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ESG performance and firm value: The moderating role of disclosure

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  • Fatemi, Ali
  • Glaum, Martin
  • Kaiser, Stefanie

Abstract

This study investigates the effect of environmental, social, and governance (ESG) activities and their disclosure on firm value. We find that ESG strengths increase firm value and that weaknesses decrease it. ESG disclosure, per se, decreases valuation. But more importantly, we find that disclosure plays a crucial moderating role by mitigating the negative effect of weaknesses and attenuating the positive effect of strengths.

Suggested Citation

  • Fatemi, Ali & Glaum, Martin & Kaiser, Stefanie, 2018. "ESG performance and firm value: The moderating role of disclosure," Global Finance Journal, Elsevier, vol. 38(C), pages 45-64.
    • Handle: RePEc:eee:glofin:v:38:y:2018:i:c:p:45-64
    DOI: 10.1016/j.gfj.2017.03.001
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    More about this item

    Keywords

    ESG; CSR; Disclosure; Firm value;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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