Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures

Bofinger, Yannik; Heyden, Kim J.; Rock, Björn

doi:10.1016/j.jbankfin.2021.106322

Cited by 157 publications

(54 citation statements)

References 89 publications

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“…In terms of ESG investment performance, Bofinger et al ( 2022 ) state that all investors should consider ESG criteria, which highly correlate with corporate valuation, whereby corporate ability levels play a significant role in enhancing share price, and that corporations should engage in social responsibility and profit from sustainable investment. According to Zhang et al ( 2021 ), high ESG portfolios earn significantly higher excess returns than low ESG portfolios.…”

Section: Literature Reviewmentioning

confidence: 99%

Environmental, social, and governance (ESG) and market efficiency of China’s commercial banks under market competition

Sun

Liu

et al. 2022

Environ Sci Pollut Res

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As the leading financial institutions in China, it is crucial for commercial banks to pay attention to environmental protection (E), social responsibility (S), and corporate governance (G) in order to enhance operational efficiency and to advance the high-quality development of the country’s social economy. This research explores the market share of banks as exogenous variables in the profit stage and the market and sustainability stage to investigate the efficiency of 20 listed banks in China over 2016–2020 and innovatively incorporates indicators such as green credit, social giving, executive compensation, and ESG score into the meta-dynamic two-stage SBM under the exogenous variable DEA model. The results demonstrate the following. (1) By integrating market share as an exogenous variable in the model, the efficiency estimate is more precise. (2) In overall, UCBs are the most efficient type of banks, JSCBs are the second, SOCBs are the least efficient. All three types of banks are more efficient in profit stage versus the market and sustainability stage, JSCBs perform best in the profit stage, where SOCBs perform best in the market and sustainability stage. The three different bank types’ TGR performance is comparable to their efficiency value performance. (3) SOCBs lead in ESG investment and have the best ESG performance due to their distinct state-owned background. With their ongoing dedication to profit maximization and disregard for social responsibility and sustainable development, JSCBs have the worst ESG performance. (4) Policy recommendations are made based on the study’s findings for commercial banks, stakeholders, and regulators to support ESG investment and to bring about long-term sustainable development. Finally, as ESG develops in China, future research can consider longer time scales and larger perspectives to investigate the sustainability efficiency of commercial banks themselves, as well as their role in the local economy and industrial transformation.

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Section: Literature Reviewmentioning

confidence: 99%

Environmental, social, and governance (ESG) and market efficiency of China’s commercial banks under market competition

Sun

Liu

et al. 2022

Environ Sci Pollut Res

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“…There is now a widespread knowledge that firms need to pay attention to planet earth, to their employees, to their customers and to other facets of our intertwined social and economic complexities, including income inequality. The positive effects of these improvements that have mostly evolved during the past 20 plus years are often difficult to measure directly, but there are already a growing body of research in this direction and it is gaining momentum (see, for instance, Bofinger et al, 2022;Ferres and Marcet, 2021;Pedersen et al, 2021).…”

Section: Firm Governance Stakeholder Capitalism and Challengesmentioning

confidence: 99%

Corporate governance and stakeholder capitalism

Shahrokhi

Parhizgari

Hashemijoo

et al. 2022

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PurposeThe authors revisit the inquiry into the primacy of shareholders vis-à-vis stakeholders that has been debated since 19th Century. The authors consider B-business firms as the closest groups of firms that have considerable similarities to stakeholders' firms. The authors model the impact of being certified as stakeholders (B-business) firms in a worldwide environment.Design/methodology/approachEmploying daily returns data of B-corporations in a global setting during 2010–2021, the authors quantify and compare the firms' performance in the pre- and post-certified periods, measure the effect of their environmental social governance (ESG) scores on their performance and gauge the entire results on a standardized approach that yields easy interpretation.FindingsSubject to some caveats arising from limited coverage and the lack of data on proper control variables, the findings, based on the statistical significance of the estimated coefficients, do not indicate any changes in B-corporations' performance in their post-certification dates. Notwithstanding that, market factor appears to be the driving force consistently.Originality/valuePrior studies on B-corporations are overwhelmingly qualitative. The current study is the first study that evaluate performance of B-corporations' returns at firm level with daily data.

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“…,748 Arayssi & Jizi (2019) ,551 Lo (2017) ,625 Bofinger (2022) ,815 Camilleri (2018) ,806 Arayssi et al (2020) ,780 Bhattacharya & Sharma (2019) ,777 Hammami & Zadeh (2019) ,782 ElKhoury et al (2021) ,670 Xie et al (2019) ,602 Velte (2019) ,452 Coluccia et al (2020) ,427 Tampakoudis (20200 ,672 DiTommaso & Thornton (2020) ,657 Buallay (2020) ,532 Hamrouni et al (2019) ,469…”

Section: Cluster Azulmentioning

confidence: 99%

“…O segundo estudo mais influente deste cluster foi elaborado por Bofinger et al (2022), este estudo possui força de link de 462 e foi citado 8 vezes por outros estudos da amostra, cabe mencionar que o estudo foi publicado no ano de 2022, isto justifica a quantidade relativamente baixa de citações por outros estudos. Os autores estudaram o impacto da responsabilidade social corporativa (RSC) na desvalorização das empresas no contexto dos Estados Unidos (EUA).…”

Section: Ijcg Environmental Social E Governance (Esg)corporativaunclassified

Environmental, Social and Governance (ESG): Mapeamento e Análise de Clusters

Ribeiro

Lima

2022

RGC

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Objetivo: O objetivo deste estudo foi mapear e analisar as principais correntes teóricas de base e de fronteira acerca da pesquisa internacional em Environmental, Social e Governance (ESG). Adicionalmente, também foram analisados quais autores, periódicos e países são mais ativos na pesquisa internacional de ESG. Método: Foi efetuada uma análise bibliométrica focada em análises de cocitação e de acoplamento bibliográfico, com técnicas de análise fatorial exploratória e mapeamento gráfico através de clusterização. A amostra contemplou 405 artigos publicados até dezembro de 2021 e indexados no banco de dados Web of Science. Resultados: Através da análise de cocitação, foram identificados 5 correntes de pesquisas, sendo a) Influência das Teorias Organizacionais na ESG; b) Competitividade organizacional; c) Impacto da ESG no desempenho financeiro; d) Responsabilidade Social Corporativa; e e) Teoria dos Stakeholders. Através da análise de pareamento, foram identificadas 6 correntes teóricas de fronteira, sendo: a) investimentos sustentáveis; b) Transparência e conselho administrativo; c) Efeitos da ESG; d) Relações entre desempenho financeiro e desempenho social corporativo; e) Relação entre acionistas e ESG; e f) Riscos e ESG. Originalidade: Até onde se sabe, este é o estudo bibliométrico mais completo acerca da pesquisa em ESG, contemplando tanto as correntes teóricas de base quanto as de fronteira. Contribuições teóricas/metodológicas: Foram identificadas neste trabalho 5 correntes teóricas que ajudaram a fundar e desenvolver a pesquisa em ESG como campo científico (histórico) e apontadas 6 correntes teóricas emergentes que ajudam a entender para onde está avançando a pesquisa em ESG na atualidade (fronteira).

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Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures

Cited by 157 publications

References 89 publications

Environmental, social, and governance (ESG) and market efficiency of China’s commercial banks under market competition

Environmental, social, and governance (ESG) and market efficiency of China’s commercial banks under market competition

Corporate governance and stakeholder capitalism

Environmental, Social and Governance (ESG): Mapeamento e Análise de Clusters

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