Αξιολόγηση επιχειρήσεων με βάση την απόδοσή τους στην περιβαλλοντική, κοινωνική και εταιρική ευθύνη και η αγοραία υπεραξία
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Keywords
Περιβαλλοντική ευθύνη ; Εταιρική διακυβέρνηση ; Κοινωνική ευθύνη ; ESG ; CSR ; Οικονομική απόδοση ; ROA ; ROE ; Tobin's QAbstract
This study aims to examine the relationship between the financial performance and the Environmental, Social and Governance performance of companies listed in the US market, covering a sample during the period 2010-2019. In order to conduct the aforementioned analysis, we used financial data and ESG ratings sourced by Datastream database. Study was mainly focused on financial returns (ROA and ROE ratios) as well as market performance (Tobin's Q index). The findings presented a positive impact on company's overall ESG score and especially with Environmental and Governance factor with company's ROA and ROE ratios. On the other hand, we identified a weak relation between financial ratios and Social factor while Tobin's Q index did not present a statistically important correlation. Concluding, the outcome of the analysis highlights the importance of ESG rating, supporting the stakeholder theory based on which ESG rating has a positive relation with the financial performance and dismisses the shareholders theory based on which ESG is an unnecessary cost for the company and therefore we should have derived in a negative correlation between ESG and financial performance.
Postgraduate Studies Programme
Χρηματοοικονομική και Τραπεζική με ειδίκευση στις Χρηματοδοτήσεις και ΕπενδύσειςDepartment
Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής ΔιοικητικήςNumber of pages
67Language
Greek
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Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα