (405kB) | Request a copy |
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: | Article |
|---|---|
| Additional Information: | This is the peer reviewed version of the article, which has been published in final form at the link above. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. |
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Depositing User: | Ellen Yu |
| Date Deposited: | 12 Mar 2018 09:13 |
| Last Modified: | 02 Aug 2023 17:40 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/21605 |
Statistics
Additional statistics are available via IRStats2.
Archive Staff Only (login required)
