Sustainability, market performance and FinTech firms

IF 3.5 Q1 BUSINESS, FINANCE

Meditari Accountancy Research Pub Date : 2023-03-28 DOI:10.1108/medar-08-2021-1405

Osama F. Atayah, K. Najaf, Md Hakim Ali, Hazem Marashdeh

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引用次数: 0

Abstract

Purpose The purpose of this paper is to provide empirical evidence on the suitability of a Bloomberg Environmental (E), Social (S) and Governance (G) (ESG) disclosure index designed for companies from the USA and to investigate the sustainability quality and stock performance of FinTech companies. Design/methodology/approach Data from all FinTech and non-FinTech firms in the USA was acquired from Bloomberg to undertake the study and evaluate the suggested hypotheses efficiently. The final sample consists of 1,672 company-year observations from 2010 to 2019. The methodology used ordinary least squares regressions of performance metrics on the Bloomberg ESG disclosure index and its components. Findings The findings indicated that the Bloomberg ESG disclosure index is a valid proxy for sustainability and has a direct relationship with stock performance. Furthermore, this study suggests that non-FinTech firms outperform FinTech firms in sustainability and stock performance. The findings support stakeholder theory, which suggests that increased disclosure of ESG information will mitigate the agency problem and protect shareholders’ interests. Research limitations/implications This study’s findings were significant because the findings emphasised ESG disclosure in FinTech and non-FinTech firms, providing information to academics, legislators, regulators, financial report users, investors, environmental unions, workers, customers and society. Originality/value This research is unique as it evaluates ESG practices in both FinTech and non-FinTech firms.

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可持续性、市场绩效和金融科技公司

本文的目的是为美国公司设计的彭博环境(E)，社会(S)和治理(G) (ESG)披露指数的适用性提供经验证据，并调查金融科技公司的可持续性质量和股票表现。设计/方法/方法从彭博社获得美国所有金融科技和非金融科技公司的数据，以进行研究并有效评估建议的假设。最后的样本包括1672个公司从2010年到2019年的观察结果。该方法对彭博ESG披露指数及其组成部分的绩效指标使用了普通最小二乘回归。研究结果表明，彭博ESG披露指数是可持续性的有效代理，与股票表现有直接关系。此外，本研究表明，非金融科技公司在可持续性和股票表现方面优于金融科技公司。研究结果支持利益相关者理论，认为增加ESG信息披露可以缓解代理问题，保护股东利益。本研究的发现意义重大，因为研究结果强调了金融科技公司和非金融科技公司的ESG披露，为学者、立法者、监管者、财务报告使用者、投资者、环保工会、工人、客户和社会提供了信息。独创性/价值这项研究的独特之处在于，它评估了金融科技公司和非金融科技公司的ESG实践。

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

Meditari Accountancy Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

14.30%

发文量

期刊介绍： Meditari Accountancy Research (MEDAR). MEDAR takes its name from the Latin for constantly pondering, suggesting a journey towards a better understanding of accountancy related matters through research. Innovative and interdisciplinary approaches are encouraged. The journal is a double blind refereed publication that welcomes manuscripts using diverse research methods that address a wide range of accountancy related topics, where the terms accountancy and accounting are interpreted broadly. Manuscripts should be theoretically underpinned. Topics may include, but are not limited to: Auditing, Financial reporting, Impact of accounting on organizations, Impact of accounting on capital markets, Impact of accounting on individuals, Management accounting, Public sector accounting, Regulation of the profession, Risk management, Social and environmental disclosure, Impact of taxation on society, Accounting education, Accounting ethics.