ESG scores and firms financial perfromance
ESG scores και χρηματοοικονομική αποδοτικότητα επιχειρήσεων
View/
Keywords
Non-financial performance ; Financial performance ; ESG scores ; Accounting performance measures ; Market performance measuresAbstract
In the context of this dissertation the effect of non-financial performance, as measured by well-known ESG scores, on financial performance, measured by several accounting and market measures, were examined. For this purpose, a panel data initial sample of 466 firms from Germany and 372 firms from Italy for the period 2010-2022 was used, came from almost all economic industries and sectors, excluding the financial industry. Employing appropriate econometric methodology, results were as follows:
For German firms, non-financial performance effect on financial performance was mainly found non-linear U scheme. Therefore, German firms with very low or very high non-financial performance (very low or very high ESG and related scores) tend to enjoy a high level of financial performance. On the contrary, German firms with a medium level of non-financial performance tend to have a low level of financial performance. Based on turning points, for ESG and related scores ranged from 41-66 the level of financial performance measures is minimized, implying that non-financial performance effect on financial performance is negative and above these scores turn into positive, confirming research hypothesis H5 which accounts for a long-term beneficial effect of non-financial performance. For Italian firms, non-financial performance effect was mainly found insignificant, confirming research hypothesis H3 which accounts for irrelevance theory.
Postgraduate Studies Programme
Βιοοικονομία, Κυκλική Οικονομία και Βιώσιμη ΑνάπτυξηDepartment
Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οικονομικής ΕπιστήμηςNumber of pages
71Language
EnglishCollections
Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα