Do ESG Controversies Influence Firm Value? An Analysis with Longitudinal Data in Different Countries
Gabriela de Abreu Passos,
Paula Pontes de Campos-Rasera
Abstract:This study aims to analyze the influence of ESG controversies on the value of companies. Annual data from 6,325 companies from 61 countries between 2002 and 2020 were analyzed. In the econometric model developed, the indices prepared by Refinitiv®, made available through the Eikon platform, were used as ESG controversies, in addition to the three variables as proxies of company value: Tobin’s Q, Market-to-Book, and Market Capitalization. The results indicate a negative relationship between ESG controversies, a… Show more
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