Interplay between environmental, social and governance coordinates and the financial performance of agricultural companies

Pirtea, Marilen; Noja, Grațiela Georgiana; Cristea, Mirela; Panait, Mirela

doi:10.17221/286/2021-agricecon

Cited by 16 publications

(13 citation statements)

References 18 publications

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“…Similarly, though Diaye et al (2022) report that better ESG performance helps in the long-term economic growth of a country but fail to establish such a significant relationship for the short term. Pirtea et al (2021) in the context of large global public agricultural companies find that the impact of overall ESG score is positive for earnings before interest and tax (EBIT), negative for ROA and insignificant for return on equity (ROE). Moreover, an insignificant association is found by Shahbaz et al (2020) between socially responsible activities and firm performance in the context of firms in the global energy sector by using the fixed effects model.…”

Section: Literature Review and Hypothesis Formulationmentioning

confidence: 99%

Environmental, social and governance (ESG) performance and firm performance in India

Maji

Lohia

2022

SBR

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Purpose This paper aims to investigate the impact of environmental, social and governance (ESG) performance on the firm performance of select Indian companies. Design/methodology/approach The present paper is a cross-section study based on secondary data with a sample of 222 Indian firms. The ESG performance for Indian companies is based on the Credit Rating Information Services of India Limited (CRISIL) ESG score, and the financial data are extracted from the ACE Equity database. Both accounting- and market-based measures of firm performance are used. Ordinary least squares and simultaneous quantile regression models are used for empirical investigation. Findings The study reveals that Indian firms focus much more on governance and social parameters than environmental ones. The results indicate that ESG performance and its components are positively associated with firm performance. The results of quantile regression show that the impact of ESG is different at different locations of the conditional distribution of firm performance and the positive impact is more pronounced at upper quantiles. Originality/value To the best of the authors’ knowledge, this is the first study in India based on the CRISIL ESG score for analyzing the ESG and firm performance relationship. Furthermore, in the Indian context, a modest attempt is made to study the influence of ESG performance at different locations of the distribution of firm performance by using quantile regression.

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Section: Literature Review and Hypothesis Formulationmentioning

confidence: 99%

Environmental, social and governance (ESG) performance and firm performance in India

Maji

Lohia

2022

SBR

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“…The main causes behind this phenomenon could be elucidated from two perspectives. On the one hand, at the beginning of COVID-19, countries or regions are less able to cope with this epidemic and its corresponding consequences (e.g., high GSCP) effectively, causing to a severe recession in their economies (Pirtea et al, 2021;Cristea et al, 2022;Ekinci et al, 2022;Gamal et al, 2022). Then, people's income and purchasing power have also reduced significantly, which leads to a decline in the investment demand for bitcoin.…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

Could “Digital Gold” Resist Global Supply Chain Pressure?

Qin

Wang

et al. 2023

Technological and Economic Development of Economy

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Exploring the safe-haven characteristics of bitcoin from novel perspectives is crucial to diversify the investment and reap the benefits. This investigation employs bootstrap full-and sub-sample techniques to probe time-varying interrelation between global supply chain pressure (GSCP) and bitcoin price (BP), and further answer if “digital gold” could resist the strains of global supply chain. The empirical outcomes suggest that GSCP positively and negatively affects BP. The positive influence points out that high GSCP might boost the international bitcoin market, driving BP to rise, which indicates that “digital gold” could resist the pressures of global supply chain. But the negative effect of GSCP on BP could not support the above view, mainly affected by the weak purchasing power and more valuable assets, which is not consistent with the assumption of the inter-temporal capital asset pricing model (ICAPM). In turn, GSCP is adversely affected by BP, highlighting that the international bitcoin market may be viewed as a stress reliever for the global supply chain. Against a backdrop of the deteriorative Russia-Ukraine war and the intensifying global supply chain crisis, the above conclusions could bring significative lessons to the public, enterprises and related economies.

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“…These results are consistent with China's reality that the green bond market is more easily influenced by long-run shocks than short-run shocks. As proven by Pirtea et al (2021) to external shocks such as oil price volatility (Hu et al, 2022;Yan et al, 2022). Besides, the p values for both statistics W(b EPU ) and W * (b EPU ) are observed to be lower than 0.1 since the year 2020, meaning that the null hypothesis is not able to accept during the mentioned time.…”

Section: Rolling Window Analysismentioning

confidence: 94%

Oil Price Shocks, Economic Policy Uncertainty, and Green Finance: A Case of China

Wang

Umar

et al. 2022

Technological and Economic Development of Economy

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This study investigates the long- and short-run effects of crude oil price (COP) and economic policy uncertainty (EPU) on China’s green bond index (GBI) using the quantile autoregressive distributed lag model. The empirical results show that COP and EPU produce a significant positive and negative influence on GBI in the long-run across most quantiles, respectively, but their short-run counterparts are opposite direction and only significant in higher quantiles. Thus, major contributions are made accordingly and shown in the following aspects. The findings emphasise the importance of understanding how COP and EPU affect China’s green bond market for the first time. In addition, both the long- and short-run effects are captured, but long-run shocks primarily drive the green bond market. Finally, time- and quantile-varying analyses are adopted to explain the nexus between COP and EPU to GBI, which considers not only different states of the bond market but also events that occur in different time periods. Some detailed policies, such as a unified and effective green bond market, an early warning mechanism of oil price fluctuation, and prudent economic policy adjustments, are beneficial for stabilising the green finance market.

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Interplay between environmental, social and governance coordinates and the financial performance of agricultural companies

Cited by 16 publications

References 18 publications

Environmental, social and governance (ESG) performance and firm performance in India

Environmental, social and governance (ESG) performance and firm performance in India

Could “Digital Gold” Resist Global Supply Chain Pressure?

Oil Price Shocks, Economic Policy Uncertainty, and Green Finance: A Case of China

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