Corporate ESG performance as good insurance in times of crisis: lessons from US stock market during COVID-19 pandemic

Moalla, Mouna; Dammak, Saida

doi:10.1108/jgr-07-2022-0061

Cited by 17 publications

(8 citation statements)

References 83 publications

(131 reference statements)

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“…A high level of ESG information disclosure can boost a company’s value, i.e. the book value of assets (Moalla and Dammak, 2022; Bansal et al , 2021). In these cases, does “economic value” reflect the book value of assets or the company’s value (assuming this to mean market value based on shares)?…”

Section: Findings and Discussionmentioning

confidence: 99%

“…There are caveats. Some authors allude to a negative association between a firm’s ESG performance and stock price volatility (Bansal et al , 2021; Moalla and Dammak, 2022). Ademi and Klungseth (2022) insist ESG investments impact negatively firm value in the short term, supporting the trade-off theory while finding a positive correlation in the long run.…”

Section: Findings and Discussionmentioning

confidence: 99%

“…A firm's social investment may engender competitive advantage (by positively influencing stakeholders' perceptions), ultimately improving their market value (Bansal et al, 2021). Much of the existing environment, social and governance (ESG) research focuses on the links between (ESG) performance, firm performance and value creation (Moalla & Dammak, 2022;Abrams et al, 2021). It can be inferred that environmental performance and management practices are value-types that contribute to the economic value sought by shareholders.…”

Section: 2mentioning

confidence: 99%

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How improved understanding of what constitutes “value” may lead to better underpinning of corporate social responsibility (CSR)

Richardson

Thompson

2023

JGR

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Purpose The aim of this conceptual paper, predicated on a hermeneutic literature review, is to improve understanding of the nature of value continues to be extensively studied with its ability to create competitive advantage. Understanding what constitutes value improves corporate social responsibility (CSR) comprehension, including managerial CSR values. This paper aligns with studies into value and/or CSR, whether hermeneutic or otherwise. Design/methodology/approach This study provides a reflexively critical understanding of the value literature. It focuses on the “identifying” stage of a hermeneutic circle (identifying central terms, core journals and seminal authors). A hermeneutic helix is proposed to better reflect the need of constant re-interpretation of the relevant literature. Findings Themes include value location (value in exchange, value in use, value in meaning and value in context); architecture (pathways, constellations and networks); creation versus determination; and value types. Research limitations/implications This paper neither seeks to define value nor delve into the overarching value discourses. It does, however, refer to the antecedents for these areas. As a hermeneutic literature review, it lacks empirical testing. Practical implications CSR practices are strongly influenced by personal values. Hence, CSR practitioners must identify the processes involved and differentiate between the sought value and value types. Social implications The paper could engender better understanding gaps between stakeholder attitudes and practices, i.e. consumers self-identifying as “green” may not engage in ecologically sound practices. As discussed herein, the value sought by university students influences where (and what) to study. Originality/value Outdated notions such as value propositions are widely used; value may be proposed; however, only stakeholders can take value. What constitutes value is under-represented in the CSR literature. Hence, terms such as value and values (i.e. value types) are incorrectly used interchangeably.

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Section: Findings and Discussionmentioning

confidence: 99%

Section: Findings and Discussionmentioning

confidence: 99%

Section: 2mentioning

confidence: 99%

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How improved understanding of what constitutes “value” may lead to better underpinning of corporate social responsibility (CSR)

