2022
DOI: 10.1016/j.frl.2021.102108
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Disclosure or action: Evaluating ESG behavior towards financial performance

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Cited by 80 publications
(61 citation statements)
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“…However, previous literature suggests that the relationship between environmental performance and financial performance may be exposed to reverse causality issue (Bruna & Lahouel, 2021; Nekhili et al, 2021; Yoo & Managi, 2021). Regression specification (1) may not address the reverse causality from bank's credit risk performance onto the green loan rate.…”
Section: Methodsmentioning
confidence: 99%
“…However, previous literature suggests that the relationship between environmental performance and financial performance may be exposed to reverse causality issue (Bruna & Lahouel, 2021; Nekhili et al, 2021; Yoo & Managi, 2021). Regression specification (1) may not address the reverse causality from bank's credit risk performance onto the green loan rate.…”
Section: Methodsmentioning
confidence: 99%
“…However, since interest in ESG has advanced rapidly [11], the absolute index for ESG has not yet been established [12], and evaluation criteria differ within the agencies [13,14]. The absence of absolute criteria brings chaos to companies and investors [12], thus the role of ESG experts is being emphasized [15].…”
Section: Introduction 1backgroundmentioning
confidence: 99%
“…Transparency and the publication of ESG performance reports influence a company's short-term profitability, and investments in increasing the ESG performance have been proven to favorably influence the long-term financial performance of a company-in some cases even leading to an increase in the return on capital employed indicator (ROCE) [32]. These types of effects can guide an investor's behavior in building their equity portfolio depending on his/her short (speculative), medium, or long-term strategic orientation [33]. The conclusions of these studies cannot be generalized, as shown by the following example: a study conducted on 1640 international companies from six different activity sectors showed that ESG disclosure adversely affected the company value measured with Tobin's Q; ESG components were reported to increase company value at high scores or ratings and to decrease company value at low scores or ratings [34].…”
mentioning
confidence: 99%