ESG performance and firm value: The moderating role of ownership concentration

Srivastava, Anjali.; Anand.

Please use this identifier to cite or link to this item: http://idr.iimranchi.ac.in:8080/xmlui/handle/123456789/1769

Title:	ESG performance and firm value: The moderating role of ownership concentration
Authors:	Srivastava, Anjali. Anand.
Keywords:	Refinitiv ESG Score Stakeholder Theory Expropriation Hypothesis Ownership Concentration Herfindahl-Hirschman Index Tobin’s Q IIM Ranchi
Issue Date:	29-May-2023
Publisher:	Corporate Ownership & Control
Citation:	Anjali Srivastava, and Anand (2023). ESG performance and firm value: The moderating role of ownership concentration. Corporate Ownership & Control, 20(3), 169–179. https://doi.org/10.22495/cocv20i3art11
Abstract:	The shift towards sustainability has resulted in more disclosures regarding environmental, social, and governance (ESG) issues. This study explores how ESG scores impact firm value in the presence of concentrated ownership. The sample consists of 15,640 firm year observations across 46 countries from 2011–2020. The results of this study show that the ESG score has a positive association with the firm value, supporting the stakeholder theory. Further results indicate that ownership concentration (OC) has a negative moderation effect on the association between ESG and firm value, supporting the entrenchment effect. The results are consistent with the alternative measures of OC The results hold for the two-stage least squares (2SLS) model used to address any endogeneity issue between ESG score and firm value.
URI:	https://doi.org/10.22495/cocv20i3art11 http://idr.iimranchi.ac.in:8080/xmlui/handle/123456789/1769
ISSN:	1810-3057
Appears in Collections:	Journal Articles

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