Li, Y., Gong, M., Zhang, X. et al. (1 more author) (2018) The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review, 50 (1). pp. 60-75. ISSN 0890-8389
Abstract
Using a large cross-sectional dataset comprising of FTSE 350 listed firms, this study investigates whether superior environmental, social and corporate governance (ESG) disclosure affects firm value. We find a positive association between ESG disclosure level and firm value, suggesting that improved transparency and accountability and enhanced stakeholder trust play a role in boosting firm value. We also report that higher CEO power enhances the ESG disclosure effect on firm value, indicating that stakeholders associate ESG disclosure from firms with higher CEO power with greater commitment to ESG practice. This evidence is strong and consistent for three different measures of ESG-related disclosure: the ESG, environmental and social disclosure scores. The results are robust to the use of an instrumental variable approach, and the Heckman two-stage estimation procedure.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | Crown Copyright © 2017 Published by Elsevier. This is an author produced version of a paper subsequently published in British Accounting Review. Uploaded in accordance with the publisher's self-archiving policy. Article available under the terms of the CC-BY-NC-ND licence (https://creativecommons.org/licenses/by-nc-nd/4.0/). |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 08 Feb 2019 16:15 |
Last Modified: | 23 Sep 2019 00:39 |
Published Version: | https://doi.org/10.1016/j.bar.2017.09.007 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.bar.2017.09.007 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:141958 |