ESG评级调整与公司财务绩效的关系

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-16 DOI:10.1016/j.frl.2025.107584

Li-Chuan Chou , Yun-Chia (Anderson) Yan , Chung-Kai Huang

{"title":"ESG评级调整与公司财务绩效的关系","authors":"Li-Chuan Chou , Yun-Chia (Anderson) Yan , Chung-Kai Huang","doi":"10.1016/j.frl.2025.107584","DOIUrl":null,"url":null,"abstract":"<div><div>Shanaev and Ghimire (2022) point out that the existing ESG literature mainly focuses on the ESG rating level of each company, while ignoring the effect of company ESG rating adjustments. To fill this gap in the literature, this study examines the impact of ESG rating adjustments (upgrades or downgrades) on a company’s financial performance using a sample of Taiwanese-listed and OTC firms from 2015 to 2021. The results from our quantile regression models show that an upward improvement in the ESG rating level has an adverse impact on firms’ current profitability, especially for firms with poor financial performance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107584"},"PeriodicalIF":7.4000,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The relationship between ESG rating adjustments and corporate financial performance\",\"authors\":\"Li-Chuan Chou , Yun-Chia (Anderson) Yan , Chung-Kai Huang\",\"doi\":\"10.1016/j.frl.2025.107584\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Shanaev and Ghimire (2022) point out that the existing ESG literature mainly focuses on the ESG rating level of each company, while ignoring the effect of company ESG rating adjustments. To fill this gap in the literature, this study examines the impact of ESG rating adjustments (upgrades or downgrades) on a company’s financial performance using a sample of Taiwanese-listed and OTC firms from 2015 to 2021. The results from our quantile regression models show that an upward improvement in the ESG rating level has an adverse impact on firms’ current profitability, especially for firms with poor financial performance.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"82 \",\"pages\":\"Article 107584\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2025-05-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325008438\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325008438","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

Shanaev和Ghimire（2022）指出，现有的ESG文献主要关注每家公司的ESG评级水平，而忽略了公司ESG评级调整的效果。为了填补这一文献空白，本研究以2015年至2021年台湾上市公司和OTC公司为样本，探讨ESG评级调整（调高或调降）对公司财务绩效的影响。我们的分位数回归模型的结果表明，ESG评级水平的提升对企业当前的盈利能力有不利影响，尤其是对财务业绩不佳的企业。

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

The relationship between ESG rating adjustments and corporate financial performance

Shanaev and Ghimire (2022) point out that the existing ESG literature mainly focuses on the ESG rating level of each company, while ignoring the effect of company ESG rating adjustments. To fill this gap in the literature, this study examines the impact of ESG rating adjustments (upgrades or downgrades) on a company’s financial performance using a sample of Taiwanese-listed and OTC firms from 2015 to 2021. The results from our quantile regression models show that an upward improvement in the ESG rating level has an adverse impact on firms’ current profitability, especially for firms with poor financial 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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance