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Corporate Finance and Environmental, Social, and Governance (ESG) Practices

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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (31 December 2023) | Viewed by 53859

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Prof. Dr. Ştefan Cristian Gherghina

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Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010552 Bucharest, Romania
Interests: corporate finance; corporate governance; quantitative finance; sustainable development
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Environmental, social, and governance (ESG) practices are a framework of guiding principles for assessing how a corporation influences society, the ecosystem, and its transparency and accountability. Its foundations may be traced in the “triple bottom line” or “people, planet, and profits” (PPP) concept. This contended that enterprises should prioritize on all three “P’s” rather than just “profits”, since they are all crucial to the sustainability of any business. Companies may examine environmental efficiency, such as water consumption, power use, and carbon emissions, in order to minimize their climate effect. Additionally, eco-friendly practices and technologies may be implemented. The social perspective addresses issues including occupational health, social justice, equality, and inclusion. The governance dimension of ESG is essential in evaluating a company’s management and assuring that it serves its stakeholders. The prominence of ESG factors has expanded as companies and investors strive to maximize profits while also preserving the environment and community. Shareholders, policymakers, customers, and employees are all making it ever more imperative for businesses to not just be effective stewards of financial resources, but also of natural and social assets, and to have the robust governance system in place.

Interest-spanning topics include, but are not limited to:

Evaluating the association between ESG practices and corporate financial performance;
Investigating the impact of ESG disclosure on earnings management;
Assessing the connection between ESG and dividend payout policy;
Inspecting the influence of ESG on firm default risk;
Analysing the relation between ESG ratings and stock price crash risk;
Examining the link between ESG and executive remuneration;
Exploring the relationship between ESG news and stock market reaction.

Prof. Dr. Ştefan Cristian Gherghina
Guest Editor

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Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

environmental, social, and governance (ESG)
corporate social responsibility
sustainable investments
firm performance
earnings management
dividend payout
risk-taking
stock returns
corporate transparency
non-financial disclosure
market and firm-level sentiment

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Published Papers (13 papers)

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Editorial

Jump to: Research, Review

6 pages, 201 KiB

Open AccessEditorial

Corporate Finance and Environmental, Social, and Governance (ESG) Practices

by Ștefan Cristian Gherghina

J. Risk Financial Manag. 2024, 17(7), 308; https://doi.org/10.3390/jrfm17070308 - 18 Jul 2024

Viewed by 7977

Abstract

As global warming progresses, implementing green finance to redirect resources into sustainable initiatives has emerged as a crucial strategy for governments to develop financial systems that are carbon-free, green, and sustainable (Jin et al [...] Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

Research

Jump to: Editorial, Review

16 pages, 449 KiB

Open AccessArticle

Insights into Sustainability Reporting: Trends, Aspects, and Theoretical Perspectives from a Qualitative Lens

by Banu Dincer and Caner Dincer

J. Risk Financial Manag. 2024, 17(2), 68; https://doi.org/10.3390/jrfm17020068 - 10 Feb 2024

Cited by 1 | Viewed by 3522

Abstract

This review aims to provide a comprehensive synthesis of the coverage of sustainability reporting (SR) aspects within the corpus of qualitative SR literature. It seeks to elucidate the theoretical and conceptual foundations that have guided the trajectory of the sustainability field and illuminate the qualitative methodologies used in this body of literature. Employing a systematic review methodology, this study undertakes an exhaustive examination of 242 selected empirical studies on sustainability reporting conducted during the period spanning from 2001 to 2022. The noteworthy contribution of this review to the realm of sustainability research lies in its identification of unexplored and underexplored domains that merit attention in forthcoming investigations. These include but are not limited to employee health and safety practices, product responsibility, and gender dynamics. While stakeholder theory and institutional theory have been dominant theories within the selected literature, the exploration of moral legitimacy remains largely underinvestigated. It is essential to underscore that this review exclusively encompasses qualitative studies, owing to the richness and versatility inherent in qualitative research methods. This deliberate selection enables researchers to employ diverse methodological and theoretical frameworks to gain a profound understanding of engagement within the practice of sustainability reporting. This review introduces an interesting approach by considering the thematic scope, as well as theoretical and methodological choices, observed across the selected studies. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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17 pages, 432 KiB

Open AccessArticle

The Impact of Environmental Accounting Information Disclosure on Financial Risk: The Case of Listed Companies in the Vietnam Stock Market

by Nguyen La Soa, Do Duc Duy, Tran Thi Thanh Hang and Nguyen Dieu Ha

J. Risk Financial Manag. 2024, 17(2), 62; https://doi.org/10.3390/jrfm17020062 - 6 Feb 2024

Cited by 2 | Viewed by 4205

Abstract

This research study aims to assess the impact of environmental accounting information disclosure on financial risk within the context of Vietnam’s stock market. The data collection process involved 60 non-financial companies, carefully selected from both the pool of 100 Sustainable Companies listed in the “Programme on Benchmarking and Announcing Sustainable Companies in Vietnam (CSI)”, as organized by VBCSD, and companies outside this list. The data span a timeframe from 2018 to 2022. Afterward, we utilize regression models to assess relationships and employ the t-test to evaluate differences. The results indicate that environmental accounting information disclosure has an inverse effect on the financial risk of the current year and the following year. This implies that companies that are more transparent and proactive in reporting their environmental performance are likely to experience decreased financial risk. Furthermore, the results also show differences in financial risk between the group of companies within the “100 Sustainable Companies” list and the group of companies outside this list. This disparity underscores the potential financial benefits of being recognized as a sustainable company. Based on the findings, the research team has provided several recommendations to enhance environmental accounting information disclosure and awareness. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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21 pages, 624 KiB

Open AccessArticle

Does the Cultural Dimension Influence the Relationship between Firm Value and Board Gender Diversity in Saudi Arabia, Mediated by ESG Scoring?

by Laila Mohamed Alshawadfy Aladwey and Raghad Abdulkarim Alsudays

J. Risk Financial Manag. 2023, 16(12), 512; https://doi.org/10.3390/jrfm16120512 - 11 Dec 2023

Cited by 2 | Viewed by 2691

Abstract

The scarcity of female directors on Saudi boards is linked to cultural and social barriers deeply rooted in traditional masculine norms. Our study investigates the mediating role of ESG scores in the relationship between board gender diversity and firm value within the Saudi context. The Structural Equation Model (SEM) was utilized based on a sample of 54 Saudi-listed financial companies on (Tadawul) during 2021–2022. The study unveiled a negative correlation between female director presence and Saudi firm value. This association is attributed to the prevailing male-dominated Saudi societal norms, where boards with more female members may hesitate to prioritize performance-driven actions due to concerns about their perceived legitimacy within traditional gender roles. Conversely, a positive correlation was observed between female director presence and ESG scores, aligning with existing research highlighting the role of board gender diversity in improving sustainability performance. The sustainability framework prevails over the influence of gender diversity, fully integrating it within the broader context of sustainability to enhance the value of Saudi companies. Our results are consistent when considering alternative measures of firm value. Our findings offer valuable insights for investors assessing board gender diversity’s impact on company value and emphasize the role of gender diversity in enhancing sustainability. They suggest that greater female representation on boards is vital for ESG score improvement, promoting sustainable initiatives and overall firm value. This calls for policymakers to promote sustainability disclosures and establish guidelines for increased female board participation, considering the absence of mandatory quotas. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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9 pages, 268 KiB

Open AccessArticle

The Effects of Corporate Financial Disclosure on Stock Prices: A Case Study of Korea’s Compulsory Preliminary Earnings Announcements

by Sun-Keun Yoo and Se-Hak Chun

J. Risk Financial Manag. 2023, 16(12), 504; https://doi.org/10.3390/jrfm16120504 - 6 Dec 2023

Viewed by 2097

Abstract

This paper examines the effects of Korea’s compulsory preliminary earnings announcements on stock prices using individual corporate financial disclosure data. Korea’s compulsory preliminary earnings announcements are similar to the US’s fair disclosures in that they are preliminary settlement disclosures. Disclosure regulation aims to prevent insider trading and resolve information asymmetry among investors by promptly disclosing unconfirmed internal settlement information prior to an external audit. The disclosure of such changes in profit or loss is generally expected to affect stock prices. Many studies have analyzed the relationship between accounting profit disclosure and stock prices, but most have focused on the relationship between net profit disclosure and stock price without considering other disclosure information such as sales and operating profit. In addition, previous studies analyzed the information effect of accounting profits based on annual reports, which are based on analysts’ predicted values and limited datasets. This study investigates the impact of Korea’s compulsory disclosure on stock prices through a multiple regression analysis, considering three types of accounting information, including sales, operating profit, and net profit, based on actual announcement data and daily trading volumes. The effect of corporate financial disclosure might vary with stock market type and industry sector. For this reason, we analyze the relationship between financial disclosure and stock prices for different stock market types and industry sectors. Results show that sales information affected KOSPI-listed companies’ stock prices, and operating profit information affected KOSDAQ-listed companies’ stock prices. In terms of financial market efficiency, the results show weak-form efficiency for both the KOSPI and KOSDAQ markets in general. However, this implies that there is still information asymmetry in sales information for the KOSPI, which consists of large and valued stocks and is not completely efficient, whereas information asymmetry might occur in operating profit information for the KOSDAQ, which consists of relatively small-to-medium innovative growing companies. In addition, results show that operating profits affect manufacturing industries’ stock prices, and that trading volumes significantly impact stock prices for all markets and industries. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

22 pages, 3399 KiB

Open AccessArticle

Examining the Impact of Agency Issues on Corporate Performance: A Bibliometric Analysis

by Vinay Khandelwal, Prasoon Tripathi, Varun Chotia, Mohit Srivastava, Prashant Sharma and Sushil Kalyani

J. Risk Financial Manag. 2023, 16(12), 497; https://doi.org/10.3390/jrfm16120497 - 28 Nov 2023

Cited by 1 | Viewed by 6931

Abstract

An agency problem is defined as a conflict of interest arising due to a misalignment of interests among the managers and other stakeholders of the company. This article aims to review the articles addressing the agency problem and their impact on business performance. This article reviews the contributions of prominent theorists on agency problems and agency costs. Using bibliometric attributes of 740 articles from the Scopus database, this study highlights the publishing trend and outlets, along with leading contributors and collaborators in terms of authors, institutions, and countries. This study identifies the clusters through the bibliographic coupling technique and a trend topics analysis. Most researchers have focused on corporate governance and expressed the agency problem as one of the impact areas. This study is unique as no study to date specifically focuses solely on agency theory or the agency problem through the lens of bibliometric analysis. Future research directions on agency problems and their solutions conclude this study. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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15 pages, 1900 KiB

Open AccessArticle

The Relationship between Promoters’ Holdings, Institutional Holdings, Dividend Payout Ratio and Firm Value: The Firm Age and Size as Moderators

by Balamuralikrishnan Chakkravarthy, Francis Gnanasekar Irudayasamy, Arul Ramanatha Pillai, Rajesh Elangovan, Natarajan Rengaraju and Satyanarayana Parayitam

J. Risk Financial Manag. 2023, 16(11), 489; https://doi.org/10.3390/jrfm16110489 - 20 Nov 2023

Viewed by 2380

Abstract

The present paper aims to empirically examine the effect of promoters’ holdings and institutional holdings on dividend payout ratio and the firm value. Most importantly, this paper explores the age and size of the firm as the moderators in the relationships. Data collected from 23 companies from India and 253 data points were analyzed to test the hypothesized relationships. The results indicate that promoters’ holdings and institutional holdings are positively associated with dividend payout ratio and firm value. Further, moderator hypotheses suggest that (i) firm age moderates the relationship between promoters’ holdings and dividend payout ratio, (ii) firm size moderates the relationship between institutional holdings and dividend payout ratio, (iii) firm age moderates the relationship between promoters’ holdings and firm value, and (iv) firm size moderates the relationship between institutional holdings and firm value. The implications for theory and practice are discussed. The conceptual model developed and tested in this research contributes to both the literature on dividend payout ratio and firm value and to the needs of institutional investors interested in increasing the firm value. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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19 pages, 1349 KiB

Open AccessArticle

Does Sustainable Finance Work on Banking Sector in ASEAN?: The Effect of Sustainable Finance and Capital on Firm Value with Institutional Ownership as a Moderating Variable

by Mochamad Roland Perdana, Achmad Sudiro, Kusuma Ratnawati and Rofiaty Rofiaty

J. Risk Financial Manag. 2023, 16(10), 449; https://doi.org/10.3390/jrfm16100449 - 18 Oct 2023

Cited by 1 | Viewed by 2953

Abstract

Management in the banking industry is not solely focused on financial performance but also on the sustainability of their portfolios. To achieve this, banks need to incorporate sustainable finance into their balance sheet. In addition, a global phenomenon has emerged where investors have demanded the inclusion of sustainable finance in portfolios. This financial instrument served to support the global agreement on climate change, which they were committed to making a reality. The impact of sustainable finance on firm value remains a question. Therefore, this study aimed to examine the effect of sustainable finance and capital on firm value within the banking industry, focusing on entities listed on the ASEAN stock market from 2015 to 2021. To assess investor demand for involvement in sustainable finance, a moderating variable was included in the model. Furthermore, this study used a quantitative design and a purposive sampling technique with panel data regression analysis for the hypothesis testing. The results showed that sustainable finance and capital had a significant effect on firm value. Institutional ownership moderated the relationship between sustainable finance and firm value, although it did not moderate the link between capital and firm value. This indicated that banks prioritized sustainable finance due to its positive impact on their operations, ultimately leading to an improvement in firm value. Furthermore, institutional ownership influenced the relationship between sustainable finance and firm value, as banks strived to comply with international society or enhance firm value. This study incorporated profitability ratios and firm size as the control variables. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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19 pages, 282 KiB

Open AccessArticle

Does Capital Expenditure Matter for ESG Disclosure? A UK Perspective

by Ahmed Saber Moussa and Mahmoud Elmarzouky

J. Risk Financial Manag. 2023, 16(10), 429; https://doi.org/10.3390/jrfm16100429 - 28 Sep 2023

Cited by 14 | Viewed by 3630

Abstract

This study examines how capital expenditure (capex) affects Environmental, Social, and Governance (ESG) reporting and how corporate governance moderates this effect. We use data from non-financial firms in the FTSE All Share index from 2012 to 2021 and measure ESG disclosure with the Bloomberg ESG Disclosure Score, capex with logarithm of the ratio of capital expenditure to total assets, and corporate governance with a composite index based on Board Size, Independent Board, Board Diversity, and Audit Committee Non-Executives. We also examine the non-linear and threshold effects of capex on ESG disclosure with spline regression models. We find that capex is positively linked to ESG disclosure and that this association is robust for firms with better corporate governance. Our findings imply that capex improves ESG performance and impact and that corporate governance enables ESG communication to stakeholders. Our research advances the existing literature by revealing the link between capex, governance, and ESG reporting in a dynamic and uncertain environment. Our study holds practical significance for companies, investors, and regulators who want to incorporate ESG factors into capex decisions and reporting. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

19 pages, 378 KiB

Open AccessArticle

Do IFRS Disclosure Requirements Reduce the Cost of Equity Capital? Evidence from European Firms

by Ghouma Ghouma, Hamdi Becha, Maha Kalai, Kamel Helali and Myriam Ertz

J. Risk Financial Manag. 2023, 16(8), 374; https://doi.org/10.3390/jrfm16080374 - 15 Aug 2023

Cited by 2 | Viewed by 2638

Abstract

This study analyzes the impact of adopting International Financial Reporting Standards (IFRS) on the cost of equity capital for firms listed on STOXX Europe 600 using a sample of 9773 firm-year observations between 1994 and 2022. We estimate the cost of equity capital using the modified price–earnings–growth ratio model and employ the GMM system to investigate the effect of IFRS Standards on the cost of equity capital. Our results indicate that IFRS adoption reduces firms’ cost of equity capital. We performed various sensitivity analyses to ensure the reliability of our results. Overall, this study contributes to the extant literature on the cost of equity capital implications of IFRS adoption and provides valuable insights for investors, regulators, and policymakers. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

20 pages, 365 KiB

Open AccessArticle

Impact of Leverage on Valuation of Non-Financial Firms in India under Profitability’s Moderating Effect: Evidence in Scenarios Applying Quantile Regression

by Jagjeevan Kanoujiya, Pooja Jain, Souvik Banerjee, Rameesha Kalra, Shailesh Rastogi and Venkata Mrudula Bhimavarapu

