Environmental, social and governance transparency and firm value
We investigate whether environmental, social and governance (ESG) transparency, the extent of ESG disclosure, has an impact on firm value. Reducing investors’ information symmetry and agency costs is the mechanism by which better ESG transparency potentially impacts firm value. Using Bloomberg ESG d...
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| Published in | Business strategy and the environment Vol. 27; no. 7; pp. 987 - 1004 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Chichester
Wiley Periodicals Inc
01.11.2018
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| Subjects | |
| Online Access | Get full text |
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| Abstract | We investigate whether environmental, social and governance (ESG) transparency, the extent of ESG disclosure, has an impact on firm value. Reducing investors’ information symmetry and agency costs is the mechanism by which better ESG transparency potentially impacts firm value. Using Bloomberg ESG disclosure scores to assess a firm's ESG transparency, we look at a sample of 1996 large cap companies across 47 developed and emerging countries and territories. Our empirical analyses suggest that the benefits from ESG disclosure outweigh their costs for the average listed firm. We find supporting evidence for greater disclosure of ESG issues boosting firm valuation measures, such as Tobin's Q. Furthermore, our results suggest that firms with greater asset size, better liquidity, higher R&D intensity, fewer insider holdings and good past financial performance will be more transparent in ESG issues. |
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| AbstractList | We investigate whether environmental, social and governance (ESG) transparency, the extent of ESG disclosure, has an impact on firm value. Reducing investors’ information symmetry and agency costs is the mechanism by which better ESG transparency potentially impacts firm value. Using Bloomberg ESG disclosure scores to assess a firm's ESG transparency, we look at a sample of 1996 large cap companies across 47 developed and emerging countries and territories. Our empirical analyses suggest that the benefits from ESG disclosure outweigh their costs for the average listed firm. We find supporting evidence for greater disclosure of ESG issues boosting firm valuation measures, such as Tobin's Q. Furthermore, our results suggest that firms with greater asset size, better liquidity, higher R&D intensity, fewer insider holdings and good past financial performance will be more transparent in ESG issues. |
| Author | Guo, Christine Qian Yu, Ellen Pei‐yi Luu, Bac Van |
| Author_xml | – sequence: 1 givenname: Ellen Pei‐yi orcidid: 0000-0002-9427-1201 surname: Yu fullname: Yu, Ellen Pei‐yi email: ellen.yu@bbk.ac.uk, peiyi_yu@ymail.com organization: University of London – sequence: 2 givenname: Christine Qian surname: Guo fullname: Guo, Christine Qian organization: University of London – sequence: 3 givenname: Bac Van surname: Luu fullname: Luu, Bac Van organization: Russell Investments |
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| Title | Environmental, social and governance transparency and firm value |
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