The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity

被引：401

作者：

Qureshi, Muhammad Azeem ^{[1
]}

Kirkerud, Sina ^{[2
]}

Theresa, Kim ^{[2
]}

Ahsan, Tanveer ^{[3
]}

机构：

[1] Oslo Metropolitan Univ, Dept Finance, Sch Business, Oslo, Norway

[2] Oslo Metropolitan Univ, Dept Finance, Oslo, Norway

[3] Rennes Sch Business, Dept Finance, F-35065 Rennes, France

来源：

BUSINESS STRATEGY AND THE ENVIRONMENT | 2020年 / 29卷 / 03期

关键词：

board gender diversity; ESG; shareholder theory; stakeholder theory; stock prices; sustainability disclosure; value relevance; ESG PERFORMANCE; RESPONSIBILITY;

D O I：

10.1002/bse.2427

中图分类号：

F [经济];

学科分类号：

020101 [政治经济学];

摘要：

Using a large panel data set comprising 812 listed European firms, this study investigates whether sustainability disclosure (environmental, social, and governance) and female representation on boards affect firm value. We observe a positive impact of sustainability disclosure and board gender diversity on firm value, suggesting that the best management practices, enhanced stakeholder trust, and female representation on boards improve firm value. We observe that the firms in sensitive industries achieve superior social and governance performance. We also observe that the firms with higher female representation on their boards present significantly superior environmental, social, and governance performance. Our results are robust to different firm and country specific control variables and to year- and country-fixed effects.

引用

页码：1199 / 1214

页数：16

共 38 条

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