Environmental, social, and governance performance as an influencing factor of financial sustainability: Evidence from the global high-tech sector

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2024-04-29 DOI:10.1002/csr.2831

Marina Nazir, Minhas Akbar, Xiaohong Yu, Ammar Hussain, Libuše Svobodová

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引用次数: 0

Abstract

The corporate sector strives to improve its environmental, social, and governance (ESG) performance to transition from short-term to sustainable long-term profit maximisation. This study thus explores the impact of ESG performance on the financial sustainability (FS) of a sample of the top 100 global high-tech firms. Specifically, we employ the two-step generalised method of moments to control for endogeneity bias and a panel data fixed effects model to control for unobserved heterogeneity. Empirical findings reveal that overall ESG performance has a statistically negative association with the FS of global high-tech firms. Individual pillar-wise analysis reveals that the environmental and social (governance) pillar has a negative (positive) association with the FS of the sampled firms. This result proves that each ESG pillar exerts varying effects on corporate performance indicators. Overall, the results provide empirical evidence that could help policymakers devise policies for investing optimally in ESG indicators to spur corporate FS.

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环境、社会和治理绩效是财务可持续性的影响因素：来自全球高科技行业的证据

企业部门努力提高其环境、社会和治理（ESG）绩效，以便从短期利润最大化过渡到可持续的长期利润最大化。因此，本研究以全球 100 强高科技企业为样本，探讨了环境、社会和治理绩效对财务可持续性（FS）的影响。具体来说，我们采用两步广义矩法控制内生性偏差，并采用面板数据固定效应模型控制未观察到的异质性。实证研究结果表明，整体环境、社会和治理绩效与全球高科技公司的金融服务指数在统计上呈负相关。对单个支柱的分析表明，环境和社会（治理）支柱与样本公司的财务状况有负（正）关联。这一结果证明，每个环境、社会和治理支柱对企业绩效指标的影响各不相同。总之，研究结果提供了经验证据，有助于政策制定者制定政策，对环境、社会和治理指标进行优化投资，以刺激企业的财务状况。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.