J. Risk Financial Manag. 2023, 16(8), 366; https://doi.org/10.3390/jrfm16080366 - 10 Aug 2023

Cited by 3 | Viewed by 2492

Abstract

The firm’s valuation (FV) is the key element for all stakeholders, particularly the investors, for their investment decisions. The main impetus of this research is to estimate the effects of the debt ratio (DR, i.e., leverage) on the FV (i.e., assets and market capitalisation) of the non-financial firms listed in India. The quantile panel data regression (QPDR) on the secondary data of 76 non-financial BSE-100 listed firms in India is employed. This study also checks the effect of the net profit margin (NPM) as profitability on the association between DR and FV. The QPDR estimates result in multiple quantiles and provide evidence in scenarios. The findings reveal a positive relationship of DR to assets only in higher quantiles, i.e., 90%ile), and a negative association of DR is found with a market capitalisation in all quantiles. Under the interaction effect, profitability (NPM) does not affect the association of DR with assets but negatively affects the association of debt ratio with market capitalisation in the middle (50%) quantile. The findings indicate that leverage (DR) affects a firm’s value. The study’s outcomes are helpful to all stakeholders, particularly investors, to realise the leverage (DR) as a critical indicator of FV before making any investment decisions. Managers should also consider lower debt ratios for better firm value. The present analysis is original and holds novelty in the form of the moderating role of the net profit margin, i.e., the profitability of the firm between DR and FV in the non-financial firm in India. To the best of our knowledge, no such studies have been performed to look for the association of the debt ratio with a firm’s value under the effect of profitability in different quantiles using quantile regression. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

19 pages, 3952 KiB

Open AccessArticle

The Influence of ESG, SRI, Ethical, and Impact Investing Activities on Portfolio and Financial Performance—Bibliometric Analysis/Mapping and Clustering Analysis

by Ainulashikin Marzuki, Fauzias Mat Nor, Nur Ainna Ramli, Mohamad Yazis Ali Basah and Muhammad Ridhwan Ab Aziz

J. Risk Financial Manag. 2023, 16(7), 321; https://doi.org/10.3390/jrfm16070321 - 6 Jul 2023

Cited by 3 | Viewed by 4491

Abstract

This paper aims to examine the publication metrics of literature related to the influential aspects of ESG (environmental, social, and governance), SRI (socially responsible investing), ethical, and impact investing on the portfolio and financial performance literature. It also seeks to identify major patterns and core themes in this topic and draw lessons from the past literature for future directions. Data from the SCOPUS database were used in this study. The ‘biblioshiny’ R package, also known as ‘bibliometrix 3.0’, was employed to conduct bibliometric analysis, utilising mapping and clustering techniques on 260 articles, in order to distil the comprehensive knowledge and identify emerging trends in ESG, SRI, ethical, and impact investing. The thematic map classified the ESG, SRI, ethical, impact investing and performance relationship themes into four categories of themes: niche themes (SRI, engagement and ESG), motor themes (corporate financial performance, corporate social performance, ESG, ESG factors, sustainability, performance, integrated reporting, gender diversity, and board size), emerging or declining themes (social responsibility, environmental performance, socially responsible investment, ethical investment, and SRI), and basic or transversal themes (financial performance, corporate social performance, ESG performance, environmental, social, and governance). Socially responsible investing, engagement, and ESG imply a position between niche themes and a highly developed topic/emerging or a decreasing theme, while the impact of COVID-19 on sustainability and financial performance implies a position between a highly developed topic/emerging or decreasing theme and a basic theme. The findings contribute to the enhanced understanding of ESG, SRI, ethical, impact investing and performance, which are crucial for an efficient capital market in promoting sustainability and sustainable development. The study offers vital practical implications and future research directions. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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Review

Jump to: Editorial, Research

14 pages, 1096 KiB

Open AccessReview

Selected Problems of the Automotive Industry—Material and Economic Risk

by Maria Richert and Marek Dudek

J. Risk Financial Manag. 2023, 16(8), 368; https://doi.org/10.3390/jrfm16080368 - 11 Aug 2023

Cited by 11 | Viewed by 6122

Abstract

This article is a synthetic, brief review of the literature, reports and references on the transformation of the automotive industry into zero-emission cars, in particular electric cars. It analyzes the technological and economic aspects of changes in the automotive industry regarding the transformation to zero-emission cars. Despite great de-emission parameters, the production of electric cars does not have a zero carbon footprint. The acquisition of critical elements, their production and the production of other components and materials needed for their construction have an environmental impact. The supply chains of materials for the construction of batteries for electric cars are characterized by significant risks related to, among others, a lack of diversification and limited flexibility. The dominant supplier of rare elements for batteries is China. The article analyzes the impact of prices on the demand for electric cars and compares them to internal combustion cars. Research shows that most electric cars are sold in China, the USA and Europe (about 95% of the supply). The costs of cars are of great importance, which, given the current reduction in the purchasing power of consumers, make the forecasts of the dynamic growth of electromobility very cautious, and even stagnation in the purchase of electric cars is expected in the second half of 2023. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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