Does CSR governance matters for corporate value creation: exploring the nexus between corporate sustainability governance and investment efficiency of acquirers in Pakistan

Rustam, Adeela; Geng, Changran

doi:10.1007/s11356-022-24382-x

Cited by 1 publication

(1 citation statement)

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“…We refer to most of the studies [63,64] and take the ratio of corporate R&D expenditure to corporate gross operating income as the intensity of corporate R&D investment. Referring to the existing literature [65,66], we employed financial and corporate governance levels indicators such as Enterprise size (Size), Gearing ratio (Lev), Business Age (Age), Total cash assets ratio (CF), Business Growth (Growth), Credit Status (Rec), Shareholder equity ratio (Era), Shareholding ratio of the first largest shareholder (Top), Board Independence (Indep) as control variables in this paper. We also control year and individual effects by including year (Year) and industry (Ind).…”

Section: Empirical Model and Variable Definitionsmentioning

confidence: 99%

Environmental, Social, and Governance (ESG) Performance and Firm Value: Evidence from Chinese Manufacturing Firms

Duan,

Yang,

Xiong

2023

Sustainability

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In an era of great skepticism and distrust, companies’ ESG performances are under ever-increasing scrutiny. Stakeholders are urging companies to integrate ESG goals into their business strategic plans, practices, and value chains. Drawing upon a sample of publicly listed manufacturing companies in China from 2009 to 2021, this study aims to investigate the relationships between ESG performance and corporate values, especially the mediating role of financing constraints and the moderating effect of R&D investment intensity. Findings show that the ESG performance of manufacturing companies has a significant positive effect on corporate value. Financing constraints play a partial intermediary role between ESG performance and enterprise values. R&D investment intensity negatively moderates the relationship between ESG performance and manufacturing companies’ enterprise values. The heterogeneity study indicates that the beneficial impact of ESG performance on company value is particularly pronounced in the eastern region of China, non-state-owned companies, and heavily polluting industrial enterprises. Our findings provide important practical implications for a range of stakeholders, such as enterprises and investors, and enrich our current understanding of ESG research.

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Section: Empirical Model and Variable Definitionsmentioning

confidence: 99%