公司估值中的环境、社会和公司治理绩效与国家所有权：新加坡公司的视角

Q1 Social Sciences

Journal of Environmental Assessment Policy and Management Pub Date : 2024-03-15 DOI:10.1142/s1464333224500054

Gayle Tan, Youngho Chang

{"title":"公司估值中的环境、社会和公司治理绩效与国家所有权：新加坡公司的视角","authors":"Gayle Tan, Youngho Chang","doi":"10.1142/s1464333224500054","DOIUrl":null,"url":null,"abstract":"This study examines how Environmental, Social, and Governance (ESG) performance and state ownership affect firm valuation in Singapore and determines if the effects of ESG on firm valuation are more pronounced in state-owned companies. The data comprises 51 companies listed on the Singapore Stock Exchange with complete ESG and financial information during the five-year period from 2018 to 2022. This study finds that only social practices positively and statistically significantly affect stock prices. Overall ESG values, and the other two dimensions of ESG appear not to be statistically significant. State ownership appears to positively and significantly affect the stock price. The finding suggests that the Singapore government’s substantial influence over corporate practices could accentuate the difference in market perception of ESG efforts between SOEs and companies. The study provides useful and practical implications to policymakers, managers and investors, which affect firm financial and operational performance.","PeriodicalId":35909,"journal":{"name":"Journal of Environmental Assessment Policy and Management","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"ESG Performance and State Ownership in Firm Valuation: Perspectives from Singapore Companies\",\"authors\":\"Gayle Tan, Youngho Chang\",\"doi\":\"10.1142/s1464333224500054\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines how Environmental, Social, and Governance (ESG) performance and state ownership affect firm valuation in Singapore and determines if the effects of ESG on firm valuation are more pronounced in state-owned companies. The data comprises 51 companies listed on the Singapore Stock Exchange with complete ESG and financial information during the five-year period from 2018 to 2022. This study finds that only social practices positively and statistically significantly affect stock prices. Overall ESG values, and the other two dimensions of ESG appear not to be statistically significant. State ownership appears to positively and significantly affect the stock price. The finding suggests that the Singapore government’s substantial influence over corporate practices could accentuate the difference in market perception of ESG efforts between SOEs and companies. The study provides useful and practical implications to policymakers, managers and investors, which affect firm financial and operational performance.\",\"PeriodicalId\":35909,\"journal\":{\"name\":\"Journal of Environmental Assessment Policy and Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-03-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Environmental Assessment Policy and Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1142/s1464333224500054\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"Social Sciences\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Environmental Assessment Policy and Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/s1464333224500054","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Social Sciences","Score":null,"Total":0}

引用次数: 0

摘要

本研究探讨了环境、社会和治理（ESG）绩效和国有所有权如何影响新加坡的公司估值，并确定环境、社会和治理对公司估值的影响是否在国有公司中更为明显。数据包括 51 家在新加坡证券交易所上市的公司，这些公司在 2018 年至 2022 年的五年间拥有完整的 ESG 和财务信息。本研究发现，只有社会实践会对股票价格产生积极的、统计上显著的影响。整体 ESG 价值和 ESG 的其他两个维度似乎在统计上并不显著。国家所有权似乎会对股价产生积极而重大的影响。研究结果表明，新加坡政府对企业实践的巨大影响可能会加剧市场对国有企业和公司在环境、社会和公司治理方面努力的认知差异。本研究为政策制定者、管理者和投资者提供了有益的实际启示，这些启示会影响公司的财务和经营业绩。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

ESG Performance and State Ownership in Firm Valuation: Perspectives from Singapore Companies

This study examines how Environmental, Social, and Governance (ESG) performance and state ownership affect firm valuation in Singapore and determines if the effects of ESG on firm valuation are more pronounced in state-owned companies. The data comprises 51 companies listed on the Singapore Stock Exchange with complete ESG and financial information during the five-year period from 2018 to 2022. This study finds that only social practices positively and statistically significantly affect stock prices. Overall ESG values, and the other two dimensions of ESG appear not to be statistically significant. State ownership appears to positively and significantly affect the stock price. The finding suggests that the Singapore government’s substantial influence over corporate practices could accentuate the difference in market perception of ESG efforts between SOEs and companies. The study provides useful and practical implications to policymakers, managers and investors, which affect firm financial and operational performance.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Environmental Assessment Policy and Management Social Sciences-Geography, Planning and Development

CiteScore

7.00

自引率

0.00%

发文量

期刊介绍： The Journal of Environmental Assessment Policy and Management is an interdisciplinary, peer reviewed, international journal covering policy and decision-making relating to environmental assessment (EA) in the broadest sense. Uniquely, its specific aim is to explore the horizontal interactions between assessment and aspects of environmental management (not just the vertical interactions within the broad field of impact assessment) and thereby to identify comprehensive approaches to environmental improvement involving both qualitative and quantitative information. As the concepts associated with sustainable development mature, links between environmental assessment and management systems become all the more essential.