跨国企业的环境、社会和治理信息披露与财务业绩:董事会常设委员会的调节作用

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Ibrahim Khalifa Elmghaamez, Jacinta Nwachukwu, Collins G. Ntim
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引用次数: 0

摘要

本研究探讨了董事会委员会指数对跨国企业(MNE)环境、社会和治理(ESG)信息披露与基于会计和市场的绩效衡量之间关系的影响。利用量子回归分析和 2009 年至 2019 年在 40 个国家运营的 500 家跨国公司的大型平衡面板数据(即 5500 个公司年观测值),我们发现了董事会委员会指数对环境、社会和治理(ESG)信息披露与基于会计和市场的跨国企业绩效指标之间关系的影响、5500 个公司年观测值),我们发现了以下显著关联:(i) 大型跨国企业的环境、社会和治理信息披露与会计绩效指标之间存在正相关关系,但这种关系被审计委员会和可持续发展委员会指数的负面影响所抵消;(ii) 基于市场的绩效结果与环境、社会和治理信息披露之间的关联受薪酬委员会、提名委员会和可持续发展委员会指数的正向影响,而受审计委员会指数的负面影响;(iii)对于不同规模的跨国企业,董事会委员会综合指数对环境、社会和公司治理信息披露内容与会计和市场相关业绩指标之间的联系有不同的影响;(iv)虽然审计和可持续发展委员会指数对环境、社会和公司治理信息披露内容与业绩指标之间的关系有负面影响,但这些影响被薪酬和提名委员会指数的积极调节作用所抵消。研究最后讨论了这些结果的政策含义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
ESG disclosure and financial performance of multinational enterprises: The moderating effect of board standing committees

The study examines the impact of board committee indexes on the relationship between Environmental, Social, and Governance (ESG) disclosure, and accounting- and market-based performance measures of multinational enterprises (MNEs). Using quantile regression analysis and a large balanced panel data of 500 multinational companies operating in 40 countries from 2009 to 2019 (i.e., 5500 firm-year observations), we uncovered the following significant associations: (i) a positive relationship between ESG disclosure and accounting performance indicators for large-sized MNEs, but this relationship is counteracted by the negative influence of the audit and sustainability committee indexes; (ii) the association between market-based performance outcomes and ESG disclosure is positively affected by the compensation, nomination, and sustainability committee indexes, while it is negatively influenced by the audit committee index; (iii) the combined board committee index has varying impacts on the connection between the components of ESG disclosure, and accounting and market-relevant performance metrics for different sizes of MNEs; and (iv) while the audit and sustainability committee indexes exert negative effects on the relationship between the components of ESG disclosure and performance measures, these effects are countered by the positive moderating impacts of the compensation and nomination committee indexes. The study concludes by discussing the policy implications of these results.

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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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