Does materiality matter in ESG investing?

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103105

Salma Ben Amor , Maher Kooli

引用次数: 0

Abstract

This study contributes to the environmental, social, and governance (ESG) literature by addressing the role of materiality in financial performance, an area that has received relatively little empirical attention in the Canadian context. Using panel data from all Canadian S&P/TSX Composite Index firms from 2010 to 2022, our findings suggest that not all ESG issues are of equal significance, and materiality is a critical determinant. Specifically, we demonstrate a positive and significant association between a firm’s ESG materiality score and financial performance, whereas immaterial ESG issues exhibit either no significant impact or a negative relationship with firm performance. Furthermore, using a quantile regression framework, we highlight the pivotal role of disclosing material ESG issues in explaining variations in profitability and firm value across different performance levels.

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ESG投资的重要性重要吗？

本研究通过解决财务绩效中的重要性作用，为环境、社会和治理（ESG）文献做出了贡献，这一领域在加拿大的背景下受到的实证关注相对较少。利用2010年至2022年所有加拿大s&p；P/TSX综合指数公司的面板数据，我们的研究结果表明，并非所有ESG问题都具有同等重要性，重要性是一个关键决定因素。具体而言，我们证明了公司ESG重要性得分与财务绩效之间存在显著的正相关关系，而非实质性ESG问题与公司绩效之间要么没有显著影响，要么呈负相关。此外，使用分位数回归框架，我们强调了披露重大ESG问题在解释不同绩效水平的盈利能力和公司价值变化方面的关键作用。

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

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance