企业社会责任 (ESG) 和企业社会责任 (CSR) 态度对欧洲财务业绩的影响:量化重新审查
1Department of Economics and Management (DEM), University of Trento, Via Vigilio Inama 5, 38122, Trento (TN), Italy.
Journal of environmental management
|March 8, 2024
概括
这项研究发现,环境,社会和治理 (ESG) 因素与欧洲公司的财务表现之间存在不一致的联系. 企业社会责任 (CSR) 委员会和外部审计师在特定的财务指标上显示出混合的缓和效应.
科学领域:
- 商业和经济学 商业和经济学
- 企业社会责任 企业社会责任
- 财务绩效分析 财务绩效分析
背景情况:
- 环境,社会和治理 (ESG) 标准与企业财务绩效 (CFP) 之间的关系是持续辩论的主题.
- 了解企业社会责任 (CSR) 态度的调节作用对于全面分析至关重要.
研究的目的:
- 在欧洲背景下重新审视ESG与财务绩效的联系.
- 调查企业社会责任态度是否会缓和ESG与财务业绩关系.
主要方法:
- 使用了2012-2022年STOXX欧洲600家公司的面板数据集.
- 采用了6个财务绩效指标和3个回归框架.
- 数据来源于Refinitiv Eikon,包括6600个固年观测.
主要成果:
- 在各种ESG预测指标和财务绩效指标中确定了不一致的模式.
- 一个企业社会责任委员会对ESG评分对资产回报 (ROA) 的影响进行了负面调节.
- 一位CSR报告的外部审计师对ESG评分对股价的影响进行了负面调节.
结论:
- ESG与财务绩效的关系是复杂的,并且取决于背景.
- 特定的企业社会责任治理结构 (委员会,审计师) 显示出微妙的缓和效应.
- 建议在不同的环境中进行进一步的研究,以加深理解.
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