Do environmental, social, and governance activities improve corporate financial performance?
Do environmental, social, and governance activities improve corporate financial performance?
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环境、社会及治理活动能否提升企业财务业绩？
DOI：
10.1002/bse.2224
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发表时间：
2018-08
影响因子：
13.4
通讯作者：
Jun Xie;Wataru Nozawa;Michiyuki Yagi;Hidemichi Fujii;Shunsuke Managi
中科院分区：
文献类型：
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作者：
Jun Xie;Wataru Nozawa;Michiyuki Yagi;Hidemichi Fujii;Shunsuke Managi
本研究调查了企业效率与企业可持续发展之间的关系，以确定关注环境、社会和治理（ESG）问题的企业是否也能保持高效和盈利。我们应用数据包络分析来估计企业效率，并研究了企业效率与 ESG 披露之间的非线性关系。有证据表明，ESG信息的企业透明度在适度披露水平上与企业效率呈正相关，而不是在高或低披露水平上。治理信息披露与企业效率的正相关性最强，其次是社会和环境信息披露。此外，我们还探讨了特定 ESG 活动与企业财务绩效 (CFP) 之间的关系，包括企业效率、资产回报率和市场价值。我们发现大多数 ESG 活动与 CFP 呈非负相关关系。这些发现可能为增强企业可持续性的自愿企业社会责任（CSR）战略选择提供证据。
This study investigated the relationship between corporate efficiency and corporate sustainability to determine whether firms concerned about environmental, social and governance (ESG) issues can also be efficient and profitable. We applied data envelopment analysis to estimate corporate efficiency and investigated the nonlinear relationship between corporate efficiency and ESG disclosure. Evidence shows that corporate transparency regarding ESG information has a positive association with corporate efficiency at the moderate disclosure level, rather than at the high or low disclosure level. Governance information disclosure has the strongest positive linkage with corporate efficiency, followed by social and environmental information disclosure. Moreover, we explored the relationship between particular ESG activities and corporate financial performance (CFP), including corporate efficiency, return on assets and market value. We found that most of the ESG activities reveal a non-negative relationship with CFP. These findings may provide evidence about voluntary corporate social responsibility (CSR) strategy choices for enhancing corporate sustainability.