Οικονομετρική μελέτη επίδρασης της υπεύθυνης και διαφανούς λειτουργίας επιχειρήσεων στην χρηματοοικονομική αποδοτικότητα τους
Resposnible and transparent firm operations impact on financial performance
KeywordsΠεριβαλλοντική ευθύνη ; Κοινωνική ευθύνη ; Εταιρική διακυβέρνηση ; Αποδοτικότητα επιχειρήσεων ; Βιωσιμότητα
This study concerns the investigation of a possible relationship between the responsible and/or transparent operation of a firm and its financial performance, as measured by accounting and market measures. As several studies have already been conducted in this area, there are just a few, which investigate the individual variables of the ESG Score and their impact on the financial performance. Also, previous studies have produced a range of results, for which there is the following categorization: the responsible and/or transparent operation of a firm has a positive impact on its financial performance, the responsible and/or transparent operation of a firm has a negative effect on its financial performance and the responsible and/or transparent operation of a firm does not affect its financial performance at all. The present study used data from 7,911 companies of all branches operating in the European Union for the period 2004 – 2020. As for the complex ESG variable, it appears that it negatively affects the performance of companies as measured by accounting measures, while there is no - linear inverse U relationship with firm financial performance when measured by market measures. In addition, for Corporate Social Responsibility (CSR) a non-linear inverse U relationship was found with the accounting and market performance of firms. Finally, regarding the effect of the transparent operation of a firm, a negative effect was found on their financial performance.