ESG and firm performance: The effects of foreigners on board and export orientation

IF 4.8 Q1 BUSINESS
Chen-Hui Wu, Thi-Kim-Tuyen Nguyen
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引用次数: 0

Abstract

This study investigates whether environmental, social, and governance (ESG) disclosures enhance industry-adjusted firm performance and whether the presence of foreigners on board and export orientation affect this relationship. The Taiwan dataset from 2013 to 2020 indicates that ESG practices positively affect accounting- and market-based performance (i.e., adjusted Tobin's Q and adjusted MTB ratio). However, ESG has no significant relationship with purely market-based performance (i.e., adjusted Jensen Alpha and adjusted FF3). The results illustrate a significant joint effect of ESG with foreigners on board and export experience on accounting and market-based performance. The findings provide deeper insight into the complex relationship between sustainability practices, ownership structures, and international businesses. Our findings remain consistent when using alternative estimation methods to account for endogeneity and selection bias.

ESG与公司业绩:董事会中的外国人和出口导向的影响
本研究探讨了环境、社会和治理(ESG)信息披露是否会提高行业调整后的企业绩效,以及董事会中是否有外籍人士和出口导向是否会影响这种关系。2013 年至 2020 年的台湾数据集显示,ESG 实践对基于会计和市场的绩效(即调整后托宾 Q 和调整后 MTB 比率)有积极影响。然而,ESG与纯粹的市场绩效(即调整后的詹森阿尔法和调整后的FF3)并无显著关系。结果表明,ESG、董事会中的外籍人士和出口经验共同对会计和市场绩效产生了重大影响。这些发现让我们更深入地了解了可持续发展实践、所有权结构和国际企业之间的复杂关系。当使用其他估计方法来考虑内生性和选择偏差时,我们的研究结果仍然保持一致。
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
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
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