Corporate Social Performance and Financial Risk: Evidence from European Firms

Sandwidi, Blaise W.; Cellier, Alexis

doi:10.1142/9789811206887_0002

Cited by 4 publications

(4 citation statements)

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“…There is no conclusive evidence available regarding the association of DAEF and firm value. Various studies found that higher DAEF results in inflated stock prices and deflated future returns (Sandwidi and Cellier, 2019). On the other hand, other studies reported the association of higher DAEF with low current stock price and higher future profits.…”

Section: Methodsmentioning

confidence: 98%

The Impact of Environmental, Social and Governance Index on Firm Value: Evidence From Malaysia

Sadiq¹,

Singh²,

Raza³

et al. 2020

IJEEP

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In this study we investigates the relationship of environmental, social and governance (ESG) practices and the consequences related to their disclosure on the firm's value. Our data is extracted from the final accounts of 122 firms listed on Bursa Malaysia over the period 2011 to 2019 with 1098 observations. We used three instrumental variables in this study in order to find the endogeneity of ESG performance namely, the existence of a CSR committee on the Board of directors, dispersion of forecasted earnings and finally the ownership concentration of the firm. We used three first stage regression models related to ESG disclosure and the interaction between the strength, concern, and disclosure of ESG. Besides that, we also use the second stage regression to investigate the insider effects of ESG activities and ESG disclosure. Our results are consistent with the approach that indicate that ESG strength increases firm value whereas ESG disclosure and ESG concern decreases the firm value. Most importantly, this study finds that ESG disclosures can play the role by which a firm can reduce the negative effect of weakness and improve the positive effect of strength.

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Section: Methodsmentioning

confidence: 98%

The Impact of Environmental, Social and Governance Index on Firm Value: Evidence From Malaysia

Sadiq¹,

Singh²,

Raza³

et al. 2020

IJEEP

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“…Otherwise, the predicted coefficient will be skewed and inconsistent if the FV influences ESG disclosure, as it will be linked to the error term in a regression between the FV and ESG disclosure. To account for the possibility of endogeneity, this paper employs an instrumental variables strategy following Sandwidi and Cellie (2019). Using instrumental variables that are unrelated to the error terms, two-stage least-squares regression first estimates the estimated values of the problematic predictors (the first stage), and then utilizes those estimated values to build a linear regression model for the dependent variable (the second stage).…”

Section: Data Analysis and Discussion Of Resultsmentioning

confidence: 99%

Does audit quality moderate the impact of environmental, social and governance disclosure on firm value? Further evidence from Egypt

Samy El-Deeb,

Ismail,

El Banna

2023

JHASS

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PurposeThis paper aims to examine the impact of environmental, social and governance (ESG) disclosure and firm value (FV), as well as, pinpoints the role of the audit quality (AQ) as a moderating variable on such impact; where the authors hypothesize that AQ modulates the relationship between ESG disclosure and the FV.Design/methodology/approachData of a sample of firms listed on the Egyptian Stock Exchange Market (EGX) were collected over the period of 2017–2021 and analyzed using the regression and 2SLS models.FindingsThe results suggested that: (1) the ESG has a significant positive impact on the FV in the EGX, and (2) AQ has a significant impact, as a moderating variable, on the relationship between ESG disclosure and FV.Research limitations/implicationsThe findings would help the Egyptian market authorities in realizing the importance of integrating ESG information within the financial reports of the listed firms. The findings could also help in developing effective disclosure procedures to provide shareholders with useful information.Originality/valueThis paper contributes to the literature regarding the ESG disclosure components and the FV value by considering AQ in testing such relationship.

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“…Nesse do Conselho e o nível de divulgação de informação de RSE, contudo, a relação é negativa quanto à concentração acionária (Consolandi et al, 2008).…”

Section: Estrutura De Propriedade E Relatórios De Sustentabilidadeunclassified

“…De forma oposta, a pesquisa de Consolandi et al (2008) 2018) ao analisarem apenas empresas espanholas perceberam que a presença de membros independentes no conselho não teve efeito na divulgação de informações de responsabilidade social empresarial. Formula-se, portanto, a terceira hipótese:…”

Section: Desenvolvimento De Hipótesesunclassified

Influência da estrutura de propriedade nos relatórios de sustentabilidade e nível de evidenciação do relato integrado nas empresas da B3

Silva,

De Carvalho,

Silva do Carmo

et al. 2024

REVISTA REUNIR

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Esta pesquisa teve como objetivo analisar a influência da estrutura de propriedade na adoção de relatórios de sustentabilidade e no nível de divulgação de informações das empresas listadas na B3. Para tanto, utilizou-se uma amostra de 299 empresas nos anos de 2017 e 2018. Os dados foram analisados por meio de regressão logística binária e regressão múltipla com dados em painel. Os resultados demonstraram que a quantidade de membros no conselho de administração, bem como o número de membros independentes desse conselho, contribuem para o aumento e melhora da divulgação de informações sobre sustentabilidade. No entanto, a concentração de ações e a presença de mulheres nos conselhos demonstraram não ter influência nas divulgações relativas a sustentabilidade. Esses resultados cooperam para a discussão dos efeitos das características das estruturas de propriedade sobre a adoção e evidenciação de relatórios de sustentabilidade empresarial, podendo auxiliar às empresas, investidores e reguladores sobre os potenciais efeitos da composição dos conselhos de administração das empresas na preocupação com a transparência e a divulgação de ações de sustentabilidade.

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Corporate Social Performance and Financial Risk: Evidence from European Firms

Cited by 4 publications

References 0 publications

The Impact of Environmental, Social and Governance Index on Firm Value: Evidence From Malaysia

The Impact of Environmental, Social and Governance Index on Firm Value: Evidence From Malaysia

Does audit quality moderate the impact of environmental, social and governance disclosure on firm value? Further evidence from Egypt

Influência da estrutura de propriedade nos relatórios de sustentabilidade e nível de evidenciação do relato integrado nas empresas da B3

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