新兴市场环境、社会和治理绩效与企业投资效率:董事会文化多样性的互动效应

IF 5.5 Q1 BUSINESS
Ahmad Al-Hiyari, A. Ismail, M. Kolsi, Oyewumi Hassan Kehinde
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引用次数: 5

摘要

本文旨在探讨新兴经济体的环境、社会和治理(ESG)绩效是否与企业投资效率(IE)呈正相关。本文还考察了董事会文化多样性是否可以调节ESG-IE关系。设计/方法/方法本文使用了2011-2019年期间位于七个新兴国家的上市公司的跨国样本。作者使用固定效应面板回归对假设进行实证检验。作者还使用滞后模型和Heckman(1979)的两阶段程序来减轻潜在的内生性问题。此外,两阶段最小二乘回归分析作为一个额外的稳健性检查。研究发现:ESG绩效越好的企业,其投资效率越高。有趣的是,本研究发现,对于在容易过度投资的环境中运营的公司,董事会文化多样性会负向调节ESG绩效对企业绩效的影响。这一结果表明,当公司董事会中有更多的外国董事时,ESG绩效在缓解管理者过度投资倾向方面的作用不那么重要。然而,作者并没有在倾向于投资不足的公司中找到这样的证据。在使用IE的替代测量和控制内生性问题后,这些发现成立。原创性/价值本文从三个维度对现有的知识体系进行了补充。首先,据作者所知,这是第一个在新兴国家背景下调查ESG绩效与企业IE之间联系的跨国研究。其次,作者通过检验董事会文化多样性对ESG绩效与企业绩效正相关关系的调节作用,丰富了先前的文献。最后,本研究对新兴国家的政策制定者和资本提供者致力于促进稀缺资源的有效配置具有重要意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Environmental, social and governance performance (ESG) and firm investment efficiency in emerging markets: the interaction effect of board cultural diversity
Purpose This paper aims to explore whether environmental, social and governance (ESG) performance is positively associated with firm investment efficiency (IE) in emerging economies. It also examines whether board cultural diversity can moderate the ESG–IE relationship. Design/methodology/approach This paper uses a cross-country sample of listed firms located in seven emerging countries over the 2011–2019 period. The authors use a fixed effect panel regression to empirically test the hypotheses. The authors also use a lagged model and a Heckman’s (1979) two-stage procedure to mitigate potential endogeneity issues. In addition, a two-stage least squares regression analysis was done as an additional robustness check. Findings This study finds that firms with stronger ESG performance have a higher investment efficiency. Interestingly, this study finds that board cultural diversity negatively moderates the impact of ESG performance on IE for firms operating in settings prone to overinvestment. This result suggests that ESG performance plays a less important role in mitigating managers' tendencies to overinvest when corporate boards have more foreign directors. However, the authors do not find such evidence in firms prone to underinvestment. These findings hold after using an alternative measure of IE and controlling for endogeneity concerns. Originality/value This paper adds to the existing body of knowledge in three dimensions. First, to the best of the authors’ knowledge, this is the first cross-country study that investigates the linkage between ESG performance and corporate IE in the context of emerging countries. Second, the authors have enriched the prior literature by examining the moderating effect of board cultural diversity on the positive association between ESG performance and corporate IE. Finally, this study has important implications for policymakers and capital suppliers in emerging countries, which strive to facilitate the efficient allocation of scarce resources.
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来源期刊
CiteScore
11.20
自引率
33.90%
发文量
68
期刊介绍: Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.
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