Richardson

Thompson

2023

JGR

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“…Given the market's volatility in the capitalist system, the crisis effects on non-financial accounts should not be overlooked (Bogataya et al 2022;Bretos et al 2018;Jiménez-Yáñez and Fontrodona 2022;Perez et al 2017;Velte and Stawinoga 2017;Warren-Myers 2016); for example, the COVID-19 crisis (Brand et al 2022;Johann 2022;Białkowski and Sławik 2022;Bifulco et al 2023;Bodhanwala and Bodhanwala 2023;Demers et al 2021;Dyczkowska et al 2022;Dragomir et al 2022;Kaakeh and Gokmenoglu 2022;Kuswantoro et al 2022;Moalla and Dammak 2023;Poursoleyman et al 2022;Pozzoli et al 2022;Sidaway et al 2022;Sharma et al 2021), the environmental crises (Boiral et al 2022;Corazza et al 2020;Egbon and Mgbame 2020;Indrasari et al 2022;Mora Rodríguez et al 2020;Skärin et al 2022), the legitimacy crises (Aureli et al 2017;Beck et al 2017;Mekaoui et al 2020;Parsons 2019), war and post-war (Dissanayake and Samarathunga 2021;Thoradeniya et al 2022), the communication crisis (Meintjes and Grobler 2014;Park et al 2020), the social crisis (Maroun 2018), and the management crisis (Stratulat 2019).…”

Section: Introductionmentioning

confidence: 99%

Can Crisis Periods Affect the ESG Reporting Scope? The Portuguese Euronext Entities Case

Cepeda

2024

JRFM

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Portuguese companies are increasingly responding to the demand of stakeholders for transparent information about companies’ environmental, social, and governance (ESG) performance by issuing non-financial reports (NFRs). While the number of NFRs published annually has been increasing over the last two decades, their quality and companies’ ESG performance have been questioned, especially in times of crisis. To address these concerns, several jurisdictions have introduced mandatory NFR rules, such as the European Directive 2014/95/EU. Employing an institutional theory lens, this paper’s research objective is to evaluate whether the last decade’s crises and whether the fact that NFRs became mandatory for certain entities positively affected companies’ activities covered in the ESG reporting scope. We used panel data regression models on 45 listed companies in Portugal during the period 2008–2021. Our results show that the ESG reporting scope is not positively influenced by the transition from NFRs to a mandatory and global financial crisis (GFC). However, the COVID-19 crisis positively affected NFR quality. These results have major implications for practitioners, reflecting the importance of promoting these tools in an organization to improve non-financial performance and companies’ sustainability.

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“…Research related to the application of ESG in companies listed on the S&P 500 on exchanges in the US [6] [7]. Research on the IDX ESG Leaders index and investment decisions on investors on the Indonesia Stock Exchange [8] shows that companies implementing good ESG practices can provide attention to attract more additional investors.…”

Section: Introductionmentioning

confidence: 99%

Business Sustainability Performance on Pandemic: Lesson from IDX ESG Leaders Company

Mulyono

2023

E3S Web Conf.

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The study aimed to determine the effect of the Covid-19 pandemic on company profitability on the IDX ESG Leaders index on the Indonesia Stock Exchange. The IDX ESG Leaders Index measures the stock price performance of companies that have sound ESG ratings. The constituents of the IDX ESG Leaders Index consist of 30 companies. The company’s profitability measurement uses earnings per share (EPS), EPS data used in research based on the company’s 2019 and 2022 financial statements. Data processing is done using SPSS statistics software. The study results concluded that during the Covid-19 pandemic, as many as 19 companies experienced an increase in profitability, and the remaining 11 companies experienced a decrease in profitability. The results of the ESG assessment show that as many as 14 companies are included in the medium risk score category; this provides an overview of the application of business sustainability practices in companies listed on the stock exchange is quite good. The Covid-19 pandemic has significantly affected companies’ profitability on the IDX ESG Leaders index. During the Covid-19 pandemic, companies implementing ESG practices have resilience and generate good profits.

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Corporate ESG performance as good insurance in times of crisis: lessons from US stock market during COVID-19 pandemic

Cited by 17 publications

References 83 publications

How improved understanding of what constitutes “value” may lead to better underpinning of corporate social responsibility (CSR)

How improved understanding of what constitutes “value” may lead to better underpinning of corporate social responsibility (CSR)

Can Crisis Periods Affect the ESG Reporting Scope? The Portuguese Euronext Entities Case

Business Sustainability Performance on Pandemic: Lesson from IDX ESG Leaders Company

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